I planned this trade together with $RWM. Unfortunately both of them happened to be false breakouts. The breakout occurred last October 11, 2017, when $PRMX closed at 7.00 breaking the resistance at 6.85.
I planned my trade the next day by buying $PRMX at lease a little bit higher, ranging from 7.01-7.05 in order to confirm the breakout. I placed my target price at 7.5 and my stop loss at 6.41. The next day the price opened at 7.01 and I immediately entered and bought 600 shares of $PRMX at 7.02. Unfortunately for me the bullish rally did not last long and it immediately decline below the 7.00 line. Even after the price drop below my stop loss price, I did not sell and hoped that the price will go up again.
This trade did not go well for me, as of this day I did not exit the trade an has a potential loss of -10.8%.
A lesson for me on both $RWM and $PRMX is to stick to my trade plan and never be hopeful that my situation would reverse. It's better to cut my losses early than hope and become a forced investor.
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