28. July 2017 - Day trade report - +$95



Meh day.
Tired because its Friday yadda yadda.
Made the exact mistakes that Nate made me aware of last week.
In and out and in and out. Burning commissions.
Luckily its a green day, but i have to become more consistent.

TTPH
I entered on what i thought would be a bear flag. But it ended up going back to test VWAP.
The problem was that i didnt set my risk properly and just thought id play off VWAP. So when it perked over quite a bit i got scared and got out. Thought i did a good thing by cutting the loss.
Turns out i didnt, so on the next bear flag i got back in. This time it ended up dropping down hard and i made back the loss from the first trade and then some.

There is a fine line between honoring your stops and being too jumpy.
What i should have done is go in only half the size and risk off the high of day.


AMD


I also entered this one. The entry was fine, but for the wrong reasons.
Nate alerted it in chat, and since i meant to go long myself, i just jumped in as well.
Without Nates alert i would have waited for confirmation of the low which happened 3 candles later.
Rode it up and paid myself half the position and exited with the other half when it dropped back to VWAP.

What happened next i dont know how to control and will have to do some mind training with this.
I was up about $190 on the day within 30min and should have been happy with that.
But i remembered last Monday when i made over $400 and in chat they were talking about AMD possibly doing a r/g today and that it would happen fast if it does.
So the good old FOMO hit me and i entered again. It dropped below vwap in 2 bars and i jumped out. Then i got stubborn and entered again, this time for a small winner but it wasnt able to crack the 14 magnet so of course i bailed again. i tried once again and this time it really punished me and took a good share of my profit.

It is going to be hard to become better with this.
Being strong enough to not average down like in my first big loss is easier than this here. Especially when im trying to be confident and believe in the trades that i enter.

I think it might just have to do with setting proper stops, and only trading the best setups instead of just jumping in.

Will have to try again on Monday. Hopefully nice and relaxed.

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