Daily setup: gap, earnings
Entry/play: bottom picker. don't do this.
Management/Psychology:
So much went wrong
First of ALL, after jwn trade, I was nicely up. Considered walking away on such a nice day. But F*!
Next, I looked at my picks, and jwn was gap and go. Others were gap and fade. I considered waiting for jwn to set up again, but instead got "too cute" and tried to pick bottom on dks.
Then dks had too-wide spreads, so I was scared to do a stop/market. Should have passed in the first place bc spreads. (do math: 5 calls with 15-20c spread I could lose $100 just on spread)
Then I yanked my stop on dks bc spread. Didn't even try to take the ask.
Then I did take 2/5 off for -26% on those 2.
Then I didn't take break even limit. ("It's going well now, I should just ride it". Mistake.)
Then I didn't take stop/limit
Then it went to new lows and I didn't yank it.
All this time the market is dropping out straight down.
Despair. Psychological damage. Account damage.
Set orders and walked away. Trade in progress.
"Hope" is a 4 letter word.
Meanwhile, JWN ndh... I backed the wrong horse and kept riding. F*!
I'm so deep into this (11am, down 71%) that I am having trouble managing the trade. I feel like I can't stop the 3 calls I still have bc it's down so much. But there's still $90 there. Not nothing. F*!!! 11:09 market bouncing, finally. Please take DKS up with you!
I need to bring this one to the top of my trade reminders list:
ALWAYS TAKE STOPS
Almost every time I yank a stop I regret it. Just don't do it. I'd rather have the opposite: regret the minority of times it doesn't save my butt.
