Shared by
Boston
Took someone else's trade in the chat room. I was trying and focusing on a dollar amount I was trying to hit and made a bad trade decision. Note to self: TAKE YOUR OWN TRADES.
I was trading the P/L basically
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-05-27 10:37:48 | ULTA | buy | $234.570 | long |
| 2016-05-27 10:38:23 | ULTA | sell | $234.420 | long |
| 2016-05-27 10:47:37 | ULTA | sell | $233.650 | 0 |
Comments
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Hi Boston,
That's a good lesson you learned....I did that a few times.....used someone's trade from the chat....sometimes they work more often they don't ...but one thing for sure I can promise is that it will thwart your development as a trader.
Very valuable lesson indeed.
I use the chat more for pattern recognition as I still have trouble in that area.
I generally look when some of the more experienced traders make a trade and I directly go to a chart both daily and shorter time frames and try to see what they saw.......not to trade them....this has been for me the best use of the chat........the other thing to think about ................what a trader who uses the chat as a "trade crutch" would do if there were no chat.....better to develop your style, experience ....a/k/a......reason to enter...risk/reward/position size...reason to exit the trade......continuing education.
Good trading Boston...