I am getting really burnt out. I can't even find a way to enter orders. I screwed up twice today. Many give me all types of ideas to enter orders but I am just a lost cause. -
The chart is RIO my current favorite stock to trade. I wanted to short at 25.53 but saw a huge bid at 25.50. I instead put my starter position in as a sell stop at 25.49. I got filled. RIO started going sideways and a little up. I added at 25.55 - doubling my shares with a close stop of 25.59. I hate adding to losers. I also had at this time another sell stop to add under 25.44 to double my position again. It got filled. It many times when RIO breaks more than 15 cents in two minutes, it bounces hard so I had a buy stop to cover 3/4s of my position at 25.39 or I thought. Instead I had an order to buy a lot more shares then I had shorted. Once I was filled I noticed the mistake and sold them quickly but a 1/4 of my profit was gone. Looking back I was just plain stupid to cover in the first place.
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To screw with myself even more, I wanted to short a stock but I went long instead. I sold quickly but lost a couple of bucks. Then the stock fall where if I had shorted, I would have made good money. On the first rally of the stock, I shorted it and quickly lost a chunk of money.
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Not doing those dumb mistakes with the revenge trade cost me a nice day. I should have been up $400 to $500. Stupid me.
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The numbers:
Stocks: gross +106 net +64 shares 8400
Stock Futures: none
Forex: none
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