Chapter 2 Trading journal #88–05/15/2019 -$123
Trading overview:
My risk management was off today. I allowed myself to lose too much money on ADXS and CLRB.
What to work on:
- Avoid switching from long to short and visa versa. There is a thesis — I can not switch the bias at the breakout point. I have either gotten out of my longs on the pops and re-short there or just stop out where my thesis is proven wrong. The main idea here — it’s ok to miss a setup. And not ok — to have immediate entries after the FU move.
- Today I was sizing in too aggressively. Risking 1R — is a privilege — it means that a couple of things have aligned — the setup is really great, and the stock gave a chance to scale into positions. Usually one of the items is off. Having more than an R — should be done only if there is a PNL cushion.
ENT +$27
The two last entries' sizing was off. I had a PnL cushion and wanted to place more risk. I should have been scaling in instead. Gave back too much here.
$YRIV -$10
#1 Was not fast enough to take the offer
#2 Should have re-attacked with a starter again
APDN -$24
Was stubborn with the trade. didn’t want to cover for 4–5 cents, but apparently trading around the core here. Would have been a good choice.
CLRB -$37
I will not take an entry if I switch a bias.
I will not get into position right after the FU move. That’s what was happening lately.
ADXS -$78
The same mistakes here. Taking a setup after the FU move.
Did not allow the stock to stop me and missed the real move.
Read next: Chapter 2 Trading journal #89–05/16/2019 -$28
Read main Chapter 2 “Peter, you have to start putting green days on”
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