Today's action is playing out pretty much as expected.
Not a good day for MMEX BULLS.
To review how MMEX played their cards over recent days....
Photos were released of the infrastructure that has been built, this got all the BULLS pretty well pumped up and fueled an outsized volume day and price movement from and O/S situation. (IMO...this is how the company raised the money they needed) ...
also aided by some serious pumping on the MMEX board....
then came the PR after the close last Friday, which showed the "real intention" of that price action.
I have been reading the posts from today and over the weekend and can offer these suggestions.....
This is from a great deal of experience having been caught in this situation many, many times over the course of my trading career....I am only posting this info in the spirit of helping other traders....
Remember this day and build your future trading plan around what has transpired over the past week.
RULE #1....Never fall in love with a stock or a stock's story. Doing this will paralyze decision making. Both on the Profit and Loss side of the trade.
Some other suggestions based on what I see taking place here.....
No longer allow yourself to be "SHAMED"....
...into taking oversized postions.
...into exiting at any level with a profit.
...into exiting at any level with a loss.
...by having too few followers.
...or any other BS anyone may post.
BOTTOMLINE.....YOUR P/L IS YOUR P/L!!!
If someone else is going to cover your losses, then go ahead and take the trade. Until then.....YOU DO WHAT YOU THINK IS BEST and TO HELL WITH THE REST OF THEM!
Do you know why?....Look around today. The one's who were doing the pumping and shaming are no longer present to give you any solace, take any responsibility, or provide any trade plan to help mitigate your losses. This is very common...take note of those trader's...put them on a list.
On the other hand, every trader needs to take some responsibility for their own actions. If you are going to follow the lead of another trader, on any trade, it is your responsibility to research as much about that person and their trading history as well as the stock itself. It's like taking stock advice from a "used car salesperson".
If anyone would tell you to do that, you may have pause. But many follow people on these boards who may have a lot of followers but actually have terrible trading records. Trading records of less than 30% or 20%.
So use today as a learning experience and build your future trade plans based on your methodology and not by what you read on this or any other board or are cajoled into doing by any other trader...Including ME!!!
I am wrong plenty of times, several times per day. This is my job....full time trader for 15 years and counting. You can be wrong plenty over that period of time. I will never "rationalize" a bad call or a loss....another disease that seems to permeate these boards. A loss is a loss...take it, own it. It's part of the job. If you can't handle losing, stop trading.
