Chapter 1 Trading journal #9- 01/16/2019 -$86
- Every day there is this one stock — where I’m losing 50%-70%.
- I need to concentrate not only on making profits but also on not losing.
- Specifically, not losing on 1 ticker more than 30% of my risk. I could have and should have stayed away from UNFI — It was a clear front side, but on the news, I did not understand completely. Basically, I have thrown myself under the bus voluntarily.
Lessons Learned:
- Record morning for the tape reading — to trade open setup I need to know what I want to see.
- Do not lose more than 30% at the open
- Do not lose more than 30% on a ticker
- Create PM volume analysis to see squeezers right away
- checklist for my setups
- Just a checklist for what I see on price action
$PCG
1 — catching the falling knife here basically.
2 — went long after bottom — fine
3- the same — fine
4 — got stopped out, bought back — fine
5- bought new high low — fine
6- catching the falling knife — not good
7 — entry after lower high — good sold into the wick
8- Shorted resistance — fine
In general here was not the bad trading, Ideally, I should have loaded up at the bottom and then just hold.
$APTX — Lost $10 — completely wrong here.
- It was consolidation on top of the range.
- Strong bounce afternoon with a solid ascending trend
- Above fucking VWAP.
So, why the fuck is Short here???
$TEVA — Both times here I used the wrong stops:
A stop should have gone below the latest wick — if you do not like the stop = do not get in.
LL: Make sure to have the right stop in place and assume risk on this stop before it will get hit
$KTOV
1- I got long because I was expecting a break out — since it didn’t happen, I should have gotten out
2- that’s what I did here — however, It should have been a scratch trade
This was Day 2, I should have tried to stay away from the long side and just
$ABIL — Again. the problem is coming from that now I’m seeing long setups everywhere.
- I need to be able to distinguish squeezers from not squeezers. Getting long on the shit is not my setup — just skip it and that’s it.
- Specifically, when it is not day 1, no huge volume coming in and etc.
- Because of the fucking longs, I missed my short setup
- Volume Expansion, new low high,
$SNAP — should have stayed away — not my setup
$VHC Again — it was a squeezer long, not a short. Then I should have just waited for a short setup. And that’s it.
$$PCG Fine here — was long almost all the time. Following the trend.
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