Chapter 2 Trading journal #55– 03/27/2019 TJ -$5 “Back to Basics — Part 2”

What do I need to do?

Back to basics:

• Trade tomorrow only A+ setups, to make yourself proud of stock and setups selection.
• Just to reiterate for myself. No B setups = risk in anticipation. I think for the discipline it is important to skip these setups even If I see them. Take paper trades till the end of the week. This is about good habits.
• Place the main risk on actual setups and the first pullback.
• In conjunction with the last point, do not forget that almost all losses are coming from shorting the bottom of the range.

To wrap it up in one sentence: Trade only A+ setups + Take entries only on the pops = if it goes it goes do not short bottoms.

Tomorrow should be a perfect day in terms of entries. Each entry should be meaningful. I’ve been thinking about this day for almost 3 weeks now. It will be tomorrow.

IGC -$27 A+ setup

#1 too much risk

#2 poor entries

#3 Bailed on A+ setup for no reason except green to red line. Why was it important???

#4 poor adds — first pull back adds should have beenon top

CPRX -$22 B setup

#1 Lost money while the setup was B

#2 Again poor ads

#3 missed first pull back ads

SEEL -$10 only B setups here

NM -$2 B stock = no volume

CRON +$7 A setup

Decent MATA long SSR setup -

#1 missed the first pullback to re-add

#2 WTF short it?

ALDX +$11

No need for multiple stops outs. This was N day of the move — assume range trade and cover 3/4 in the bottom

BIOC +$14

Should have covered 1.09 3/4 after the second retest

AVEO +$23

#1 missed the first pullback add

#2 should have been more aggressive with the first entries when bids were sliding away from me

Read next: Chapter 2 Trading journal #56– 03/28/2019 +$80

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