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

I started the day really well.

• And then started doing mistakes, I’m looking forward to having this gym membership ASAP.
• Also, I feel like every day, I will have a blank post in the morning and will mark every mistake I made. 2 in a row = take a break.

Lessons learned

• It is not important, it is a matter of life and death to stick to your Playbook. Do not trade shit outside of it.
• Not making mistakes can have a HUGE impact on PnL. Work on it.
• As usual, Entries are everything. Consider Adds as separate trades. Always!
• Recognize different sizing in for the Setups.

$TRVN +$34 “HOD rejection/ Low high Setup”

• I did good in the beginning I recognized that short the pops setup was invalidated and waited for the HOD rejection setup
• Entry 1 — perfect! Low high with a tight stop.
• Entry 2- There was a small pop at 9:46 on volume. Here I should have thought, ok — that’s the only bounce I will get — it is weak. So I’m adding here the full size.
• That was mistake number 1 = not the best entries = getting shaken out of the trade

$NVLN +59 “Morning Long” “ Low highs”

• Entry 1 — recognized long based on 2 bottoms + big print that was soaked on the bid.
• Entry 2- Mistake — decided to add to long before any confirmation on the tape. Got chopped. Twice
• Entry 3 — Mistake — What the stock didn’t do? It didn’t give any bounce = weak. I should have switched my bias on top of the range. Shorting weakness was fine, but again that’s not skilled trade management.
• Entry 4 — low high. Good

Main lessons here — I should have covered at least 1/4 on the bid and the other 1/4 when it rips back. I was holding the stock all day long, but traded only 1/4, while it could have been 1/2

$AMRS — $77

• Entry 1 — No SETUP here = fucking mistake
• Entry 2 — FOMO — shorted the weakness. Never do it with crazy stocks. And even here, as with $CRON, I had a chance to minimize my losses and scratch it. But I didn’t do it.
• The stock was crazy I knew it = the only one way to enter a position here is to start with 1/2 and short the pops. if comes back but is still below your risk = add more. Also with “wicky stocks” always assume your risk above HOD. So start with 1/2 best-case scenario.

SNAP — $15. Completely out of my Playbook. Should have stayed away! Big Mistake!

$MLNT — $9 C setup, was not worth it. Not in my playbook.

• Bid held 20K, so got long with stop below — got stopped out. Was not worth it, with this kind of volume.
• Good thing — Got out as soon I realized my thesis is invalidated.
• $WATT — $6 locates. Missed perfect entry at 8.20

Read next: Chapter 1 Trading journal #22–02/07/2019 -$7 It’s better to miss an entry than chase. FOMO has to stop

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