Missed Opportunity and another painful lesson - FRTD

So I just recently watched part of the Investorslive DVD and just in the first few chapters learned some great patterns. One of which is outlined in this post. Nate calls it gearing/perking. Basically, what you do is find a stock that is consolidating(lower highs, and higher lows). Draw lines that are connect the highs together and another line connect the lows. The line connecting your lows is going to be your potential loss which will help you determine your risk/reward. When you see the stock break out of either line, you can buy/short into the spike/dip. Then the next day I saw this exact pattern happen right in front of me, but again I was too slow to pull the trigger. In the picture below you can see the lines I drew and how it clearly breaks out of the consolidation for a nice gain. I was upset that I did not take action, and so I chased it and bought in at .0565 and it immediately started to drop so I got out at .0511 which is where it mainly stayed the rest of the day. This is where it gets really bad. I was upset at not taking action/and then my big loss that I thought I could win some of it back. I got back in at .0527 and it dropped some more and I got out at .0502. I took the rest of the day as well as today off from trading to clear my head and get back into it tomorrow. As anyone can see by my results, this is not a blog to try and copy what I do, it is a blog to see what I do and learn from my mistakes.

Cut your losses/Never chase/Never try to win back lost money.

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