Fourteenth: Rushed Stop

Summary

I thought I had this trade nailed, but unfortunately, I added in and rushed the stop on a swing trade. I suppose I misrook a day trade stop from a swing trade stop. Especially on a stock below $1.00. 

This should have been my big win, but I lost anyways. I am very disappointed. 

Ticker: GTXI

I added in because it broke out above $0.98. At this point, I thought I would lower my risk by placing my stop below $0.98 because the stock was above $1.00 already at this point. I didn't think there would be a big pullback before the end of day. 

Note: It seems like I made this a day trade kind of stop instead of a swing trade kind of stop. This is something I need to be aware of if I am to continue forward. 

So it did the thing I thought it wouldn't at the end of the day. It just crashed and burned. I should have seen this coming because of the massive push and volume before the drop. I just thought $1.00+ could sustain. My stop should have been @ $0.87 instead. 

Note: I should be patient on Swing Trades and should remember that stops should be set accordingly based on that. I should NOT assume that resistance is support UNTIL it has already tested the area for a while. 

Note: This should have been a simple add, but again, I fuck up.

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.

The Thirteenth: Last Breath

Summary

I suppose they don't call it Friday the Thirteenth for nothing. It was supposed to be a special day for me but, I called it a day after a few poor trades and decided to take the weekend off. I came back today and I found this. One of the decent stocks I wanted to swing overnight reported this and it looks like it will go to shit tomorrow. I don't even know if I can even trade it with SureTrader, but I will ask before market opens. I need to get out as soon as possible. The above statement is basically the summary of my trading performance last week. 

Ticker: CSLT

I started out fine, but as time went on, it seems like I have forgotten my rules.

When I was scanning this chart, I noticed what happened before so I was hoping for that kind of action.

I started off strong and read the volume and Lvl2 precisely. I covered at the right time before the bounce as well, but I still had a bearish bias for this chart and wanted to short again. I should have left it alone after it bounced back into where it came from. Next time, I should notice if the bounce is strong or not. If it is strong, then I should think that the bulls are in control. I missed an ABCD pattern as well because of my stubbornness to change positions.

Note: Notice how a chart bounces. If it is a strong bounce all the way to the top, then it should still be bullish. I should have prepared for a long instead of shorting. I also shorted too many times and the last short was because of anger which should not have happened. 

Ticker: GTXI

This stock was not moving as I wanted to so I just sold out in the morning.

Note: I need to stick with this mentality of trading. As soon as I see signs of stocks that are not moving the way I want, I need to get out. If I didn't, it would have been very bad as you see here. 

Ticker: NQ

I was not patient enough and should have waited for more confirmation on this chart. I rushed and bought my second portion too soon. 

My plan was to play the breakout, but it didn't happen.

I should have waited a bit longer to buy my second portion.

Ticker: WHX

This chart really looked like it will go parabolic. I bought in and decided to hold overnight stupidly thinking nothing would happen.

Note: I should have been very suspicious of this chart and why doing this. I did and found out that they were going to give out a large dividend sometime soon and the buy in was the 19th. However, I did not notice that during aftermarkets, NYSE delisted them and now I may be fucked. 

Note: I need to get out in the morning. I should not hold suspicious stocks overnight.

What am I to do? I gotta get the fuck out and sell in the morning. 

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.

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.