Revenge cut my gains

I overtraded on NIO. 

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?

Markets rounding a (interim?) bottom

is this my setup?

On the 1 min, this is absolutely my setup. On the daily? It's an inside day. On an inside day, I shouldn't assume there will be follow through. 

I like this trade. Trading buddy questions me, is this really my setup I have complained about inside day trades before. Do I allow myself to trade inside day setups? Need to analyze my trade data (in progress) to determine if this is at large a profitable setup for me. 

Today it worked. Hit and done.

bullish engulfing day

Premarket (starting down over 1%), I noticed all my gaps down were still above support. No real breakdowns. I watched for some to pull up, then maybe set up for a real breakdown. 

Tried AMZN (was not on my initial list) bc the box was so distinct. When it bounced off vwap I thought to myself, this might be a good long. Wow, it would have been!

I didn't want to go too big into any longs, so I grabbed a SPY lotto to try to participate. Amazing run up and got my account nicely green, but the position size was about 1/10th of the AMZN size so it wasn't a big $ gainer, even if it was a huge % gainer. The definition of lotto.

So, a green day, but how was my behavior? 

I did take a few paper trades this morning before the AMZN. I like that for myself, when I don't have any real setups to just paper trade. What made me jump into AMZN then? Well, greed for sure. Also bc the box was so distinct. But mostly greed and probably impulse(!). Check my greed and impulse control going forward!

wait and try again

Remains to be seen if wait/retry is a good technique for me, but today UPST was my favorite setup. At first, it was the only one I watched that didn't explode up at ~9:35 with the market, so I raised my stop.

Market full bull open so I tried again, early but market still launching, and I had a nervous few bars to sit through until it finally launched. Didn't take pl target bc I'm working on trading by targets on the stock price. This time it worked out great!

recordkeeping

 I have gotten out of the habit of proper recordkeeping. I have become discouraged with the market and moreso with my trading. Lots of knicks and cuts. One bigger one. Some wins, but a lot of toxic thinking. 

This week, tighten up. Smaller size (I also moved some money out). Book smaller wins. Turn the ship. 

Going into summer: vacation, H oral surgery, new programming. I am resolved to a smaller summer anyway. 

Look for my best setups, analyze trades I took and ones I passed on. Take this scale down time to make the next scale up even better.