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. I was Social Meida hunting for stock tips I found on Stocktwits and twitter. Then I found MOJO Day Trading and ProTrader Mike. I went in for a Free Invite to check it out and there was 150 ProTraders - What is a ProTrader?
These traders have all attended MOJO University. They all have been enabled with their own business trading plan to achieve
Outcome Goals from $100,000 up to $1,000,000 per year in trading profits (depending upon the size of the trading account) and have been enabled with a set of well-defined trading tools & trade plays that can be used for high probability trading results. These traders have paid their "trading tuition" either by losing big on trades first then deciding to take the classes or by deciding it's smart to learn to trade first from a proven winner and ProTrader Mike before risking their trading capital. In either case, the traders have been enabled for success. If you want to be successful and dramatically increase your chances of winning at this game then you can contact me at info@mojodaytrading.com so we can figure out a schedule to get you involved in the NEXT class May 2016.
Now, in the short time I have been trading I have come a long way and turned the corner thanks to MOJO University teachings.
However, sometimes I fall back into rookie mistakes. I think this is a pretty common thing for 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 $CPXX at $10.70 to target thru $11.00, I was a second too late and hesitated so I missed the right time to get in. Of course, $CPXX ran straight through $11.00 and kept going! I was stuck watching as the potential profits passed me by.
Rather than accept my mistake and move on (just fold and wait for another hand/trade play), the rookie forced the issue and overpaid for $CPXX. As you can probably guess, I was already too late to the party! I should have folded and not played it. Like I was playing JJ versus AA - I am beat, arghhh!!
After I bought when the other already profited, $CPXX started to drop and fast! It was like I needed revenge, stupid me. Then it dropped more and I started to panic. I was beating myself up in my head, as I felt forced to buy into $CPXX at an unwise price 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 or reasons.
Because of this and the fact that $CPXX was dropping fast, I sold too soon. Almost the second I hit sell, $CPXX quickly began to work its way back up! Figures right, happens all the time!! If I had been more patient and stuck to the MOJO System, I would never have been in this situation while 9 traders won and one lost (me). Conclusion: 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 $CPXX at an unadventurous point was because I missed out on the first trade. DON'T CHASE JUST REPLACE | 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 $45.00, that is not the point. The point is that even experienced traders can make rookie mistakes. My mistake should have empowered me for better which I guess it did because I journal the error and will not repeat that. 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!
