Shared by
ImMrRoboto
An example of holding onto a losing position for way longer than I should. In hindsight it is SO obvious that I needed to cut my losses from the start and move on to the next trade. What would have been an $80 loss at around 2:20 ended up ballooning into a ~$600 loss by the time it was all done.
I've gotten better at removing these mistakes from my game, but it's still way too easy to get caught up in them for some reason.
Observations:
The "Kill Candle" at 2:40 should have been more than enough confirmation that this ticker was gonna continue dipping and that we had not found the bottom. I should have closed my position right there.
Failing to break VWAP at 2:00 and not rechallenging it was even more of a sign that I needed to exit the trade.
Failing to maintain the 2.75 support was even more confirmation for me to exit the trade.
I doubled down numerous times. I think at some point I transitioned into thinking I could average down and sell at the bounce once we find the bottom. Well the bounce isn't guaranteed and oftentimes these tickers just fade out.
This was such a silly trade at the end of the day, I can't even remember why I chose to stay in it. I'll definitely learn from this.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-02-19 14:08:59 | NXTD | buy | $2.840 | long |
| 2021-02-19 14:10:10 | NXTD | sell | $2.840 | 0 |
| 2021-02-19 14:12:49 | NXTD | buy | $2.840 | long |
| 2021-02-19 14:20:35 | NXTD | sell | $2.760 | 0 |
| 2021-02-19 14:25:53 | NXTD | buy | $2.790 | long |
| 2021-02-19 14:28:08 | NXTD | buy | $2.760 | long |
| 2021-02-19 14:29:23 | NXTD | buy | $2.730 | long |
| 2021-02-19 14:38:38 | NXTD | buy | $2.720 | long |
| 2021-02-19 14:44:51 | NXTD | sell | $2.650 | long |
| 2021-02-19 15:07:50 | NXTD | buy | $2.660 | long |
| 2021-02-19 15:10:11 | NXTD | sell | $2.630 | 0 |
| 2021-02-19 15:37:19 | NXTD | buy | $2.650 | long |
| 2021-02-19 15:59:41 | NXTD | sell | $2.620 | 0 |
| 2021-02-19 16:07:31 | NXTD | buy | $2.600 | long |
| 2021-02-19 16:18:47 | NXTD | buy | $2.670 | long |
| 2021-02-19 16:53:57 | NXTD | buy | $2.580 | long |
| 2021-02-19 17:22:23 | NXTD | buy | $2.560 | long |
| 2021-02-22 04:41:22 | NXTD | buy | $2.420 | long |
| 2021-02-22 05:11:31 | NXTD | buy | $2.270 | long |
| 2021-02-22 09:07:06 | NXTD | sell | $2.310 | 0 |
Comments
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Nice recap. I just started day trading (actively) a few weeks ago, but have been "investing" for several years. So much to learn with actively trading vs. passively investing in mutual funds and ETF's.