Mistakes

Trading mistakes happen. There are lapses of discipline where we chase, put on too much size or fail to take a loss where we should.  But the great thing about trading is that you can alway change your position.

despite my focus on discipline this month. Here's a mistake I made just yesterday

Entry1: 9.57 

I broke a rule jumped in pre-market  figuring this would push a big move. Should have realized that it had not cleared resistance. 

Entry 2. 8.53

I should have been out of the position by the time it got here. But rather than getting out I  made another mistake and doubled down after it went against me, which put me on more size than I would want to take buying into a loser.  After doubling the position, I had a 2% risk on the position, which is more than I would want to take on this type of set up. 

Remedy:

 I woke up early with a clear head.  There would be no chasing losses.  I needed to right size the position. There was a a .30 gap in the am and used that gap to unload 1/2 my position and get back to an appropriate size.    I avoid an over size risk.  The stock held its bounce and went higher all is right in the world.