COMMON MISTAKES MADE:
1. buying too high........you see one moving or someone else gets 'DIRT' (generic symbol) and you wait too long to get in, which is very similar to
2. buying too late.......the stock has already made a big move and you have missed most of the move, be it short or long
3. you 'think' it will continue.............sometimes, you and i arent smart enough to know what the hell will continue, better leave that to seasoned traders.........you have 'projected' a number in your head and unfortunately that 'number' you have in your mind has skewed your thinking.......mikey tees off on 420 par 4, i should be on the green in 2 easily, birdie the hole and move on, i get to my ball and discover a pond in the middle of the damn fairway......play it as it lies, dont anticipate ahead of your capabilities!........if some goober says PCLN is 'done'.....and will be at 500 in 2 days......dont question PCLN, question the goober! what kind of track record does goober have?
4. throwing too much money at a play.......you are down and beat up........you are continually doing #1,#2 or #3...........so you double down on the next one in hopes of 'getting caught up'.......not realizing your stink is sill alive and well........why is that? beats me.......i am not doing #1,#2 or #3.....i digressed......your portfolio is stinking, your wife is on your ass, you have bills to pay, you are pissed, angry, beat up, you self esteem is locked away in a brown paper bag waiting to get thrown out.......you neeeeed a win........there is this sense of 'urgency' in your mind, if you dont do this today or this week its all over..........nonsense......THATS why the hell you are in trouble to begin with.........you are usually WRONG.......and you want to continue the streak by pushing the issue and trying to force a solution which will probably bring about a continuation of your losing streak!.........if your portfolio is UNDER $10K there is NO WAY you should be playing with more than $200 max PER PLAY..........MAX!!!!!!!!!!
5. blindly following someone else and relying on them 100%........its one thing to get a play from someone else........its something else to completely rely on them when you have no idea what you are doing in the play.......you are at the complete mercy of another trader........IF you follow another trader into a trade, YOU should be able to tell if YOU like it or not.........if YOU dont like it.......just walk away, renee'........and i dont care who the trader is, be it a jimmybob, bb, stockguy or t3live......
6. do you know how to chart a stock?..........intraday and daily?........you CANNOT POSSIBLY ever be worth a damn as a trader if you cant do basic T/A charting...........PERIOD!
7. Do you have watchlists...............how in the hell do you find stocks to play?..........do you wait for others?.........can you think for yourself or do you have to #5 it?
SOLUTIONS:
1. Stop trading real money IMMEDIATELY, if not sooner!...........
2. start PAPERTRADING..........learn to win again.......by 'win' i mean......buy it one price, sell it another price and realize profit..........and YES i know......it isnt the same as real money........no emotions(another topic) or skin in the game is different........duh, ya think?........i know, but what it WILL do, is test your entries and exits.........Can you pick one and do this simple task?.........before you say yes, check your portolio value, your track record suggests you CANT.........so, before you can even think about rebuilding your account, you have to SEE if you can even get to the starting line.......you have to prove it to yourself.......
3. When you are comfortable.......ie......back to smiling.....have relocated your piddling lil bag of self esteem.....and can successful call a good entry and exit more often than not.......you are probably ready to throw $100 at a blue chip play on a bottom, or top, whatever the case may be...calls or puts!
how do i know all this listed above?.......I have some personal experience with every damn one of em!
mikey
AI
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