Max day loss. Ugh. I tried to get too cute and dumped a bunch of losses on TSLA today. Not even my setup! I should never have been in it in the first place. NOT AT ALL. Instead I hacked around, got hacked up. Guessed. Piled in. Tilted. Losing day, all the fatal flaws. Am I a newborn baby trader that has never learned a lesson before?
Impulse control! Must protect psychological capital, and of course to protect my account capital.
REMEMBER
I trade opening momentum, gaps out of bases on volume.
My system is a solidly profitable system. Clockwork:
Small size
Tight stop is the right stop
Pay myself first
That's it! That's what I do best. If there are no setups I shouldn't trade.
Here's what I usually get burned on:
Trying to pick tops and bottoms. I am not a reversal trader.
Experimenting with other gurus. I have a good system. If I want to experiment, it must be incredibly small size.
Today I had a few good picks. They didn't play out as smoothly as I would have liked. Introspecting on that, the RIOT and JKS trades should have slowed me down. They "worked" but not in my usual way. That's a clue that it's not my kind of day.
Instead of stabbing around... just wait!
After past 2 days drop and reverse, I should expect some chop. Some consolidation. Let the market chill and decide.
