Two words: Stopped Out. Lost it on yhoo. Well for those who have been reading this journal i've started with $ 5K currently at $4535.00. I hate losing money even if it means a hard lesson. Im the type of person who asks for a discount on a discounted item! Well im not giving up i'll try a little harder.
But you're doing a lot of things right, imho. Here's some food for thought, you bought your YHOO trade right in the middle of this (the arrow is around where you bought, I believe): I find it very hard to find stocks that are going up in that type of environment, and strictly statistically speaking you're better off shorting/buying puts/holding off buying in those situations. - The New Guy
Hey, I'm a newbie like yourself, infact it's going to be exactly a year this month since I've gone live with real money. I started out with a small account like yourself and swing trading. If I may say so, I am glad I started out with slow moving securities with small trading ranges until I got a hang of it. The slow movers won't make you much money, but you won't loose much either. The experience you gain however would be invaluable. Even now I stay away from these big name stocks like Goog, Yahoo, Intc etc. I don't think I'm ready for them yet. Just my .02 cents. Happy trading and good luck
Thanks for the responses. I am happy to get input from people who have gone through or are going through the same situation. I did not approach this as a get rich quick although i'm down now its a valuable learning experience. I feel that if I started out strong I would have probably taken greater risks and may have blown my account by now- and never trade again. Now I'm cautions. Thanks Again.
Sorry to hear about YHOO. But as someone said, the market was tough if you were long anything then. It just goes to show that it is not only "what" you buy, but "when" you buy it that is most important. Its also good that you picked your own stock and made your own mistake. Because that is the best way to learn, in my opinion. Forget about the money. You did one thing good, which is limited your loss at the stop. May I ask if you have a plan? By that, I mean do you have rules, or objective parameters to govern your trade? The specific qualifications a stock must have? What to buy? When to buy it? When to sell? Don't rationalize this stuff. I think this is important, because if you don't, then you could talk yourself into almost anything. Make sure what you are doing has a high probability of success. This shouldn't be gambling. You may have heard the saying "plan your trade, then trade your plan". But before this add "Test your plan". If your like me, failure always make you try harder the next time. Good luck
We are almost done with the electircal wiring of my renovation, then tiling will be next. I'll post a picture when all is done. We had purchased a jet tub/jacuzzi at a liqudation store for only $45.00, my advice to anyone shop around and do your homework before starting your renovation.