Rookie Mistakes

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!



Featured Posts
Recent Posts
Archive
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square

Stay Connected

The information contained on this website is solely for educational purposes, and does not constitute investment advice. The risk of trading in securities markets can be substantial. You must review and agree to our Disclaimers and Terms and Conditions before using this site. Mojo Day Trading nor ProTrader Mike is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. 

Mojo Day Trading and ProTrader Mike cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Individual results may vary, and testimonials are not claimed to represent typical results. All testimonials are by real people, and may not reflect the typical purchaser’s experience, and are not intended to represent or guarantee that anyone will achieve the same or similar results. 

Mojo Day Trading and ProTrader Mike in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Mojo Day Trading and ProTrader Mike accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

© 2012-2021 The Perfect Trading System, LLC.   All Rights Reserved.