Accuracy : 50%
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:
- 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
- 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
Drummmmroollllll…….its aaaaaaa LOSSSSS today.
Today is special because even though I lost. I respected every rule I know.
I promised myself I will only trade breaks or micro pullbacks and thats exactly what I did.
The trades did not work so I stopped out. Actually proud of myself today and really not sad at all. I am also still tracking the markets and seeing how the MDRV set-up is coming along. Can’t wait to take notes this weekend on it.
Side-tracked a little there:
AVEO: Got in at the break of pre-market pivot but sucker just failed. Got out when in broke VWAP.
ZN: This wretched dbag is just cracking like a mother. Tried to trade a micro-pull back here but didn’t work so stopped out super quick. It actually is a MDRV set up as well maybe I should have been even more cautious.
- The one thing I did not do was obey they Up or out rule when trading momo stocks. If the trade doesn’t work almost immediately, I think you should just get out. Losses are cut that way. Let’s work on this one tomorrow.
Its my 10th day trading and nothing has improved. Today I traded 1 ticker 3 times and was red all 3.
What was really disappointing was that I have been on a crazy losing streak, completely unlike when I was paper trading. Yeah its no comparison but still. I am a little discouraged but far far far far far away from giving up. I set myself a goal and I’m not running away.
To put salt on the wound. MLSD, did exactly as I had planned with a big potential win. I could not get into the trade unfortunately. Why? I hit my MAX LOSS! So the max loss is inclusive of commissions. Can’t really complain. Do not overtrade was part of my mantra last week. Gotta keep to what keeps you alive.
Things I changed today:
- Further simplified my scans. The more cluttered the more confusing.
- Removed the realized gains/losses column on my platform to ensure i do not trade the money but trade the ticker according to chart patterns
Review my watchlist to see if my plans for technical trades worked or not.
I can’t lie. I am a little down today. Cya tomorrow!