Quick Lesson on Breaking the Rules !
This is a quick lesson why breaking the rules and being impatient in the stock market is bad !
So Today $TZOO went up a lot today and I missed out big time due to my impatience . My position was about 100 shares at 8.55 and I sold at 8.75 for a profit of $5.31 . Due to the price action I misjudged it in the morning and got out early honestly my reasoning was " this can't go any farther and need to get out ." Due to my lack of disciplined . I missed out big time ! I'm a little bummed out but it happens. You can learn from your failures and this was one example in my case . Now i know better not to miss judge the price action and study more. But plays will come and go and my lesson is learned . I hope you can learn from my mistakes .
Why only 100 shares ?
Because I want to experience the stock market and trade without having huge losses !
So Stay Classy Steemit
-Your Pal Jon
Always stick to the plan... :-)
Before every trade, I always know exactly where I'm going to get in and exactly where I'm going to get out (profit or loss). I then put on the trade (usually market orders) and walk away, forget it. It either works or it doesn't.
Almost everyone concentrates on finding good entry points, but ask any professional trader and they'll tell you the same, entries are about 10% important, it's the exit that really matters.
Yet people still spend 90% of their time trying to find entry points...
thanks for the insight !
I know it's easier said than done, I have a tendency to 'fiddle' with a trade once it's on, like moving stops and limits around, but it's a bad habit that I try not to do anymore because I know I end up losing money when I do.
I swear the psychological side of trading is the hardest part :-)