So today was almost an absolute nightmare.
After spending the weekend in deep thought and deciding that I'll just wait for the stocks on my watch list to set-up and trade them...I threw that plan completely out of the window!
Although I told my self I'll not try to trade any gap-and-go's and wait for setups after the markets have already opened...I attempted a gap-an-go play in $BIOC which invariably turned out to be a loser...$75 after commission.
I actually shut my laptop down and decided that I'd call it quits for the day as I went against my plan that I made over the weekend and lost more than my planned daily max of $50. For some reason or the other, I ended up logging back in!
No sooner than I'd logged in....I saw $SORL down ticking after its massive morning run and decided to randomly short it...within minutes I was stopped out for a $45 lose after commissions.
Then the stubborn part of me decided I had to short this stock again although the stock was clearly in a firm uptrend and there was absolutely no reason to short!!
Nevertheless, I started... 100 @ $8.75 ish....then another 100 @ $9.00ish....then another 100 @ $9.25 ish...determined that I'm not going to let this stock kick my ass...lol. With just 1/4 of my intra-day buying power remaining; I decided that I would wait for the stock to actually break its uptrend before adding any more shares. Then as soon as it did...I added a last batch of 100 @ $9.00 and then was ready for the stock to tank.
It started dropping and so I put a bid in for my position @ $8.75 which did not get filled. Then the bastard started bouncing. No sooner than the stock started bouncing I was required to leave my desk for work related reasons...so I decided to put in hard stop in case this stock decided it wanted to rip higher.
Now the proper stop loss placement was above high of day @ $9.50...but because I was sized in so big; a stop there with my average entry of $9.00 would have meant risk $150 which I was not prepared to accept even though at one point I was down by that much...lol. Silly me right.
Never the less, I proceeded to place my stop at the random price of $9.15 and of course I was nicked out before the stock turned lower.
I also made one other trade in $IMMU for the $7.50 break attempt but after it started stalling I decided to take a $5 loss ($15 after commissions) and call it quits for the day.
At this point I'm honestly not sure how to proceed. I know I'm definitely not going to quit trading but I'm undecided between 2 paths. Both involve putting a halt to my trading for a while. However, I am trying to decide between paper trading for a while then re-funding my account and starting again on my own or using part of the funds I have availabe to join a group (Investor's Underground is top of my list) before refunding with a slightly smaller amount and trading again with the support of a group.
I'm strongly considering going with the later option. Will ponder some more about this and give an update in the near future!