Chapter 2 Trading journal #82–05/07/2019 +$12
Day overview:
Today my main goal was to apply proper size responsible. I had my full size (500–600 shares) in every stock at certain points, which also led me into using too tight stops with some stocks. Tomorrow I won’t allow this and will be working on having the right balance between size and stop.
Only momentum trades allow having tight stops (and enter in consolidations) in general. If this is a range trade with a low high (after the short-term trend was formed) — I should be scaling in always against the high. And of course, I need to make sure that risk/reward is there. Otherwise, this is a no-touch.
Trades overview:
$MBRX +$45
$ATAI -$2
$SUNW -$5
Momentum was not there anymore > hence scaling in consolidation was not the best idea. Should have waited for a short-term trend to form to show me the proper stop/risk level.
$RTTR -$7
Really pissed me off here. Was scaling in against the wrong levels. Could have been a big winner for me.
AKRX -$19
That’s the low-high setup and my stop should have been above the last high+ Adding in the range if it’s not momentum is not the best idea. Wait for a short-term trend to form a low high — not a low high in the range.
Read next: Chapter 2 Trading journal #83–05/08/2019 +$10
Read main Chapter 2. “Peter, you have to start putting green days on”
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