But first, RBLX very textbook trade. Nice gap above level on a strong market day, but also extended and near resistance. Entered above the opening range and scaled out
Then NIO. Market seemed to be weakening at resistance. NIO failed hard at resistance. I ate a short, but reversed long for a win. Did I call it quits?
Didn't call it quits, and this is one of my weaknesses to pay attention to... revenge trading. I lost on the short and then I wanted to make it back and more. The second NIO trade (calls) was rational. The second try at puts was just silly. I had a great day. Take it and go. Another loss made me want to trade again. So I went for calls again but NIO couldn't (and still can't, as I write) make it over resistance.
STUDY: What do I notice about my tendency to revenge trade and what can I do to fence it out? Here's questions to ask myself (and also I've asked myself enough times that I know the answers, so I need to keep enforcing the behavioral change)...
Has the setup played out? Then walk away.
Am I good at taking new trades in the second phase of the open? Maybe just walk away after 9:50.
If I need(?!) to trade the second phase, what are my best setups?
Wouldn't I rather have cash for later than keep stabbing at a dead trade?
Do I tend to do this more on Fridays when I'm trying to have tighter tolerances?
