Chapter 2 Trading journal #102–06/05/2019 +$138

The biggest areas of problems to work on:

1. Use the right stops/ with the right risk. (Right Size) That’s my goal #1. There is a lot of PnL here.
2. Stop going long. Work on identifying if is it long in the low 50% range > long reversal or long in 50% in the top of the range> long continuation. Paper trade it for now. So far I’m not making money on the longs, but o do indeed lose money on them and also I miss entries. I will start collecting long setups.
3. Frontside entries: Tape — first 5 minutes; V (volatile) setup the whole day. That’s it. Work on it.
4. Prior to every trade forget about PnL. Assume it’s 0. Check this point on the checklist
5. Being early = Overtrading in the essence> can’t wait for the right entry = Work on it tomorrow and completely avoid it!!!!

IFRX +$94

#1 Wrong entry — the chart was not showing the setup here

#2 premature stop. I knew the stock could move extra 10 cents and should have kept the wider stop for the position.

#3 MATA missed

$SRRA +$48

#1 Morning is the only part of the day to be aggressive when it works in my favor. 1 min 20 or 30 MA is a good aggressive guideline.

#2 DO NOT TAKE LONGS. I LOSE MONEY THERE AND GOOD ENTRIES.

NAKD +$4

Work on the proper sizing.

The Question to ask here is why I’m losing so much money in this area, that when I catch the move — I’m just flat???

Got out where I should have been adding. That was my frontside V (volatility) entry. The only entry where I should have been in this stock.

OBLN 0

Piked the trade. Low-hanger fruit.

Use the right stop!

$YRIV -$1.6

#1 Wrong covers before the level was taken out

#3 The level was clearly holding — no reason for being the hero. Cover into the washes. Cover the rest on the level reclaim — when started to hold above 65.

WKHS -$7

#1 is long. Just caught up with 20MA 1 minute

#2 is not good enough to short for such a strong stock. The breakout level is still holding — that’s the final warning of where it will go. The volume bar rejected from the breakout level = GTFO!!!!!

Read next: Chapter 2 Trading journal #103–06/06/2019 +$196

Read main Chapter 2 “Peter, you have to start putting green days on”

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