Chapter 3 Trading journal #127 — 07/15/2019+$145 (+4R, 3 types of mistakes)
I have to keep working on trading only A+ setups. Wasted $50 on crappy setups. This is 25% of my PnL. Completely unacceptable and was not worth it.
Mistakes I made today.
- Trading Stock outside of my Stock selection criteria. Volume less than 1M. CVM) 40% — of the losses
- Trading lesser probable setups: Illiquid (CVM, SES) stocks or there was no even my setup at the time of the day I took them (EVOK) 40% of the losses
- Late exits — 20% of the losses.
Once again, I have to concentrate ONLY on trading my stock selection and my Setups. This is key to making/ not losing money/ not making stupid mistakes.
I have to be able to sit on my hands and wait. At this point, for me, this is what makes me a Mediocre trader. And that’s now who I am or want to be.
Options note:
The strikes I picked today were 15 strikes OTM at the open. IV = 36, Gamma 0.01 ( will need to capture theta as well)
Also, was a paper trading strategy to make an Iron Condor into the Friday close. I still do not fully understand how to make money, but what I’ve noticed if somehow I held put into the close today, I would have made 60 cents and lost on the…
