Yup…I just lost all that money.
Haha but honestly it does not hurt as much as $10,460, so I am grateful it was only $1,460.00
I personally told myself that the money I used for option trading is not really mine, so maybe that helps me mentally…
I explain everything in the video above.
This is not a failure, it is a learning experience!
I know exactly what I’d like to implement next time, which is actually checking in on the position and having an actual plan as to where I’d like to exit.
I still have $3,600 to leverage and place trades with, so in my eye’s I’m good…
Plus I only took one contract for my first trade, haha may do that for the next one as well.
Note to self when taking future trades:
– Understand the play you’re getting into
– Write down your exit plan
– Check your trade more frequently
How Does Jasmine Really Feel Emotionally? :
More embarrassed, not so much upset on loosing the money, just disappointed that I was not on top of this trade and did not exit when I saw profit…
Time to reflect on where exactly I went wrong so I can avoid it from happening again (this section i want to add for personal purposes) :
Okay! the screenshot below is the exact play I did…
That is the very first thing, i need to know these position, and not just blindly buy haha…yikes
So, i bought this play back in September 26th of 2024.
The charts below show that I basically entered at a HORRITBLE time…
To be honest, I never even looked at the charts before placing this trade…never knew what the stock price was. I will need to make sure I evaluate and confirm where I am getting in is right.
Another note, I need to trade the time of placing the trade, I only know that this play what taken while I was at the gym which would have been anywhere around 9-11am central time…
Looking back at this trade, I was being careless and did not have an actual plan 🙁
This reflects in the -$1,394.33
If i was to get in on this play when it was down $213.47 I could have just rode it up (as shown on the screenshot above)
But instead, I got in at a bad spot and only saw profit when it hit $269, i mean i did see a some profit but it was only a few hundred bucks haha but looking back at that makes me wish I just took the profit, but coulda woulda shoulda, right?
Time to stop dwelling on this trade. I know what I did wrong:
- Need to analyze the stock price and actually look at the charts before getting into a play.
So that means I need to learn how to read charts lol. - Plan my exit strategy, as in how much of a percentage am I willing to loose and willing to take profit on, this MUST be established before hand
- Lastly, track EVERYTHING or as much as possible.
The time of the trade, stock price, possibly the economic status…anything that will help me understand what went wrong and why things went right…
NOTHING IS LUCK!
I’ll get better, I know It!
Bright side is I did not blow my entire account haha…
Got a find some positive humor in it 🙂