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There are many benefits to timing your practice, including:
1. Don't use Princeton Review. Also, don't trust their CATs as representative of exam performance. 2. Study MGMAT in depth. All books. Even if you find things very basic and elementary, don't skip it as you mentioned you did in your studies. Read everything and do all problems. 3. REVIEW your mistakes. Why are you getting things wrong? Speed? Understanding? Both? You can learn a lot from using an error log. And make sure to go back and UNDERSTAND the underlying concept of the questions you got wrong. 4. Calm down a little. This is not an SOS moment. Also you don't need to feel "devastated" or feel like you are under "tremendous pressure." If you were scoring well under non-testing conditions, you need to calm down and go into your practice tests with that same mindset. 5. Maybe a prep course?
GMAT is all about understanding the fundamental principles of English and Math and applying them at a rapid pace in a given time setting. If one understands this and proceeds with an approach of attacking and understanding the fundamental principles, they'll definitely be successful in attaining their goals. How to do this is entirely up to the individual and there is a ton of information in this forum if you read through.
Check out the following threads and study their approaches, their setbacks, how they overcame the setbacks and came up top notch scores. Some of the stories are truly inspirational.
I think you are on the right track - you have good books (don't use PR and don't worry about that score) - start familiarizing yourself with the test patterns more and more. Use quality books such as Manhattan. There are also a few good threads to review:
When do you aim to take the GMAT again? One month from now? Two, three, four months from now? Pardon me if I missed it in your post but have you thoroughly gone through ALL of the GMAT Challenges (25 math and 6 verbal)? Look, Target760, it's pretty obvious to me that you have things stacked in your favor. (1) You're driven and (2) you have the ability. What is killing you though is your lack of confidence. Never take the power of attitude for granted. You alluded to the fact that you are naturally quantitative and what I have noticed in life is that it is these type of people who as long as their attitude is right can do exceptional well on standardized tests (verbal parts included).
Now there really is something to be said for knowing down cold the concepts tested in those challenges. Take my advice and work and rework the GMAT Challenges and then EXPAND on the concepts. It's obvious that you have the ability to do well on the GMAT. Get your confidence up. Good luck.