Wednesday, October 8, 2008

YGE- Disecting me being a pussy

I did no research last night (10/7) and realized I had two day trades left under the NYSE ruling of accounts under $25k allowed to do 3 day trades in 5 rolling business days. My day trades get replenished tomorrow so thought I would try to use one. Got my TIMalerts (http://www.timalerts.com/) watchlist in the morning and saw some long plays on stocks that reached their lows and might be a good bounce back play...

Here is where everything went wrong... all premarket:

1. I just wanted to trade and try to make money when I didn't understand the stock fully enough.

2. I didn't understand the sentiment of its owners as in some previous trades.

Here is the trade:


Here it the take away:
1. I should have taken profits when it had an early market spike.
2. I wasn't losing that much money when I sold. But my lack of understanding of who owns this stock and getting it on emotion, I freaked and just sold it. That is a pathetic trade...
3. I fuckin re-entered for no real reason. I really don't know what I was thinking, but its sick how I re-entered pretty quick after I sold and the sold again pretty quick. That is a disgusting trade...
4. If I had a nut sack and could have waited just an 1:30 I would have been golden. If I could have waited towards the end of the day, I could have sold at a profit. Reverse everything I did as if it were a short and it still would have been a bad trade... because I had no reasoning really going into the trade, out of the trade, back into the trade, and then out of the trade.
So the small gains from DNDN were wiped out completely from these trades. This is by far the worst trade by far and lucky I didn't have that big a position in it.
Overall down 2.5% on my account.

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