What follows is primarily for me but also for whoever it will help. I'm treating this profile as part of my trading journal.
Lessons from AABB today. I'm ashamed to be sharing this trade here.
Slow down and make sure you have all your trading ducks in a row. What's the pattern? Where is support/res? How much can you risk and therefore how much can you buy? Did you double check that or are you gonna chase? That last question is one I did not ask myself and I went in on too much size. I should've left that trade as soon as I realized my mistake.
Instead i got excited, wondering "oooh ok, 50000 shares, where could this go?" "maybe I'll make up for missing out on $FSRX & $IONI." These thoughts are not the making of a good trade, they're the reflections of a terrible mindset.
Screw FOMO. Instead of looking at what you missed out on and feeling bad, be encouraged. If there are this many opportunities that I'm missing multiple money making trades then there will likely be plenty more in the future. (FSRX and IONI are just 2 I had my eye on that went well beyond where I would've sold had I been there for the buy). Take the satisfaction of having been right on those ones and don't worry that you didn't make money because you also didn't lose. FOMO has never led me to a good trade.
Never hold and hope. If you're hoping for something to happen, you probably don't have a trading plan and should bail before things go south. Suck it up and move on.
My sell order did not execute. I saw buys and sells go right past my order. But that was not the main problem. Sure this happens and the broker is to blame, but I should not have even gotten to this point. My issues began before I entered the trade because my mindset was all wrong. I was feeling antsy from missing out on some trades today. I did not have a plan. I did not take the time to think through what the stock would likely do and how I should respond to the variables. I was moving too fast to realize my calculation error. I was more focused on making money than making a good trade and I paid for it. Try to make good trades and you'll make good money; try to make good money and you'll make crap trades.
The right mindset precedes all the other technical aspects of the trade. One thing to check before a trade is your mindset and emotions.
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