It was with tremendous excitement that I greeted the Option Addict to the fold here at iBC. He planted the seeds for my delving into volume pocket analysis and I respect his work in technical analysis and options trading tremendously. With that in mind the stocks that he was interested in, I am usually interested in.
The Facebook caught my fancy from one of his weekly watchlist videos and I decided that this would be the trade I would “follow” him on.
You can probably figure out where this is going.
Objectively, I look at the $FB chart and I see nothing that would lead me to get long the stock, even before this most unfortunate turn of events. This was pure gambling based on the analysis of someone other than myself.
Look, I can deal with losses on trades that I initiate, but when I ignore my own analysis and ideas and follow along with someone else, I deserve to have my face punched in. And that is exactly what happened.
The lesson, as always: come up with your own fucking ideas. You know when to buy and, most importantly, when to sell. I went into this trade blinded by the outstanding performance of another trader, fueled by greed and I got served.
Now I feel better. Thanks.