I Do Make Mistakes

I Do Make Mistakes

I Do Make Mistakes 1024 546 Steven Dux

Mistakes are a part of the game.

And this may be one of the most important lessons to learn as a new trader because we are human, and humans will undoubtedly make mistakes.

Removing emotion and being prepared are the keys to countering any issues that might arise. Watching charts and evaluating candlesticks is not an exact science, so having the occasional run-in with a fake-out is bound to happen.

For example,

…with a company like $BLIN, seeing candlesticks such as this means there is a lot of manipulations. It had 40 million shares and a 2 million float. The stock opened at $3.50, and I had short at $2.90, thinking it would keep coming down. However, it squeezed, and I had to cut my losses at 3.08, taking approximately a $1000 hit.

Knowing there was still money to be made, I scaled in and looked at the averages for a $10,000 profit. The mistake I made here was thinking I filled 5,000 shares when only filled 1,800, and this is a prime example of double-checking your work to make a maximum profit and not letting this issue affect you emotionally.

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