Hi Guys, for those that follow or used to follow my progress when I used to post much more often.
Started trading and keeping proper records last August. Thought I was a genius as by November I had 'made' 170% given my holdings at the time. Then it began to turn sour and 7 months later it has finally turned around. After losing all my profits and a further up to 20% of my initial capital I am now just $320 down.
Biggest mistakes were;
Not taking profit, hanging on to losers, not using trade and capital management, ignoring stops, and believing what I read on HC.Not to disparage HC at all, just realised that there is no research like ones own, and to not take everything at face value. At the end of the day, we are all here to look after us and what's ours. So I guess I made every mistake in the book.
Thanks go to
@taughtbuffet for basically telling me to grow some bollocks and dump the losers. Best thing I ever did in my short trading career. Losing 50% of a large position hurts initially but it was forgotten the next day, so I sold the rest of them, allowing me the capital to enter some stocks that I had been following. In the last month I have more than made up those losses, and rarely do I look back but today those stocks are still trading an the same levels as when I sold.
@taughtbuffet you will also be pleased to know I am only holding 6 stocks, 4 of them winning and have taken some profits, one losing but know the stock well and what it has in store, and one holding steady, that biotech that you know so well. The days of holding up to 20 stocks and jumping in and out every 5 minutes are long gone.
Cheers guys and have a great weekend.
