I picked the right stock again this morning and turned it into a losing trade because I lacked patience. I was expecting a nice rip at the open and that didn’t happen. Instead it sold off a little before making its run.
I sold for a loss simply because I didn’t think the stock could get back over my entry point. A few minutes after I sold, $XOMA damn near went parabolic. I just sat and watched as my top pick for the day did just as I thought it would before the market opened.
No patience or conviction to stick with the trade was my undoing.
Once again I find myself trading one of hottest stocks of the day for a loss. Glad that everything is being documented. In the video below you can check out my entry and unfortunate exit.