I had a fantasy order in the mid 12.80s and it hit me. I entered on 1/3 of my max position. It kept dropping. My max loss was 11.83 and it immediately bounced the next morning. I So I held all day as it started coming back. Played this several times in the past and still looking for a gap fill to $20. After it grinded up a $1 again to my b/e point my plan was it would break through that 12.80's level and continue. I should've known that previous support was now resistance. I dropped the rest of the day and I held over the weekend. Monday morning bounced off of support of 11.80's again and I was expecting a grind up, instead it went reversal and in tanked. I broke my rule and didn't cut at max loss and ended up taking 1.4 times max loss.
Corrections: When it came back to b/e I should've sold my shares or at least half since it didn't do as expected.
Now I need to call broker to set up my max loss.
My current max loss is 1% of my capital until I can become consistent.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-10-23 14:10:00 | SLDB | buy | $12.860 | long |
2019-10-23 14:14:00 | SLDB | buy | $12.860 | long |
2019-10-28 13:13:00 | SLDB | sell | $11.410 | 0 |
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