Poor Discipline Today

I broke just about every rule there was to break today at the market and I paid for it.

$CODX is a low float that ran up a bunch yesterday on no news, so naturally it was on my watchlist for this morning. It closed strongly end of day yesterday and then proceeded to rally after hours. Here are my mistakes from today.

1. Having a long bias on a stock with NO NEWS. I even said this in my watchlist for today to be careful because it had no news and it was a choppy stock. If you don't know why something is running, stay away from it, and if you can't help it, at least trade it very small. I did not stay away, and I should have traded smaller.
2. I bought at the open after it was already up a ton, in anticipation of a morning spike. It very quickly turned around which led to...
3. Averaging down instead of cutting the loss immediately! I averaged in for a total of 3 positions, each time hoping it would get me back to break even. What was I thinking?!?! In all honesty, the whole time I was thinking "You have done this before and you know you should not be doing this, why are you doing this?" 
4. The next mistake was somewhat revenge trading, or at least, trading when I was emotional. You know you should not be trading when as soon as you are in a position you want to be out of it. I took 2 more trades, one for a controlled small loss, and one that basically made that small loss up.

The conclusion is that I just completely ignored the price action that I was watching. The price is always the truth! 

THE PRICE IS ALWAYS THE TRUTH.

I saw it all happening, and I just hoped. Planning on a dip buy down to support is one thing, buying at the open before a breakout has even occurred and then adding to your obviously losing position is just horrible. I lost 5% of the value of the trading account today. Something I at least did right, was not going in with more than 20% of the account size. 

Today was just a slow market, and I should not have traded that stock, except to the downside. Of course there were no shares to short. It turns out to have been a chatroom pump... Some fake guru got his followers to buy the stock and he tanked it at the open. Had there actually been a real catalyst behind this stock, it could have really had a second day of squeezing. Really, that's what it did premarket. It squeezed shorts who didn't respect the first green day of a low float stock. I just didn't play the RIGHT play and buy it at the close yesterday.