Why did I make this trade ($MGM)?

I made a trade in MGM today, and instantly self-talked: “Uhm, why I am in this trade?”

It was not a trade that I trade well.

It is not a trade that fits my personality.

It is not a trade that extenuates my strengths.

Why? Why? Why?

We make progress as traders when we stop making trades that do not work for us.

In this case, it was so tempting to lay some risk into the gamers as they were reacting well and there was a substantial news catalyst behind the idea (see below).

Here is the trade I made:

The saving grace was that I did not trade the idea with size, and my stop was uber tight.

But the whole thing was amateur hour for my trading. This idea had played out and I was playing to my weaknesses. It was all just a waste of my financial, intellectual and emotional capital.

In short, identify and stay away from the trades that do not fit your strengths.

You cannot do this and be a successful trader

The trade that propelled one trader to start winning

*no relevant positions