- Did not have thorough game plans
- Did not trade based on levels
- Traded Chop
- Did not make or follow an explicit game plan particularly for exiting trades. Need to have plans laid out well in advance of trades. Need to be as thorough as possible in game plans in order to best meet the moment of trade. Fail to plan, plan to fail.
Solution: Use the game plan tool you built, do not take trades unless you’ve laid out a thorough game plan for how you will react to different possibilities.
- Did not trade based on underlying levels. Traded Chop. Was often trading based on arbitrary dollar amounts in the option I was in, not based on where the levels of the underlying were. Respect your Technical Analysis.
Solution: Complete thorough technical analysis & abide by it.
- Traded Chop. Did not wait for good setups, was not selective with the stocks I chose to trade, and just jumped in whatever was moving
Solution: Do not trade chop. Do not trade without a gameplan.