Chapter 1 Trading journal #20 - 05/25/2019 -$37 “My entries suck”

Day overview:

Made a lot of mistakes today.

• The one that is really big is that I was in too many names. Missed setups, and got stopped out. Basically, my attention was not in place.
• Also at one point, I got too much involved with AMRS
• In general a lot of mistakes today. Primarily in regard to the entries.
• Tomorrow I have to be proud for every one of my entries.
• Take only the best entries!

So the mindset for tomorrow should be:

• I have size — 600 shares, so I don’t need many stocks. I need to have only 2 main watches and milk the shit out of them
• My entries should be a state of art. Ideally, I need to have a confirmation on the tape, and only after it, I’m entering.
• Plan how I scale in
• Do not cover unless there is a reason.
• Out of all these, my entries are the most important part. But to get them, I have to watch stocks.
• I was also hesitating a bid with my exits — I have to be relentless. Get out, when I‘ve decided to get out. Do not overthink it.

$MLNT — $45 “Morning Pop” + “Range trade”

• Entry 1 — Weakness on the open. Good entry. I covered everything in the wash.
• Entry 2 — The pop I was waiting for. Should have used this one to scale in. This was the best entry of the day. One — that I should have been watching all day long. PM HOD — $1.78
• Entry 3 — Complete mistake here, should have waited for a pop. Once again DO NOT ADD in THESE PLACES
• Entry 4 and 5 = Premature entries. Shows lack of discipline. Should have waited for better entries!

$MBRX — $3.75

• Entry 1 — why the fuck I got in? I knew I have to wait!
• Entry 2 is the on the weakness. But why did I sell everything so fast? Exits are important as much as entries.

$OPGN +$9 “Shorted weakness” after the guy who was on the bid got out.

• Don’t have too much to say here.
• There was a bidder, the moment he was gone — I got in with the tight stop.

PTIE — $13

• Should have stayed away from it.
• It Was strong. It was not wicking. It was NOT a short!

$AMRS — $53.86

• I was fighting this stock.
• My main mistake here. I was early shorting the pops. Before I got any confirmation.

$ZYNE $69.80

• Main mistakes here: I saw a big size pushing down at 60 level. plus there was an offer at 62. I should have covered the whole position. and Then it broke the range. This was my third warning — to get out to save at least something of my PNL.

Read next: Chapter 1 Trading journal #21–02/06/2019 -$7 I Made so many mistakes today. Unacceptable!

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