My name is typical rookie trader and I have been day trading for 24 months now. The first 12 months blew I up 2 accounts. Social Meida hunting for stock tips I found MOJO Day Trading and ProTrader Mike. The MOJO Day Trade Chat Room has over 150 ProTraders - What is a ProTrader?
A ProTrader is a trader that has paid tuition and taken the MOJO University Day Trading Course. After you graduate you have the skills to run a business a ProTrader. Without MOJO University you will always just be a trader, never having a real business.
Now, in the short time I have been trading I have come a long way and turned the corner thanks to MOJO Univ.
However, sometimes I fall back into rookie mistakes. I think this is a pretty common theme amongst rookie day traders, so I believe the simple mistake I made today will resonate with many of you.
This morning when ProTrader Mike made the original call to enter into $EXAS at $8.70 to target thru $9.00, I was a second too late and missed a golden HEINZ Trade Play opportunity. Of course, $EXAS ran straight through $9.00 and kept going! I was stuck watching as tons of potential profit passing me by.
Rather than accept my mistake and move on (just fold and wait for another hand), I forced a buy of $EXAS. As you can probably guess, I was already too late to the party! I was beat by calling a marginable hand and throwing away my chips (preciuos money). After I bought, $EXAS started to drop and fast! This caused me to feel an internal panic. I was beating myself up in my head, as I felt forced to buy into $EXAS at an unwise position because I had missed out on the first wave opportunity. I was greedy and wanted some of the profit for myself, so I forced myself into a trade without any positive expectation.
Because of this and the fact that $EXAS was dropping fast, I sold too soon. Almost the second I hit sell, $EXAS quickly began to work its way back up! If I had been more patient and stuck to the MOJO System, I would have been able to hold onto $EXAS for a profit. However, I went off the reservation and because of this, I lost money.
What mistakes did I make here?
I allowed emotional thoughts to influence my decision. The reason I decided to buy into $EXAS at an unadventurous point was because I missed out on the first trade. The reason I sold too early was because I was desperate to cut my losses and come close to breaking even. I was too focused on making emotional decisions rather than sticking the MOJO System that I have learned time and time again in MOJO University.
While my mistake only cost me $45, that is not the point.The point is that even experienced traders can make rookie mistakes. If you trade emotionally, you will lose. The way to profit is through the MOJO System and that is why I plan to always stay on the reservation from here on out!