Every Trade Is A Mistake Pt.1 - Entry Point
I spent most of today regretting. The opportunity I mentioned about $TWER (I'm on the older side of millenial, but I still have trouble just embracing hashtags... but they're not going anywhere so), or #TWER is still very much legit, and I'm holding a long position. The only problem is that I spent too long daydreaming about how this would go, that I forgot to PICK AN ENTRY POINT. I stayed up too late, and basically showed up to class without my homework. So, now that I've given the Louis CK method of "stupidity, followed by self-hatred, and then further analysis" it's run, time to reflect and change directions: I bought #TWER at market open, and... I'm embarassed... ...I don't wanna say it... ...I used a fucking MARKET BUY! Because OMFG-YOU-GUYS-I-CAN'T-MISS-THIS-AFTER-SO-I'M-NOT-GONNA-EVEN-LOOK-AT-THE-CHART-OR-WAIT-FIVE-FUCKING-SECONDS-TO-MAKE-SURE-THE-STOCK-IS-EVEN-BEING-TRADED-I'M-PART-OF-THE-FINANCE-WORLD! Where's the support group for dumbshits like me? I bought 139 shares (why?) at $2.81 only seconds after market open, then I checked on my kids, and NO JOKE -- I hit snooze on my phone's alarm five minutes later. I was up ~15 minutes later, saw that the price action was doing the exact opposite of what I thought it would (how did I not see the low volume coming!?). My briliant solution was to dollar-cost average my way to a cheaper p/s position only to find that the buying power I thought would be available at market open absolutely would be available at market open -- on July 8th, 2016. So my limited buying power allowed me to purchase an additional 11 shares at $2.59 for a well-rounded 150 shares at an average price of $2.794. Nailed it. The intraday chart looked like a rogue Olympic downhill slalom coach designed a Hunger Games run to weed out the weaker, bronze-at-best team members. That said, there were plenty of dip-buy opportunities that, at least by comparison, would've kept my risk inside a comfortable range. At this point I've chosen an entry that is going far out of its way to NOT DO ME ANY FAVORS. As of now (2:48am 7/8/2016) the AH share price is $2.42. You can probably do the math. With all that shit out in the open, I feel a bit better. I'm going to sleep because HISTORY REPEATING ITSELF IF I DON'T SLEEP ENOUGH. Oh, so quick mistake rundown (because LEARN and MOVE ON): 1.) Poor time-management, preventing focus; 2.) Jumping in without an ENTRY/exit price plan to follow 3.) Throwing lifestyle changes (created to combat ADHD) to the wind in favor of #analysisparalysis and childish daydreams; 4.) Not cutting losses quickly; 5.) Looking past a ticker... to a company that I had no interest in following long-term. Rookie moves. Not how I hoped to open this blog, but transparency is important to my trading. Whether this is read or not, the fact that it's available to the public keeps me honest. It's easy to start adjusting your plays and your P/L in your head, so making it public helps nip those integrity issues in the bud.
