Watch and see how Stephen took a $5k loss so you can avoid what he did. No trader enjoys losing but it's important to reflect and learn so it doesn't happen again!
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Discipline! Great lesson and episode guys!
I'm right there with you Stephen! It's rough. I lost a bunch and I'm stuck with a couple bag holders.
I bought AFMD at 2.30 on Feb 5 and missed the 2.85 selling point because I was greedy and wanted more. Sold at 2.55 on Feb 6 because it looked to fail on the day. Thank you Stephen for you candid experience. Definitely very helpful.
The biggest thing I learned today was not to hold set ups that aren't working, especially over the weekend. Stephen made the same mistake where he traded too big on a set up he hasn't had experience trading before. I'm glad you are learning. The more money you lose, I think the more it drills into your head to be more careful and to really stick to your plan.
Ahhhh he was right. he said it for a reason HAHAHA I would of done the same 😛
incredible courage to share these experiences. i know stephen is going to bounce back. i follow him and look forward to seeing him recover. god speed my friend.
Steven you'll get it back buddy.
Very useful nugget of information about the double-bottoming at the open for these plays! I was also short on AFMD (fortunately just my paper trading account) but got spooked by its seemingly invisible catalyst. Granted there was earlier news about positive results, but when the catalyst is ‘weak’ (in my mind, anything other than earnings or FDA approval) it can still be a good short opportunity. That news didn’t quite explain the support it had.
Just remember buddy not to go for example 100 shares positions with your trades to suddenly positions of 1k to 10 K . Every trade taken one by one has always an uncertain outcome . But on a large sample of trades you can succeed the majority of the time , that's why you should increase your Position size slowly . Like from 100 shares to 200 for a while . Then 200 to 300 for a while , then 300 to 400 , and so on ..
AFMD….holding up.
I think I’m going to go back to school and become a wildlife biologist. This trading thing is waayyyyy to risky
There are 100's of these kind of guys who are following these people who are cheering them on as they are losing money yet raking in the profits from subscriptions etc … you can almost see the host rolling his eyes at the stupidity of Stephen breaking all the rules yet he has been doing this for almost a year???
Thank you for sharing your story Stephen
From my point of view here, and no I am not a consistent profit trader or much experience, yet, but I can see your problem very clearly now
You are sub-concisely failing yourself because you want to "earn" your place among the trading giants your interviewing every week.
STOP doing that! Stop looking for other people approval and start approving yourself! you do not have to had some horror story of how you became a trader to justify yourself to others. let your success do the talking for you.
All of these great traders are kind enough to share their bad experiences so we can all learn from that not to live that our self.
Become a great trader for yourself not for anybody else
Stop everything that you do that is not related to your personal success. stop all the videos, the blogs,the chat rooms, the POD-CASTING (yes, that too), and every other distraction you may have.
Go to a full month of total solitary. look deeply into your soul and try to overcome your limits. ALONE. you have everything you need in you. use it. claim it. and than comeback to us.
Good Luck Brother!
Can we please move onto something other than Stephan tacky re-runs. He refuses to do any studying and ABSOLUTELY REFUSES to get into Sykes reading list at all. Look forward to him catching a clue. Good luck with that mentoring gig sir.. . Lots of people have posted the same sentiment on his channel. New content would be refreshing.
Don't give up Stephen it's only another mistake expected still being in the the learning curve.
You'll get there.. stick to your ya plan!
Make sure you set up talking with Stephen's parents. That would be very interesting to get their take on his work.
We live and learn brother. 2 steps forward, 1 step back. KEEP IT STEADY!!!
Stephen your killing me.. I think I'm going to throw up for Ya!
Give me 5minutes I'll be back.
I'm so jealous of your parents. Mine just think what im doing is a joke.
Appreciate the consistency with the podcasts, keep it up, always enlightening 🙂
Hahaha every biotech is in need of money. Plus AFMD had positive news for it's lymphoma treatment. Just Googled that and it took me 2 mins. Now it looks like it forming a flag before it next leg.