Chapter 2 Trading journal #89–05/16/2019 -$28
Holding stocks is not working for me at all. I could have been nice green by covering full positions I had, instead, I kept holding 3/4 of my position and taking paper cuts when stocks were reversing.
Adding in the middle of the range or later on — is not working at all. The only viable entries that allow having decent risk reward are from being early in the stock. Either top for a short or a couple of cents above the bid holding for a long. Everywhere else just reverses.
Adaptation:
- Tomorrow and next week I will be taking only short setups.
- Trade and watch daily ideally 3–4 tickers. Low floats preferably if there.
- Completely avoid adds not on top of the range.
- Be more protective with the covers. Do not hold 3/4 of the position. May hold 1/4 — after the move has happened.
OTLK -$5
1st trade — should have covered everything
2nd trade — covered 100%
3rd trade — covered 100%
4th trade — again should have covered 100% at 53s after it came back from 47s without giving me a fill
5th trade — was thinking — this is MATA long, the volume is in place, shorts are for sure still there, many shorts are already fucked — so they have to be there to make some back. Tried twice and let it go. It also looked like H&S pullback.
CUI -$13
The only trade I do regret. Price action was in place for a long. but there was no context, no volume, no bigger picture pattern whatsoever.
ELTK -$1
IOVA -$9
Tried longs twice — thinking lower higher is holding. These were entries in the middle of the range in hindsight, I either should not have been in these trades or just have a stop below 15s, but in this case, I could have added +15 slippage cents to the risk. So the real entries were only from the bottom of the range.
Read next: Chapter 2 Trading journal #90–05/17/2019 — $8
Read main Chapter 2 “Peter, you have to start putting green days on”
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