The Twelve: Beating a Dead Horse

Summary

Yesterday's negativity has officially poured over into today. Just another horrible day overall and it's all because I did not take my profits when I should have. I did not do my homework and got burned as well. My approach was too narrow and I did not see the big picture. I need to go back to the drawing board and try to figure it out. I have been burning cash too fast and at this rate, I'll be out of the game by next week. 

On the other hand, I did notice negative news today on JOEZ, so I got out in the morning as soon as I could. It would have been devastating if I held on. 

Ticker: OPK 

What a damn mess. I started out fine, but I rushed to add in once it hit the new lows. New lows is when I should be selling, not adding in. The bounce was unexpected so I didn't prepare my stop fast enough. I really need to know if the stocks bounces like this so I can prepare better. I should have sold out during the lows instead of adding in. My mentality was that it could go down even lower. This needs to stop. I need to take my profits. I also need to stop rushing my adds when it's already too low.

Note: I could have made money on my first two shorting attempts if I realized that the lows are an indicator of support. I cannot expect it to just go lower because I think so. It goes back to the idea that it doesn't have to go lower. The second time the support held should have been obvious. 

Note: Setting stops is a must, but I have realized that it sometimes cannot be filled.So I either need to sell earlier and keep profits or sell while I am still in profits. I do not want a situation where it just doesn't fill and I in the negative. 

Note: I need to remember that profit is profit and it's better than a loss. I need to realize the big picture and remember to watch volume. I did not notice the crazy volume until after. I need to not add when it's already near its lows. 

Ticker: JOEZ

I would have been completely screwed if I did not read the news. Fortunately I did. JOEZ canceled their earnings report conference call today and it caused a total panic. I knew it was bad, so I sold right out in the morning. Knowing the news saved my ass.

It would have been decent today if they didn't cancel their earnings.

Note: I wanted to get out some time morning, but after the news, I wanted to get out as soon as possible. News is sometimes important and can influence a stock greatly. Pay attention to it and it might save your ass too.

Note: This is an example of not having a plan and knowing when to sell. I should have sold partially during great strength so I lock in profits. I can't get greedy.

I also knew something so early and could have shorted this for 20%. I was stupid that I did not take advantage of the news. 

Ticker: GTXI

Not as clear cut as JOEZ, but it has potential. I bought in a little to test it out. It has some good potential .

Note: My mind has been exhausted from trading today. I lost big these past two days and could use a break. Like I said before, I might need to go back to the drawing board and think things through.

Side Note: I have noticed that I have stopped making plans for each of my trades. This is bad and I think I will start doing that from now on. 

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.