Had a long day on Friday and honestly I didn’t feel like writing this since it’s a red day recap, but it’s something that I need to do in order to get it out and be able to look back on the good, the bad, and the ugly. Without a doubt This could’ve been an “ok” day for me, but I really missed the boat on my NIO trade (was clear as DAY….so frustrating), but hey it is what it is. The main thing that killed me on the red names, was the same thing that gets me ever time take shots…which was shorting some weakness.
Friday morning was a weird one for me because I had kids in and out of the office throughout the morning (this isn’t me blaming my kids btw) and I just had too many positions going on at a single time given the circumstances. I need to be able to recognize the environment and do a better job of being able to recognize “life conditions” that coincide with “market conditions” and be able to level set with myself.
I could probably go on and on, but big thing again is going to be patience and cutting losers quick. If I feel like I’m being distracted then I need to cease trading in those moments if I don’t have a position until I’m able to mentally lock back in.
A red day can be quite discouraing (even if it wasn’t a huge one, when you didn’t trade how you know you should), so I’m posting a picture of my Calendar red/green days to remind myself of who I know I am.
With that being said because distraction can definitely be an issue with me I’m goign to work with my broker to set so position auto liquidate levels. I never want to be down more than X in a trade, and this will help me to ensure that I’m not letting things get me. It may sound extreme, but I don’t care. I’m in this thing to win it and I won’t let little stuff like this get in the way of me being able to exponentially grown my account.
I had a plan here and I traded the retest, but I was a bit early. The last covers in the low and high 7’s were very small, but they should’ve been completely cut off under 7. Given the Catalyst, the volume, and the lack of substantial bags on the daily chart I shoudl’ve been a bit more focused on riding the trend after 9:40-9:45. 0 excuses here, just need to keep building off these experiences.
This was a classic mistake. I started in a bit too heavy here and didn’t cut on the breach of the 27.15 level. I was distracted and as I mentioned before I need to be aware of those conditions. This is a lapse in judgement and an unecessary ugly trade
I actually was ok with my entries here, but I should’ve sized out at 61. The thing that I definitely learned from this name is that I just don’t like names with “interesting” spreads. The spread on this name was bi-polar all day long and that type of price action just isn’t for me. I’m much happier with more volume, and thicker action. Ultimately I let the spread get to me and didn’t size out. Notes taken and will definitely avoid all bi-polar spreads
Man what a MISS!!!!!! I was a bit too aggressive on my stop because I was chopped up in the other names and LITERALLY top ticked the one candle because it unfolded $1.20 from my entry….LOL. Man I mean talk about piking a trade….it’s hilarious and depressing all day long because this one trade would’ve basically put me back at a scratch day.
Overall I’m HAPPY with my tape reading here and honestly wish I had this kind of stop out power on the other names that I traded.