I have made some truly bad trades the past few days. My knowledge on when to exit was terrible. I kept being emotional and holding in for a reversal when no reversal came. I thought that stocks with news would always rebound. #fakenews
It started with AVEO. A great little pharmaceutical company that just got FDA approval for a drug to treat kidney cancer. It was up and up and looked to continue to go up. It did not. I held it as the company kept putting out good news after good news, but the market didn't respond.
I finally let it go today at a 36% loss. I wanted to jump back in and bought SGLB, but I didn't follow my governing rules. I wasn't able to trade in premarket, so I bought it around lunchtime. Bad idea. It did pop up from where I bought it, but then it went down the toilet. I sold it this morning for a 34.8% loss.
Then, I turned on the live stream of my favorite trader and decided to invest in the biggest premarket mover with news. Listening to him confused me, and I didn't sell when I meant to. Blek. That gave me a 9% loss.
I bounced back a little with ENZ. Got a respectable 3.5% gain on a quick trade, but it wasn't pretty.
Unfortunately, my quick gain on ENZ made me think I could get my money back. Bad idea. I bought ANCN, and it sank like a rock, a 12.7% loss.
But, as everyone says, the failures are what you need to learn. I have learned a lot today. I have changed my chart indicators and realized that I have to trade on a 5 minute chart, not a 1 minute. The 1 minute moves to fast, and I can't keep up and get emotional with the trades. I learned about bull flags and VWAP and MACD.
I'm looking forward to trading tomorrow with my new tools and see if they make a difference.
Total of my $100: $96.60
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