1/6_EARS_Big LOSS day Had I had capacity to trade

-Good entry @ $6.96 after saw 400k seller at $6.97 and big selloff after breakout and this is what Derrick JL refers to piercing through resistance type of fake out breakout. So I shorted 1100 shares at $6.96 risking $7 over/under.  At that point everything was great and my risk/reward ratio is good. 

-Then the problem comes quietly as it was holding above VWAP and my usage of IB to short subjects to PDT got me stubbornly holding through the turbulence. 

-I made 2 mistakes: 

1) Didn't take off my position at risk level which sadly was the mistake I made hundreds if not thousands of times. I even made yesterday but pathetically I still do it again. But this time I believe it was due to PDT rule IB imposes. 

2) Each subsequent breakout was weak and seemed like stuffing action but it really was NOT. I had a wrong definition of stuffing: stuffing is not just about big sellers popping up and absorbing the buy orders BUT is when big sell orders stay at one price level and blocking the motion of uptrend. OMER is a perfect example of stuffing action: Remember the stuffing happens at one level ONLY and clearly EARS is NOT stuffing but uptrending after breakout!

-At the end I cut my entire position at $7.40ish. Bad trade!!! I read Craig Trader's blog yesterday and got inspired by it tremendously. He mentioned that there is clear difference between "trade don't workout" and "Bad Trade". this one is obviously bad trade. I had chance to get out but didn't. 

-This is the player that I should better stay away from. when $8 peaked out and followed by big red candles that cracked the VWAP and touched former support EVERYONE must have thought it finally has entered stage of backside but surprisingly it reclaimed and BOOM! I wouldn't be surprised to see bigtime traders lost their asses on it. This thing is completely irrational. So at the end it doesn't matter how smart you are and brilliant your idea and analysis. The ONLY way to trade such thing, doesn't matter long or short, is to keep entry as close as stop loss level and stay calm and 100% discipline. Even if you are wrong you will be fine. 

-This is certainly the most powerful long setup. It reminds me of FXCM recently. Rule: NEVER EVER underestimate the power of daily chart breakout, it can get ridiculously insane!!! I wouldn't be surprised to see this one double-digit tomorrow. 

-In this market, Trading cowardly and keeping stop loss level tight and be 100% discipline is the ONLY way you survive. When I say 100% discipline, I mean hell yeah 100%. Remember Jesse said when you see a train coming at you 80mph you get the fuck off the rail! when things become right you can always get back on!!!! Survival!!! You have to have had reached the level where you just react instead of think!!!!!