$SCOK Trade Recap

Made many mistakes on trading $SCOK today - most will have been avoided had I adhered to my "NO PREMARKET TRADING" rule.
I made a habit the past two weeks to sit in front of the market earlier and earlier (with the Ebola craze it seemed like a must), and was a bit more relaxed about premarket trading.

Today, with the Ebola stocks being demolished, my plan was to observe the market and not place a trade until a few minutes after the open (my usual game of plan) however the temptation much was too much and I started trading $SCOK when both liquidity and spread weren't favourable.

I hadn't developed a proper bias, so I switched my position a few times, and the lack of conviction results in accumulated losses.

That set me up for the rest of the morning, broke one rule, made a bad trade, started the day with a loss, and instead of re-focusing, I decided I needed to make that money back, and to do so, be more aggressive (risk more size).
That broke a further rule of mine about position sizes.

As for $SCOK, apart from my poor pre-market trades, I made pretty decent entries on the rest of the trades. However the emotional baggage of the premarket losses had clouded my judgement and I was in the "make it back" mentality, instead of "making good trades" mentality.
Hence whereas usually I'd take some money off the table when a trade goes in my favour 10c+, in this case I didn't, because I wanted to make it ALL back.
So I had let good trades with a good r/r and entry that had gone my way turn into losers.


Main takeaways are simple - what has proven to really work for me, is sit on my hands until at least fifteen minutes after the open when the picture is clearer.
Had I done that, I would not have been so greedy with my $SCOK trades and had ended the day with some nice profits.
This is the chart as of when I stopped trading $SCOK

* buys/covers are marked on the charts in blue, sells/shorts in red *