Ken here,
I want to talk to you guys about a big mistake I did with my small portfolio account on live stream. This will teach you guys a valuable lesson for trading and anything you are doing in life.
If you read the previous post, you saw that RCL stock was trading at about $36.28 when I purchased it with a $330 position which was more than half of my portfolio.
Take a look at the chart from the last post 4/15/20.
This is the chart for 4/16/20.
I purchased one $37 Call contract with the expiration date of 4/24/20 for about $330.
This stock is following my 5 elements of SUCCESS!
- Gravitational theory
- Trend Pattern Squeeze
- Support and Resistance
- RSI
- MACD
Look at that! Within a couple of hours from 11:00 AM on 4/15/20 to about 1:00 PM on 4/15/20, the stock popped up to $37.46.
I was absolutely right on the call! I was absolutely right on the money! So what is the problem?
I didn’t lock in the trade.
You can see what happened the very next day after not locking in the trade. The market crashed. This was unexpected, but lets face it . . . sometimes in life, SHIT HAPPENS. You have no control over what everybody else is doing. You only have control over yourself.
This wasn’t because I was being greedy and hoping for more money.
This was because I created a game winning strategy, a master plan, and I didn’t stick to the plan.
The stock price moved to the call price a lot sooner than I thought, and I decided not to lock in the position with a day trade. Rather than turning that $330 into $420 within 2 hours and profiting $90, I decided to do nothing. I took a $90 loss with my stop loss back up plan instead.
I stood like a damn deer in headlights. (Yes . . . I accidentally hit one)
This is something you cannot afford to do if you want to be successful.
It doesn’t matter what you are doing, playing a game, studying for a hard exam, trading options, trading stocks, or trying to lose weight. If you set a game winning strategy and you do not commit to your plan, you will fail.
You have to be diligent and learn to trust yourself, be confident, take less risks, and continue doing your master plan if you want to see results. This goes especially true for “CHEAT DAYS” if you are trying to lose weight.
The more you cheat, the more you restrict yourself from productivity.
Remember from the last article that the millionaire definition of productivity is more results with less time.
Stay tuned, learn more, ask questions. Become a 6 digit survivor. Check out the live stream.
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Disclaimer:
I want to point out, I am not a registered investment adviser or broker/dealer. I am a highly profitable options trader who has been successful time after time, and I have changed the lives of many people through the art of trading on the stock market.
– Ken