-$7,008 today on CBIO. Once again I got stubborn, held past my stops and got burned.
I thought I had been making such great progress on my stubbornness issues. For the first 4 months of the year, I was doing so well. Then I had a big loss at the end of April on CBLI due to a stubborn hold. I started to do really well again on controlling stubbornness and at this point, I decided to increase my size. But then the slow summer came along. This tested my patience big time. I went on vacation and came back with an overzealous appetite to make some profits again. My first week back from vacation I started to get stubborn again. I kept holding past stops and even my max $ stop loss. Luckily I would stop out at my max daily Oh Crap #, but still not good. I went into this week determined to stay disciplined and just two days into the week I F’d up big time again by getting stubborn on CBIO.
I started in too soon on CBIO. That is not the bad thing though, but the fact that I did not stop out when it broke HOD the second time is. I held and added. I told myself I had plenty of room, which I did but that is not disciplined trading. Then I held past my max trade loss and added. Then I held past my oh crap # and added more. By this point, I knew it was close to pulling, so that contributed to the stubbornness even more. But I miss managed my position at this point. I messed up my opportunity to win on this. I was right on it being close to pulling but it was too late. My loss was too big and I covered on the final push of the morning. I was basically the dumb crowd panicking out and getting squeezed like an idiot.
I am REALLY disappointed in myself. I have reverted to the old habits from last year. I think the main thing contributing to this renewed stubbornness was increasing my size. I am having a hard time again–just like last year–taking the loss due to the size of the loss. Becuase of this I am going to size back down. This is hard to do because I want to make this $ back. It will be harder to make back with smaller size. However, if I don’t get my stubbornness back under control I will risk taking myself out of the game. I have to size back down and work on consistency.