Reversal 101 · Weekly Recap

Weekly Recap! #5

Lessons!

The last two days of trading I have learnt a lot by just looking at the market. I was so happy for that. I kept my phone away, kept my mind fresh and just stared at moving stocks to learn what the market could teach me. There are some moments where you feel like you’re moving forward and progressing and these two days were definitely one of them.

  1. On the PETs reversal below, I missed my entry because this sucker had a bit of a spread so my limit order was a little too low. Bummed out a bit but did not chase and started getting a little more confidence in my reversal set-ups.

Screen Shot 2017-08-18 at 11.25.18 pm

2. I am certainly getting more and more confident with reversal trades and decided to invest more time this weekend in creating new tracking sheet and looking more at how I can trade these suckers more efficiently.

3. For the 5 min scalp set-up, I learnt two new things:

a) If the move before the set-up was not strong enough or had not enough range, the 5 min scalp is just not worth it.

b) There are two types of stocks that can create these 5 mins plays, runners and grinders. Grinders are usually higher float with more shares trades per day and runners vice versa. They are both different to play. One definitely falls more quickly that the other and one respects trends better than the other.

4. For the longest time I have been YouTube-ing interviews with other trades and today I learnt some stuff from Airplane Jane. I got to give a shout out to her as she did give me more insight and more ideas on how I can improve my trading.

Great stuff this week! Let’s hope for a better one next week!

5 min scalp · Daily Report · Others

#28 A quick good trade

Trades: 1
Accuracy: 100%

Screen Shot 2017-08-18 at 11.25.39 pm

SPWH – One of the best trades I have made in a while. Risk management was great. I did not get my full size as it ran a little at my buy point but i did not chase. I recognized this stock was a grinder and did not get shaken out when I was red on it for a while. Got 12 cents on it and that was decent for a Momo play. It was a good trade overall. Was a little bummed out that I did not get my full size. Also a tad or two longer I possibly could have gotten 22 cents on it instead. Well thats always tricky to smack the top.

 

Cyaaaaa!

10 Day Analytics

First 10 day Analytics Episode #1

In this genre of posts, I am going to compare the current 10 days vs the previous 10 days

Screen Shot 2017-08-04 at 11.38.46 pm.png

Voila! Those are my stats

Good

  1. Much fewer trades! That is good as it means my aim to focus on better set ups is working.
  2. Accuracy has improved tremendously and almost doubled
  3. Losers are much smaller

 

Opportunities

  1. Losses are still greater than winners. Got to lower this amount further if possible
  2. Still not at ideal accuracy. Aim should be around 70-80%
  3. Commissions are killing me slowly. I have to manage size and number of executions better to limit those for the time being. I told myself to not break my exits into two if my share size is smaller than a certain number
  4. Had no big wins this time, this is more of getting in the right trades and sharpening my strategy more. There was opportunity – I just missed the best ones.

 

Alright the tunnel has brightened up by marginally. Things are at least moving in the right direction. My data set is still pretty small though and lets get this bigger and better soon. I am going to keep fighting for this dream. You have to believe your dreams first before you can go out there and achieve them. I do and I am working my butt off to get there.

Daily Report · Reversal 101 · Trading Psychology

Emotional Roller-coaster #21

Today I have never been more pissed at my trading screen than ever before. The below will explain.

 

Screen Shot 2017-08-03 at 10.09.26 pm.png

TTIM did exactly as I expected. I had my limit order in at 13.84 for 600 shares. Guess what the fuck happened! My fucking, fucking, fuckshit, dipshit, motherfuck cracker jack piece of wanker banker TRADING PLATFORM decides to fuck up. It tells me I got no buying power. I slam that god damn piece of cunt filled button again but the dam dipshit motha fucker decides to fail on my ass again. This time i contact my broker and 20 FUCKING MINUTES later they reply that there was a technical glitch and restricted my BP even though it shows the ‘right’ amount on the platform. I seriously felt like throwing a chair. The perfect set-up comes along and only god can explain why it had to not work at this time.

Breathe. Breathe. Breathe. I counted to 10 and vented my anger at my phone to a dear one. Poor lady had to absorb my wrath. Breathe. Breathe. Breathe.

