I made a couple mistakes yesterday that led me to take a sizeable loss on this trade. First of all, I knew going into the morning that I was tight on time and only had a couple hours to trade. So instead of waiting for the best possible setup, I jumped into SSY as soon as it was somewhat resembling a wedge pattern. This low floater was extremely volatile in the morning, and if it had worked I would have been paid out very handsomely, very quickly. Unfortunately, I was so rushed and out of the zone I failed to notice the potential risk of playing a volatile stock like this. When my stop loss triggered, I took a ton of slippage on the way down because the stock was moving so fast. If I was in the right mindset I probably would have avoided a risky play like this but because I was rushing myself I took on more risk than I should.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-16 10:03:18 | SSY | buy | $6.680 | long |
2021-03-16 10:05:28 | SSY | sell | $6.080 | 0 |
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