Daily Report · Top Reversal

#121 – …

Trades: 2
Accuracy: 50%

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Completely flat and random day. NMM didn’t move and VSTM was a feeler that didn’t work and started grinding up.

Hard work and more hard work to follow.

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Daily Report · Top Reversal · Trading Psychology

#120 | Red streak | Position Sizing

Trades: 1
Accuracy: 0%

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Small loss here. My adds pre-market did not work so I had to cut them. Then I kept playing around with a position with an add when I felt it was a good time to do so and covers when I thought it wasn’t working. I was constantly adjusting my position to ensure it was within my risk levels.

I am slowly learning that this is what most professional traders do. (From watching videos of how they trade) The good part to this is that you can adjust according to what you see on the charts and it gives you more flexibility in your plays. The bad part is obviously commissions.

Hence moving forward I will restrict the number of adds and focus on trying to slam the trade yet allow some room for flexibility. I do need to continue to do this with some conviction and if you notice, one of my adds was a literal top tick. That was very important psychologically for me as I was having some trouble adding on the first push up to resistance levels. I hope I can continue to abide by my strategy.

 

Oh and yes I did forget to include my equity. Bite me. Next time it will be there.

Daily Report · Top Reversal

New Month red

Trades : 3
Accuracy: 33%

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Good play, decreased size as I saw strength and then took off as my resistance broke.

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Feeler trade pre-market that started going against me. Took it all off once chart stopped looking right.

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Good trade here but down sized a tick too early and a little disappointed with that.

 

Overall a good day even though it was red. I achieved my goal of increasing risk though conditions did not work out.

Bottom Bounce · Daily Report · Others · Top Reversal · Trading Psychology

#118 – Strategy retire

Trades: 3
Accuracy: 0%

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Today was an emotionally tough day for me. I felt I traded according to plan but kept getting screwed over. My first trade on ACRX – Why did i get scared out? Well I looked at the history of this ticker and every-time it gaped up, it ramped and ended green on the day. Because I wanted to avoid that risk I took it off pre-market. It did work in the end but I feel my decision had some base and I was actually proud of myself when I did it.

The next two trades were also losses. The first, I tried to take a short on this bouncer to play the opposite side as I saw it failing. Instead it hit support and ramped. I cut the loss and then I bought on a quick dip expecting a ramp up. When it did ramp, I did not sell as my target was a bigger move. This reminds me of the mistake I made the last time as well. Either ways, I had a hard look at my recent bottom bounce trades. They were far and few in between. My overall stats was poor as well – a 50% win rate with a slightly above >1 profit ratio. This would be ok if I had no commissions. The fact is that I do!

This leads me to the decision to retire my bottom bounce strategy. It sucks to retire this but it is something I have to force myself to do. I have to focus on the Top Reversals which seem to be gaining some traction for me. I am actually net positive on the month and have a 61% win rate with a 1.14 profit loss ratio till date. This tells me that I got to move into the direction that is working for me and forget LONG-ing for a while. It is super tough to let go of something that I put in almost a year of effort – refining it, collecting data and practicing my trading. I think my personality does not suit it.

Hence my final decision is to park this strategy aside for 3 months and focus on two things for the next 3 months. Consistency in my shorts and building up my size.

Bottom Bounce · Daily Report

#117 – Chop

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These bottom bouncers keep screwing me over. I do not see the early success I once had with this strategy. I will keep my size small on these guys.

 

Bottom Bounce · Daily Report

#116 – A big miss

Trades: 2
Accuracy: 100%

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Painful! I made two mistakes: I covered a little at 6 even though it was not according to plan and secondly I took profits way too early. This thing is trading at 5.13 as I speak!! Argh

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This one was also painful in two ways. I missed my add! I had my trigger at 5.25 but it only hit a high of 5.2. Then I figured I get out because I did not want to be stuck in a mess if it turned just for a few cents. Should have waited though be this is at 4.1 now!

Tough lessons today but I will continue to persevere and grow. At least it was a green day. I do have to talk about the good thing that I managed to do – cut my size down after my 5 losing streak last week.

Bottom Bounce · Daily Report

#115 – No.5

Trades: 1
Accuracy: 0%

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The bottom bounce! I was patient about my entry and actually got a decent fill. This thing then ripped to 13 without me. I decided to hold through the pullback. I had a good fill and really did not want to go for a small win. I knew these have the power to make a new high later. Unfortunately that never came and my 12.15 risk level broke. I got out with a scratch trade.

The untrained eye would say it was a bad day for me. Personally, I think I traded this well. The question about taking off into a pop has always been a hard one to answer. Other than that, I played right and I played according to plan. The best part is that I down sized today and it totally paid off. My loss was tiny.