In my last writing, I recommended a put spread in UBER based upon a doji I saw on the chart.
Well, I failed to check UBER’s earnings date!
Don’t EVER do that!! Always be aware of a stock’s earnings date BEFORE you place a trade.
Earnings can send a stock soaring or crashing. It can be a crap shoot and depending on your position strategy, you probably don’t want to have anything on through the earnings announcement. (Although there are more sophisticated options strategies to take advantage of earnings scenarios.)
I am sure we have all made trading mistakes. Usually the mistakes happen when we veer from our original trading plan. Maintaining discipline is one of the key attributes, if not the most important, of a successful trader.
So, if you stick to your exit plan on the losing side of a trade, you will limit your dollar losses, which is huge over time.
Think about your trading losses and why they happened. If you remember and take note of your errors, odds are you won’t repeat that same mistake.
I would love to hear about your mistakes. Email me your trading war stories at firstname.lastname@example.org.
Thanks for reading…See You Next Tuesday!
P.S. I believe Mark has just a couple of spots left for his Little John Membership. He’s been killing it this week with his new trading system that tracks the Robinhood traders. Check it out!