I feel like part of trading is to acknowledge your mistakes, learn from your ups and downs, and improve as you go. To be frankly honest, I haven't been getting much success these past months, in fact, I had my worst week not too long ago. I already shared some of that in our Discord chatroom. For those of you who didn't get a chance to see it, here they are.
I was involved in a Netflix trade. It was up $100+ at one point but I kept on holding due to my greed and not knowing where to get out. Got caught on the reversal down and lost almost $300.
Shorting MSFT gone wrong....then right
Earlier in March, I shared a short idea on $MSFT (god knows why. I looked at the chart again and there was no reason to short it out of the open). That thing ended up reversing on me.
It broke pre-market high and ran. As I mentioned in the trade idea, cut your losses if it breaks above pre-market high. I did that and switched to calls. Made all my losses back and some more.
To me, at this point, I'm desperate for profit or to make some losses back. So I increased my sizing and bought 20 calls hoping at this point MSFT is going to breakout. Thankfully it did. If this thing decided to go sideways or does a fail breakout, I could have easily doubled my losses. As always, wait for a few candles at the open to play itself out before you choose your bias. Hope this helps. This is not something I recommend. Sharing it here so I can keep these notes to myself as well.
Going Against the Trend
The market was selling off. I thought it was a healthy pullback and kept on buying more calls. Unfortunately, I was wrong and got caught in the wrong trend. Lost $600 in a day.
Ultimately, I ended March with huge losses. I didn't stick to any of my rules. Everything was just out in the wild. Remember, be patience with your entry, wait for confirmations, and take profit when you see it.
Got some losers? Share it below. Let us know what happened, what you did to overcome that, and how it helped you improve your trading.