Chapter 1 Trading Journal #6- 01/11/2019 -$97
Completely disappointed myself. A lot of stuff was done wrong today:
- Bias pattern— whenever I’m feeling like I will place the orders before the open — this is wrong. It is fine to have an idea, but it is not fine to not follow the price action of the ticker. Here I’m talking about fuck up with $FTK.
- Holding Scalps — not all the trades are meant to be held. I mean If I want to give it a try it is fine with 1/4 — I need to cover everything anyway — know what is what
- Do not allow yourself to check your PnL during the day!
- Do not trade illiquid stocks — better watch for mid-caps or whatever setups and scalp them!
- Get out of the setup if your thesis is invalidated.
- Do not trade SSR stocks with no liquidity
I made 14 trades and only 7 made sense. 50% Sense ratio.
$FTK thoughts:
- The first trade here was absolutely wrong. The stock was trash, the only reason I got long — was IO bias. Once again the same mistake — have a plan, but do not trade bias.
- The second trade was fine — below VWAP, rejected and I should have sold at least half into the drop. Once again now it’s about the ability to size up. That’s your goal. not make money by marrying some stock and holding it. Also, this is the fact — All day faders are pretty much gone.
- The third trade — didn’t make any sense at all. It’s just reclaimed VWAP. WTF short it?
Trades made sense ( 1/3)
$AXSM My thesis on the first trade — that’s it. Good fucking buy. I got out as soon as it stalled. That’s good execution.
The second trade was shit. If my thesis was right, but the timing was wrong — it would have been better to get stopped out for 2 cents loss. Not 10 cents. Really poor risk management here.
The stock was climbing up on this trendline — why the f I decided to reshort it here? Especially when it looked like a long setup here.
The last short at 3:50 — was just chasing it down to be honest, because it is trash.
DO NOT TRADE STOCKS WITH NO LIQUIDITY AND SSR ON — THERE IS NO EDGE HERE WITH SIZE.
The trades that made sense ( 2/4)
$ATVI The first part of this trade was really good, on these types of situations when stock rips up and then at some point makes a lower high ( the first one) I should go really big
On the second low high, I should have added even more — but that’s probably it — There is no point to add on the third low high.
I managed this ticker more or less fine, at some points I was trying to size up or held longer than I was supposed to.
Made sense (4/7)
Do not have any bias — trade price action, Scalp it, that’s it.
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