Green day recap. What a day this was! Coming off of a red day I’m usually pretty reserved (I definitely was on $FPRX in the premarket. The goal was to not do to much and just get a win on the table, but sheeewwww what a move.
The loss that I incurred was tripled in todays returns. To me this further confirms that by keeping those losers small and making sure that you’re taking good setups when they come to you, you will progress in both mental assurance and account balance size. Realistically I should’ve 6x’d my loss yesterday, but I got thrown off by what was happening and forgot to put the back half of my shares on on the backside move…..totally nuts!
Also today I noticed that there are some folks on fintwit posting huge p/l, however the trades themselves show 0 risk management. It’s extremely easy to get caught up in the $$$ and lose sight of what you’re doing , which is trading, so for me I don’t want to see P/L because it doesn’t help me progress as a trader. The $$$ means absolutely nothing. It’s all about the process. Who cares if you make 60k every day if your risk is so out of whack that you’re liable to blow up any given moment. No thanks, that’s not for me.
SO with that being said, beware of P/L’s that lure you in. Focus on quality setups, thoughts, and process that will help you.
Now on to the trades.
INO
I was watching this for a possible fade and put some one, then COMPLETELY forgot about my position here (thanks $FPRX..lol) until I noticed that it was creeping back up on me. Left a bunch on the table by only taking a couple of pennies on the trade vs the .45 that I was up at one point. The moral of the story here is that you have to be aware of your trades and manage your positions. A nice return was minimized because I was forgetful.
FTEK
What a shame this was!!! I knew where this thing was going to go (it closed low 1.20’s) and had a nice size position, but ended up having a wok meeting and I couldn’t babysit it unfortunately. That would have been a beautiful trade, but I ended up taking a small chop on it to make it to my work meeting. I’m not getting to the point where “work” is costing me and that’s a VERY odd feeling for me.
FPRX
Main trade of the day and boy what a nice one. I was watching it pre market and was looking to get in in the 25.50 range, however given yesterdays red day I didn’t want to jump the gun and end up upside down, so I waited for trend to confirm and then position myself in. I was about half positioned and was expecting a push back into the 23 range, but then things happened so fast and I go excited/thrown off that I forgot to put the rest of my position on on the backside of the rejection. I still had a little place to add, but It wasn’t the ideal place, so it was relatively small compared to what i wanted to put on. IN hindsight I should’ve put on the bulk of my front side size on closer to the 22.20 and 23-50 level, then really hammered it on the backside when the newsletter got STUFFED. Lesson for next time. I was thinking we could get to 13-17 range, so I kept some patience and as you can see I let it work down to my target levels and then covered a bunch.
Overall the next setup like this I really want to hammer it home on the backside. I’m getting a bit better minus the fact that I forgot to add on the backside today…lol. Either way this was a great trade and now it’s time to reset and focus on tomorrow.