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Wednesday May 18 - Huge Mistakes and Lessons Learned

|Includes:BJ, ESRX, HPQ, SodaStream International (SODA), SPY

Today was by far my worst trading day to date. I stayed up a bit too late with friends again and was off all morning. Lost many times on calculated stop outs. Made the decision to walk away from my computer around 1pm and not trade anymore. Or so I thought...

I ended up revenge trading a stock that rallied hard in my favor, but one that had stopped me out before the move. This angry trading lacked discipline and risk management. I ended up paying the price with a hefty $3000 loss on the day or about 4.5% of my account. Market tuition is pretty expensive. Luckily I had already made $1333 in my first 4 trading days collectively, but this only took a little bit of the sting out of today's result.

video review

Going forward I need to have the maturity to say goodnight to my friends earlier so that I can get a restful amount of sleep and be sharp the next day. This is something I am bound to encounter often as many of them have part time jobs for the summer and do not need to be up as early as I do. Also, I need to instate a rule starting tomorrow that if I decide to stop trading, I can not trade anymore. At first, this will mean staying away from the market completely until the close. I cannot afford days like this, but I am glad it happened early in the summer. I am confident that I will make up the losses and grind higher once again.

Thanks for being a part of ALWAYS trade with a stop loss and manage your risk appropriately!

Lessons Learned,