Very emotional trading day today. Positions too big. Emotional trade management. Clockwork nowhere to be found after BABA #1.
First trade BABA didn't go for me. Stop -3%. No problem. Move on.
Next trade PTON jerked me right away, and I was IN TOO BIG. Instead of yanking my pos (arrogance), I bought puts so I could try to hold the calls (wtf?!). Now I'm holding big size in puts and huge size in calls, and it was hard to manage. It moved so fast, and I was struggling to manage both sides. In the end, I was +16% on too-big put position (about 2x what I should have had) and -58% on a wtf-big call position (3x what I should).
Do I need to say, this devastated my day.
So I tried to make it back in BABA. I took a new put position, which I managed poorly aside from it being sized ok. For starters, I let this go way too far against me. I can't even remember if I had a hard stop in (!). Then I got lucky. But instead of taking approx +50% at resistance, I tried to hold for a breakdown (multiday level, 2 days before earnings = stupid) in order to save my day. I shaved off a few smidges, but held the bulk against my ego and of course it didn't save my day, and I didn't even do too well because I didn't trade it like clockwork. Result +10%
Today was a total fail.
LET ME LEARN MY LESSON:
Clockwork works! Trade like clockwork!
Small size.
Tight stop is the right stop.
Pay myself first.
BABA
PTON
