So this week has been pas mal. There are some weeks you end thinking that although I may not have necessarily earned the desired results, I have definitely moved in the right direction.
Things that have went well in the last few weeks:
- Started focusing only on one set-up that I have been trying to develop
- Learnt my mistakes of not trading set-ups I have not tracked
- Understanding more and more that good trades can be red trades and bad trades can be green trades
- Respecting my stop level and not being shaken out
- Restructuring of commissions (happened over the weekend) – very excited about this one moving forward!
- Developed my journal to be more insightful through pivot tables
Things I definitely can improve on:
- Letting my winners run!
- Selling into pops better
- Understanding how to size in more efficiently
- Respecting my stop level and not being shaken out (yes this appeared in both sections)
- Timing my entries on pullbacks
Key Takeaways through studying:
- Do not trade the order flow and watch the chart
- Hard work is a necessary but not a sufficient factor for success
- The journey is long and tough, its important to recognise that and also to recognise the habits I have been doing correctly.
- The best trades are also always the MOST hardworking and have shitty work life balance.
Executions: 2 sets
Played this under the same strategy twice. Was a good trade according to strategy but did not work.
- Range is important and this chart actually had poor range historically speaking. Although today seemed like it could have been be a big day.
- Start getting into my bounce entries only when a new high is made.
Trade one: Could not have asked for a better trade. Played this true and correct and proud of that.
Trade two: I tried to play the pull back and re-entered here and got trapped being shaken out again before my stop loss was hit. The stock at this very moment hit .50 as I am writing this. Cannot deny some FOMO going on right now.
Done for the night though!
The first pullback attempt – This was a good one and according to my strategy. The moment it failed I got out
The second pullback attempt – Terrible entry because I anticipated support and did not wait for a new high before entry. I kinda semi-jumped in. Now it looks like I might have bottom ticked the exit here. Who knows if this actually works eventually or not but I definitely effed up on this one.
Ironic how I tweeted about FOMO and then probably fell for it in a weird way.
Had a might fine entry at 8.10. I was a little disappointed at my exit though. Had some orders out at .40 and .35 to get out but it did not get filled. I kept being stubborn and waiting for another spike.
I took a step back and thought about the overall picture. Statistically, I knew many of these consolidate and then re-hit the highs or go higher. So I waited patiently but 8.20 held for a long time before the bid started getting chewed rapidly. Got out quick before the support line broke.
Good trade overall. I did get for slightly bigger size but I need to start sizing in terms of risk dollars more. I do it but I shy away when i see share size get above 400 for some reason. Got to break that mental block.
DGAZ Try One – This was disappointing. I got shaken out as i misjudged support putting it at 29.60 when clearly the chart showed it at 29.55. Lost quick on this
DGAZ Try Two – Stopped to think and totally did not revenge trade this. I loved this trade as I respected my support fully. Risking potentially doubling my loss for the day. 29.55 hit and then it bounced even after my entry. Took half off as it was going Red to Green and then hit the bid as support at .77 broke. Proud of this trade. Definitely one of my better trades.
Btw in case some of you are wondering, IVC was a trade I made and lost 50 on in an attempt for a multi-day breakout last weds and I totally forgot to blog about it.
So things did not really look too good again in this last set of 10 trading days. Step forwards in #2 and then back-forward and finally back again in the last set.
It is quite clear the things I need to work on –
- If i do a deeper dive on what has been working for me, I realised that the bottom bounce set-up truly has some potential for me to develop further. I did suffer a big loss on it because of an emotional trade in this set but truthfully it the one that I could actually take to another level. I gotta keep at it and be confident about my positions and let my winners ride more. The caveat is that it is a one a week set-up that really isn’t sustainable in the long run if I want to make a career out of trading.
- I have a problem! I see a new set-up and I kinda of jump into it trading without studying it long an hard enough. You see me doing that with the multi-day breakout set-up. I have got to stop this! It is eating into my profits significantly. So – stop trading set-ups without tracking for at least a month!
I hope just focusing on these two things will help me in my next set.