Terrible Day
Made a mistake with my plan, paid the price.
Yikes
I had a short position in AMD that was entered on a valid signal, but I forgot about earnings coming up. After earnings, the price gapped up past my stop loss. I ended up with a loss of $1600, well past the risk I had planned for. On the same account, a long position in JNJ reversed and a wick took a stop loss. The good news is these losses are still under the drawdown limits of the account. The bad news is, I was close to passing the challenge and all of the progress was wiped away overnight.
Lessons Learned
I made a mistake with the earnings date on AMD and paid the price. The JNJ position just reversed on a cleanly executed entry. I won’t risk holding around earnings again.
Recovery
To recover the account, I will need to open positons with controlled risk and double checking the rules and earnings dates before entering the order. Now is certainly not the time to make stupid mistakes or risk over trading to make it up.