CBIO loss

-$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.