Bubba's Journal

Bubba27

Active member
116 6
I understand price direction and chart reading but do not know how to confidently place orders......
 

Bubba27

Active member
116 6
Oh i put in the sell short in a market order because the stop and the limit options were all backwards with the numbers....

Very confused..... losing money on every trade.... lost.... the terminology for placing orders is all jumbled.....

My sell short was at $31.50...... what do I do now? Confused.....
 

Bubba27

Active member
116 6
Selling short makes no sense....

I bought it @ $33.50 and now it is @ $33.85
But my dashboard says that I am down -$0.35
That makes no sense.
I should be +$0.35....
This is totally backwards....
what happened???

How do I exit the short sale?
Do I sell high or sell low?
Something is wrong here....
I thought that sell short meant that you sell and then get to buy back at a lower price......

If I sold short, I should receive money for that, so why did my account not bump up in value???

Why does the control panel not give me an option to sell the shares??? Very confused.....
 

Bubba27

Active member
116 6
It is all backwards.
The price has dropped and it keeps saying I am losing money.
That makes no sense!?!

I should be able to buy back my 6 shares for a profit right now but I have no clue how to operate the control panel....
 

Bubba27

Active member
116 6
I must be looking at selling short like it is an options trade.... I have no clue what I am doing....

I understand how to read charts but have no clue how to operate this control panel....
 

MasterOfCoin

Experienced member
1,228 479
Woah there !

Take a deep breath and pause for thought.

If you're confused, then revise what you are doing before placing any further trades.

:unsure:

Or you'll just lose money.
 

Bubba27

Active member
116 6
It says I have -6 shares of SPCE (that is my sell short)
How do I buy them back??!?!?

Damn this sucks....
 

Bubba27

Active member
116 6
Also made the same mistake as my Trade #1 and did not write down my exits before buying into the trades...
 

Bubba27

Active member
116 6
In my dashboard I click "Open Orders" and my sell short is not there.... why is that not an open order!?!?!?

Makes no sense to me at all.....

I have clue what an Order With Fill is....
 

Bubba27

Active member
116 6
Well I have to just log off and see how it goes.

I am sure the price will not be blasting up like a spaceship forever. The price should go down and hopefully by then I can figure out how to exit the 6 shares that I sold short.....
 

Bubba27

Active member
116 6
Just missing out on profits.... I have no clue.... I figured that placing a sell short would be really simple. Guess not.
 

Bubba27

Active member
116 6
Okay I am back after my space trading meltdown.
---

I crunched the numbers from my two completed trades:

#1
SPCE/NYSE
Bought: 5 shares
Entry @ $40
Stop was initially set @ $29
I ended up selling @ $29.50
Result: about $55 loss (= 22.5% loss)

#2
BTC/USDC
Bought: .02 BTC (=$200USD)
Entry @ $9700
Stop was set @ $9990
I got squeamish and sold @ $9905
Fees paid: $2
Result all said and done: $2 profit (= 1% profit after deducting Coinbase's ridiculously high fee)

TOTALS: Basically I lost $55 and gained $2.
Thus I am currently at -$53
---

Next I made a list of things I pinpointed that need to work on:
* Always plan my exits and stops before placing any orders
* Always check and write down technicals before placing orders
* Always predetermine length of trade before placing orders (long, short, day, swing, etc)
* Learn all of the terminology for placing orders from brokerage account
* Learn what selling short is all about in better detail
* Define what is Order With Fill
* Organize my trading set up and desk
* Keep updated results and know where my account balance stands before placing more orders
* Keep journaling here and keep sharing notes for every trade
 
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