Stepped in too early but covered half at $3.08 just in case. Reshorted big size. A little headache at the beginning but I managed the trade the best I could.
Tough One. Same mistake as I made yesterday on HMNY. Not exactly the same mistake because this grinding action period was too short. Even though I told myself to take it off if it failed to go down but didn't. Trying to give it time, trying to push for 5 figure, didn't respect the price action. I ended up covering in panic at HOD breakout then flipped long.
Really though it could keep going b/c my experience tells me low float+midday HOD breakout and hold=continuation but got scared and got out nearly breakeven. Too many sellers on top and volume was fading followed by spike and Nate was pretty short biased on it which turned out to be the right thing I did.
It started fading followed by HOD stuffing action. Lower highs plus lower lows from then on but to me I still thought it could keep going as long as $5 holds/reclaim. Turned out I was wrong and quickly adapted so shorted 2000 shares with average $4.69 and covered at 2 points. At the end I took $3200 loss. The major damage came from earlier panicking cover.
It's hard to remain 100% disciplined and reduced emotion to near 0. At the end, I hate but have to admit I am just a human, I have emotions, weakness, strength, and many problems as a person and trader. Unfortunately this is not exactly the same but very similar mistake I made over and over again.
The main reason I didn't cut my position was again irrational, egotistic, subjective and expectational excuse. I wanted to keep pushing and therefore ignored the price action. I once again felt unease and knew I could be in trouble but still gave it hope. Rule No.1: when ss, always always always take whole position or at least half off when base/support is formed. You must be the first one to spot it and get out before crowd does. Screw the mentality "See what it does"!!!!! Every stock is different. It took HMNY yesterday 1 hr consolidation to spike but it took BSPM 20 minutes before took off. Therefore respect the rule, you won't regret it and it will save you thousands of times!
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