Fatal flaw. Giving losers too much room. Doesn't matter how good a trader I am if I blow it on oversized losers. Last bits are so close to zero, all I can do is hold overnight and hope I get a lotto win. $OSTK, $NIO.
Thursday, October 8, 2020
Wednesday, October 7, 2020
Frustrating day, my own fault.
A down day. Bigger than I would like, -12%. My own fault.
Starting with: I didn't get a good night's sleep last night. I showed up for work a bit late, and didn't bother to restart my (flaky old) computer.
At the open, I missed the NFLX long bc my stinking computer, which was my juiciest play and would have paid so well. I stabbed at a few others, including jumping in tooooo late to NFLX. JD calls got me twice, including the second time when I didn't take the gain because it wasn't "enough" (UGH!!). The biggest loss, though, was BA calls.
I should bring annotated charts of my losers, but I don't have the heart... another fault.
Tuesday, October 6, 2020
Why I love daytrading...
Some people say daytrading is risky, but what I love is the short-term exposure. Make my money, lock my cash. PEACE!
Today near the open I traded BA long based on long term trendline breakout. I had a very nice trade for about 20% avg. Later in the day, I came to check on it, and bc some news it dropped out. My green move looks tiny in the rearview...
Losses recovered. +22% stellar day!
Ahhh! Tremendous day! B"H
Past 2 days have been bigger losers than I want to have. I am happy to redeem myself today, but I still need a good method for preventing significant losing days.
I don't like stopping to trade if I still have cash. I need a method to pause, though. Trigger to pause should probably be
If first 2 trades are losers, pause until setups come on the 5 min chart.
Always stay clockwork.
Monday, October 5, 2020
Struggled for flat, then breakdown for -7%
Lots of volatility with upcoming elections (less than 1 month) and Trump with Covid in/out of hospital. Gap up day on mkt, with a move above a small resistance. Breakouts didn't sustain. Breakdowns didn't sustain.
I wish I had grabbed more profits while I had them (bigger partials, tighter stops), but I thought it would be a runner day. Why? Do I think every day should be a runner day? What would have made this a compelling runner day?
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