A Trying Day

Today was not the best day for trading so far.  

I have always heard that there are two types of traders,

  • the kind that comes to the market with a plan and executes according to plan, 
  • and the kind that puts money in and hopes for the best.

Today I was the latter.  I should have known better than to trade the way I did, but yet I did it anyway.  In a nutshell, I chased a ticker long today and it dropped quickly as soon as I entered and it never rebounded.  The ticker was TYME.  I entered around 9am at 4.92 (near the High Of Day) a share and within literally 30 seconds it had dropped 50 cents a share.  Because it didn't go the way I anticipated I exited with the hope that I could catch it again on the way up.  But it never went up again.  TYME closed at 3.53. 

To be honest I was a little upset with myself and couldn't really think straight so I didn't enter another position all day.

 Now you might look at this and think of course you silly goose, why would you do that?  

The real answer is emotion.  I saw it going up, I saw in the chatroom someone said a target price was $8, someone said it was a runaway of the day and I made a decision.  An uncalculated bad decision.  Of course, when I talk about losing money, I haven't gotten to the point of losing real money, but it was enough and fast enough to make me realize the potential.  After I was able to exit, I found out there is a chat history button and I could search keywords.  So I searched for TYME and the ENTIRE TIME they were talking about shorting it.  I felt even worse at that point.

But, you can't let it get to you.  So I have a plan for tomorrow.  I am going to read through the scans and the other blog posts in the morning to see what people are looking at and expecting.  I am going to take notes of what I want to watch and what I think my plan of attack will be.  It's going to be a little bit of learning, but I think this is necessary. 

I also plan to clean up my watch lists.  I noticed today that I just felt completely unorganized.   That has to stop and I need to get to a point where I can easily move around.

As a note for myself in the future, I also got out my notebook and started keeping track of my trades looking at the trade itself, the time in the trade, the high of the day, and the closing price.

Note that if I would have stayed in SAVA, I would have nearly doubled my money from yesterday.  Live and learn I suppose!  I can't beat myself up too hard for that.

Happy Trading,

TNTrader

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