The second worst trade I have ever done......violated most every rule I can think of:
1. Trying to bottom fish in a down trending market.
2. Not waiting for consolidation.
3. Oversizing on a high risk trade.
4. Bottom fishing.
5. Did not let the trade form.
6. Fear: of missing that "big" reversal
7. Greed: going after a "sucker's" bet.
8. Violated my stop....because I would not accept I was wrong
Ad on and on I could go ...but I feel I have learned a valuable lesson......the only other trade that compares to this was the last time I tied to bottom fish....something about the seeing a stock come crashing down...you think it's going to settle then reverse....which it most likely will....in time...
There is no fast buck.....if there is NO SET-UP....and clearly the only set up I could see was me setting myself up for a bad trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-02-05 09:35:00 | LNKD | buy | $124.700 | long |
2016-02-05 09:40:00 | LNKD | sell | $120.480 | 0 |
You can still fight another day!
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We all do it. Learn and move on.