I finally saw the bottoming action and got in quick, small size with a risk lvl in my head. I then got a spike and could have taken profits, as one my mantras is "sell into strength" and for some reason I got greedy. My earlier two losses prevented me from taking the single. My brain wanted more. It was not happy with the single and of course I got a pullback back to my entry. I did even worse by convincing myself to double down with a potential reward. I keep wrapping myself around the reward, reward, reward. I know in the back of my head that if the stock turns on me that I will be very disappointed with the amount lost, but I keep thinking about the reward. I was so close to breakeven from April to the first trading day of May after my 2 wins. I then started the week red and then another red and today red again.
After 3 massive red days (Mon,Tues,Weds) I think I really need to step away from trading this whole week and just analyze what rules I broke. I would have been fine with 3 red days, but I know 100% without a doubt that the losses amount could have been cut by 1/2 had I stuck to the basic trading rules.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-05-06 09:47:27 | POAI | buy | $1.790 | long |
2020-05-06 09:53:04 | POAI | buy | $1.800 | long |
2020-05-06 09:59:26 | POAI | sell | $1.720 | 0 |
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