Then I took this trade below: FTR

Screen Shot 2017-08-03 at 10.42.04 pm.png

No surprises there this one did not work out. The set up was perfect but the gods were not on my side. Lost 10 cents on this. Kept it tight because it started looking iffy and was not going as planned.

Trades: 1
Accuracy: 0%
P&L:

Screen Shot 2017-08-03 at 10.53.30 pm

 

Does not feel good today. Felt like hardwork and planning went down the gutter. To a new day tomorrow.

Weekly Recap

Weekly Recap #4 – Keep moving forward

So it has been a while since I did a weekly recap.

I have been studying shitloads for some weeks now and thought it would be the right time to just do a recap.

Problem

Now I had been having a terrible spell of poor trading not too long ago and it thought me many lessons and questioned my new found passion. I knew I did not want to give up but the pain was real.

Solution

Study, study, study. I realised that most traders succeed by specializing in a few reliable set-ups and eventually mastering them before moving on or broadening their horizon. I was doing the exact opposite. I was trading tons of set-ups with absolutely zero consistency. The emotions only added masala to the mess. So I changed – focused on 3 set-ups I liked. Bottom bounce, 5 min scalps and pre-market breaks. The result? Vast vast improvement in my accuracy. I hit around 75% for my last 8 trades and that is grand for me. Felt good and my losses were getting smaller. Lets hope this continues because it just may not!

Problem #2

Commissions are killing me. At the moment my size is too small for any realistic gains with the strategy that I am using. I figured I would wait till I get more consistent and competent before I increase size. My losses got smaller, sure, but my wins got even smaller too. The result – I am still down $50 from the past 8 trades even though my accuracy has been pretty stellar.

Solution #2?

This is the tricky part: this week I am going to try a new set-up. Well technically its an adaption from my bottom bounce strategy and I feel like this could provide be a more balanced risk-reward such that I could make some consistent gains. Its risky because, again, I would be deviating from what I know and that did not work out before. However, the aim is to be a consistently profitable trader and at this moment I am not. Therefore, something needs to change! The question is what?

Conclusion

I am going to go ahead with the new set-up. See ya on the other side.

10 Day Analytics · Chase · Daily Report · Pre-market Break/HOD Break

A poke in the gut #18

Accuracy : 50%
Trades: 2

P&L:
Screen Shot 2017-07-28 at 11.06.59 pm.png

KOOL – Pre-market break, a set-up I vowed to take along with 5 min scalps. Today this did not work and I just have to suck it up

IMGN – Not kool. I chased this, i hit the trigger too quick and there was literally no set-up. I thought I saw a scalp set-up forming but I did not wait for that candle to close.

 

What I need to do better on Monday:

  1. Up or out! – I am hanging around my trades a tad bit too long, gotta get out sooner when i’m using momo set-ups
  2. NOT CHASE.

 

On other news I decided to do recaps every 10 trading days or so. See my accuracy and P&L on a more big picture level. Then I will compare that with my previous 10 days compare for improvements etc. Stay tuned for that

Weekly Recap

Lessons Learnt This Weekend #3

This was a fantastic weekend and probably one of the best in a long long time. Well last weekend was great too but hey nothing wrong with that.

I also took some time to educate myself and further my trading knowledge.

Some key takeaways this weekend:

1. Re-adjusted my loss to 110 instead of 150. I guess one big loss/2 losses in a row should mean that the third trade should NOT be taken. This will help me do that.

2. Focus on a few key set-ups and master them. Having said that I am going to focus on my 5min scalp and break of pre-market pivot set-ups henceforth. I will learn to master those before taking other random trades.

3. Continue observing and watching the markets and track potential future set-ups. This is exactly what I did this weekend. I started tracking a new set-up I call MDRV and hopefully within a month or two I will be using it in the markets.

4. Losses are good and I should embrace my losses as lessons. Its good to continue to be self-reflective and learn from my mistakes. Also figure out why and what makes a good entry and exit. The psychology and process behind the trade is clearly more important than the trade.

5. Create a plan and stick to it. Size in as you approach your target and take small size if your optimal entry target is far away. Always calculate your potential loss if things go wrong. THIS IS TRADING, THINGS WILL GO WRONG SOMETIMES. When they do, please cut losses.

I’m ready for a fresh and brand new week tomorrow. Have a good one suckers.