Chapter 1 Trading journal #2 - 01/07/2019 -$29
Day review:
Overall it was a good day, I finished red on the day but, managed not to get locked out. I was patient with all the stocks except AXSM — i think thoughts about potential gains are something that screw me over. Anyway, I experienced a psychological pattern that I need to be aware of: “I already got on tilt because of stock, I need to get it back” + “ There is not much going on, I need to trade this one”
Lessons Learned:
- Stay away from the volume and watch for the trend break
- Always assume your real risk ( PM highs if — if there is no real pressure)
- I need to watch and anticipate rejection — learn tape ( how it acts before the actual drop) and also get back right in if stopped out by it!
$IZEA I got a little bit early in it — didn’t wait till it hits the PM support, got stopped out from the half. Accidentally hit out of the second half, and didn’t get a fill.
Lesson Learned: get back right after I see rejection faster! Anticipate it near the important levels.
$MYND
Got short almost right out of the open. I shorted against 1.48 — a little bit late at 1.38.
Lesson Learned: I need to watch and record tape — to spot rejections and what’s happening before them
$AKAO Not sure about this trade.
The first entry seems to be absolutely inappropriate: premature entries, there was no real pressure downwards, and my real risk was above PM highs at 1.77 — so at this point — absolutely no edge in here. The stop in place didn’t make any sense and was too wide for this time of the morning. Should have sold everything when it stalled at 1.59.
Lesson Learned: no edge here with entries like this. Should always consider PM heights as a risk.
$AXSM
Lesson Learned: Do not mess with afternoon zombies. When you see HUGE volume coming in, don’t fight it, unless you see 5–15 min resistance to short against and actual rejection. Here it was, engulfing candle. Do not get short without this sign!
Read next: Chapter 1 Trading Journal #3–01/08/2019 -$24
Resources
- Connect with me on Twitter, Linkedin, or hit me up on Telegram
- Table of contents — everything posted up to date.
- Subscribe below to get new post notifications.
