Man another crazy low-float mania day. +/- $0 for me today. I did not take off any of my shorts and I am not happy with myself about it.
I feel very frustrated with myself today. Just crazy action and I let myself brake rules and get stubborn.
I woke up late today and everything was flying Pre-Market, so I missed my stop losses. I sat down in front of my computer just seconds before DRYS got halted my NASDAQ. This halt caused a HUGE plunge across the entire sector. At that point I was well back into my risk parameters and I thought for sure the sector was done. I added to my SHIP and TOPS short fully expecting them to plunge after the open even further. Well I guess everyone else thought the exact same thing and the entire sector squeezed again. Just in-real! The danger of being on the same side as the crowd.
I never in 1000 years thought it would run as far as it did after the ring leader halt. But a new ring leader emerged…DCIX, and everything went wild.
In all honesty I am ashamed of myself. Instead of stopping out I dug in my heals and went for the ride. I had an unrealized loss of close to 30K at one point today. Just shameful. My week link–stubbornness–got the best of me.
The thing is that had I cut my losses and re-attached on the back side of these moves I could have made all my losses back and then some. But instead I just starred at my computer screen all day hoping and praying I would not blow up my accounts.
I honestly need to do some serious soul searching about this issue. It is a deadly flaw. If I cannot trust myself to cut my losses when I should be then how can I continue trading? If I can’t trust myself I can’t start playing bigger size. I can’t get more aggressive on trading to maximize my wins. And worst of all, eventually I will blow up my accounts.
The problem is that I completely understand the danger here. I fully know what it is I need to do and how I should be trading, but I seam to be incapable of actually executing it. I seam to be incapable of stopping out when the going gets crazy.
The issue here is not my adds pre-market or even my holds overnight on these trades. Its not my thought process or my trading plan. The issue is that once my thesis was proven wrong I did not stop out.
I need help!