Somehow the month of Feb is over……crazy. That just FLEW by. I was able to close out the month on a nice streak. Here’s my reality….while a lot of trading friends that I know are having record setting months….the fact is that I’m not. Well at least not P/L wise and if I’m honest I’m still trying to figure out if that bothers me or not. In all honesty this probably would’ve been my biggest month ever, but I suffered a pretty decent set back, and while my account wasn’t blown up or anything it definitely took me for an emotional ride. With that being said I was able to mentally recover and get back to what makes sense with more focus on refining my strategies to preserve capital, so on that front I did have my best month ever…just not that of that tangible sort.
Either way I’m happy for the ups and the downs , and for those that reach out when they think I’m ready to do something stupid.
One of the things that I’ve learned to come to grasp with is that not everyone is in the same position. What i mean by that is that while I have buddies who are able to focus on the market all day this unfortunately is not my story. I have a full time job where I’m EXTREMELY in demand, and I actually have an extremely large (both technically and fiscally) project that’s somewhat riding on my shoulders. Because I only have limited time to trade I believe I have been in the past trying to force moves because by a certain time I need to be done, but this was and is the absolute wrong way to look at it. A good trade doesn’t need to be forced and if i look back at the trades where I lost the most it’s because I’m trying to make something out of nothing. Whenever I heard the term “let the trade come to you”, it sounds so cliche, but it really is the truth. When I’m zoned and focused with entries and exists in mind, it’s just a matter of waiting and attacking.
I think this weekend I’m going to dedicated a few hours to going back over my weekly trades in real time in the replay mode in DAS nad just see where/how I can improve my trading.
All that talk above about letting the trade come to you and then I do this….LOL
Scratch trade for me…I think I made enough for a McDonald’s apple pie. I’m happy about how i Covered with the price wasn’t in agreeance with my plan, however I should’ve been on the 10.80 push…live and learn. I did see the weakness and attack however I didn’t ‘stick to my 10.30 cover zone, which should’ve been a minimum. Glad to had the right idea, but wish I would’ve played it better…man
Man I had a feel for this one sine 8am in premarket, but I just didn’t like how thing it was trading. Sure I could’ve got in there and be a little stress, but meh…I waited. Ideally i should’ve been there at the 19.28 test, but I missed it for some reason and sayw the tape getting heavy, so tried it…chopped out, then added that back once it felt like it was ready to move. A decent trad,e but if I stuck to the top of the channel I’d be looking at better r/r, which is what I want to be focusing on.
One failed follow through here. The name of the game is patience and not trying to jump in front, but let the ticker show you what it wants to do. I think I did a much better job of this here, but I probably could’ve took some at 7:05 vs the 7.18 level as I had it drawn out. The thing with these low floaters though is that any surge of volume that comes and you could be getting swept, so best to just wait a little bit, let the dust settles off, and then get involved when the dust settles.
I was playing the warrants off of the equity and saw some inefficiencies, so I jumped on them, and just scalped around. Honestly I figured it would pull back, but the trading of the warrants was at one point silly disconnected from the main move, so I decided to let it be and move on.
Here we go again…too early and too far away from the top of the channel. I covered 75% my position extremely close to my entry and then the rest I took a lightweight chop on it. One thing I want to point out here is that I should’ve just 100% sized out of my position instead of 75%. I tried it because it felt like there would be failed follow through, but as soon as it didn’t I should’ve just gotten out. Ultimately this was a small hit, however at the end of the day I want to focus on trading the strength within the weakness to capture on more moves like this.