It's been a while

 Hey all,

WHAT A WILD WEEK!

I started this week off by mainly watching MRO along with BYND, AAL, and CRSR.  There were several others in there as well, but those were my focus that I really had an eye on.   I watched MRO for a few days and noticed it had some patterns so I went with it and entered a trade.  Boy did that turn into a wild ride.  I bought in thinking it was going to go up, and it dropped.  I didn't think it was any big deal, so I bought a little more to average my price down.  I was only in 200 shares at this point.  But it kept going down and I kept averaging down until it got to its lowest point and I added my last 100 shares.  Bofore you know it, I was down 100$.  

The interesting thing is that I wasn't worried. I was confident it would go up.  All things pointed to the fact it would.  So I watched it all day hover below VWAP.  In the after hours I just through in a high order to see if it would sell, but it didn't.

I woke up in the morning and watched it go up right next to my average but never really crossed that mark.  And par for the course, it went down again.  I thought several times I should sell.  Why not, just cut my losses, buy low and watch it go up, but I didn't... I held.  

Finally it got back up to an area where I would break even.  Our chat room talks about that often.  They talk of exhaustion, and iu dint understand it really until just then.  Honestly, I was tired, so I was got out without any loss.  I actually felt really good about that until I watched it continue to go up over the amount that I thought it would.  I was so patient when I was in the red, and had I just been a little more patient I would have made some money on the trade rather than break even. 

This is evident in my trading.  Im patient when I'm wrong, but I pull profits way to fast.  Of course no one goes broke by taking profits, but I'm about to give an example of a time where it actually made me miss out on a hundred or so bucks!

I traded WATT.  This was something a friend was in, but he and others in the chat room were short in the ticker. Then it started to move up and break VWAP.  It hovered on VWAP for several minutes and started to go up.  By this time you are looking at a battle begin between the longs and the shorts.  I have seen this one go both ways really fast but my friend and I were talking and it seemed like if it broke 6$ it was gunna go.  

Well I jumped in with 100 shares just to ride it out with my risk at VWAP.  And BOOM it started to go up! hit 6$ then 6.15, then pulled back a little.  This is when I got nervous.  I was up 17 bucks and I dropped it.  I did this because I knew people were shorting that ticker and I was concerned the shorts were going to win.  I wasn't at my risk, but I took profits.  Of course, as soon as I did, that thing went up to nearly 7$.  It took a quick pull back and kept going up for the rest of the day.  

In reality, I should have held.  I needed to be patient.  I wasn't at my risk, and I had plenty of room. Holding even just another minute would have given me the courage to stay in for a little while, but I didn't. 

I was a bit of the cowardly lion at that moment, but I did just take +$17 on 100 shares in just a few minutes. Im not upset, but I need to learn how to be patient.

For education, I ordered the book "How to Day Trader For A Living".  It was recommended to me by a friend that has been trading for many years as a good one with several good strategies in the book.  I look forward to getting it and stepping up my game!

Until next time!

TNTrader

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