MU 2 trades: -2% and +29%

Daily setup: gap below bull flag. Opened below 50mas and dropped straight out.
Entry/play: puts after 1 min pullback
Management: Initial stop above few-min box. Then when it made ndl and bounced back in, I stopped on squeezed stop. When it reversed back down with volume I got in again. Initial stop above new pivot. Trailed stop. Took T1. Kept trailing stop. On hammer with volume, I squeezed stop and got out.
Psychology: Good. Keeping positions small bc CCL burn and bc today expirations.

Got my feet back under me. Reaffirms confidence in my system. Now I just need to climb my way back and beyond.

WFC +48%

Daily setup: Gap above huge base and trendline
Entry/play: 1 min new high (preempt, using level 2)
Management: Initial stop below day low. Looked for a 50% target bc small position (greed?) and same day expiration. First surge missed my target by 1cent. First pullback scared me, and market started selling into gap. Raised stop to under pullback and then to under ma/vwap tangle. Took target then squeezed stop. Left a LOT on the table, but market was selling hard, and I didn't want to give room to this on expiration day.
Psychology: Medium. I was affected by wanting $$gains, but had taken smaller position sized bc I'm so wounded from CCL. So when it went to .44 (my T1 .45) I didn't take it and I didn't yank it. Same mistake that cost me hard in CCL. But I did tighten my stop at that point.
     It was good psychologically to take a small position size. I could have made much more $$ on this, just by sizing bigger, but I needed to stay safe-ish, even if I pushed harder to 50%

CCL trade conclusion -33% on greed

Textbook example of what NOT to do. In every way.
Position too big
Option too spready
Yanked stops
Yanked limits
Got scared
Used swear words
Looked a gap open in the mouth and didn't take my gift.

Yesterday's commentary: https://fastoptionstrading.blogspot.com/2019/09/ccl-40-and-partial-still-open-ugh.html

CCL -40% and partial still open. UGH!

Daily setup: gapping down from a sloppy pennant that was already too oversold.
Entry/play: After a 1 min pullback to vwap, I shorted the rejection bar.
Management: Initial stop above the pivot. But I was in TOO BIG and the spread was too big for me to manage it cooly. First surge down didn't go to target. It didn't even really stall, it just bounced. I got another chance with another run down. It missed my ask by a smidge, and then it went to hell. I hadn't squeezed my stop bc big spreads. I put in a stop/limit, but I yanked it when I should have accepted it. And then it just never got better. Eventually I took off 1/3 to try to calm down. At the end of the day I took off another 1/3 because this piece of s## expires tomorrow.
Psychology: Flippin' terrible. I expended a lot of mental energy on it. I was in too big. I allowed WAY too big a loss. I gave my whole day to it. I lost a lot of money and too much psychological capital today.

Lesson: Don't trade options with big spreads. If I can't resist, I can only go lotto.

BYND -36%. What was I thinking?

Daily setup: huge gap up above downtrend
Entry/play: No rational entry. I jumped in. too big. too soon. too much exuberance.
Management: I grabbed the first bar, even though I planned to buy around 157. When it went to 157, I added (WTF, seriously!?). And it kept dropping. So... where to stop? After it cooled off for a split second, I put a stop below there.
Psychology: Shock! I came in today knowing I was over-exuberant. I ate the first trade early because of sheer idiocy. After the loss, I looked at my account and for a fleeting moment I had the right impulse: to walk away. I should have walked away, if only for 5 minutes.

...and the next day

Yesterday I was exuberant. I knew it.
Today I rushed in.
Too big.
Positions too big.
Ego too big.
I got CRUSHED.

Just yesterday I was feeling too excited about my "skills". Today I got very humbled. I hope with this reality check I can dust myself off and keep building.

emotions after several beautiful green days

I've had a beautiful several-day run trading where everything seems to be clicking. I'm raking in steady really nice money. I'm trading like a pro! calm, collected, taking my stops, following my rules. ...and also getting (and cashing in on) some luck.

I'm noticing the feeling that I need to regulate in myself. That feeling is ... what is it?... thrill?
It's a little better than satisfaction or confidence. It's excitement. And maybe feeling a little invincible. Exuberance?

But also nervous. Nervous because this feeling in the past has led to a slippery slope.

So now I need to check myself. Don't get over confident. Don't start thinking I'm invincible. Don't do anything stupid!

Just keep chopping. Bit by bit. Chop and chop. Climb and climb. Calm myself down.

Remember the trader adage: If you're dancing around the kitchen, singing about how genius you are... that's the top.
This can't be my top. I need to keep cool.

One of the most successful things I've been doing lately is taking a ~20% p/l target as fast as I can. More specifically, on the first surge. When I get that surge that I'm looking for (the quicker the better), I take half off. YES, HALF. If I had odd lots, the big half.

LISTEN UP SELF, don't underestimate taking p/l target as a key to success. This is the parnasa. I want parnasa from trading! Never stop taking half at the p/l target. The rest is dessert.

AAPL +16%

Daily setup: Hammering on volume, still in this pennant I'm watching
Entry/play: After ndh surge, bought in box. Way too early.
Management: Initial stop was pretty far bc box was too small yet. My initial thought of a "tight" stop would have shaken me out, which is another lesson about waiting longer.
Psychology: This trade didn't come easy. Was a bit of "work". Partly bc too early entry and also bc it didn't surge like I hoped. (What can I expect for nms?) At the beginning I was scared because my move didn't come quickly and there was a tiny spike down below my comfort zone. Was glad to be able to move up my stop. Ultimately, I got lucky on this one.

TSLA +19%

Daily setup: Late morning, hammering on volume
Entry/play: above resistance on volume
Management: Initial stop below box I'm trading. First pullback to my break even scared me, but then it surged. I left a lot on the table by squeezing my stop.
Psychology: Great. got my piece. PEACE.

BYND lotto from Monday, conclusion +54%

Daily setup: Lottos from Monday
Entry/play: WAY out of the money puts, this week expiration
Management: double or nothing. What I actually got was double on the first one, break even on the second one.
Psychology: Good. Lottos extinguish the fomo without putting me in danger.

ROKU -9% Sorry, but then not sorry

Daily setup: dead cat bounce
Entry/play: After it held second intraday low, bought surge off that box. I stopped by about 2 cents and was upset... until later!
Management: Initial stop below day low. I only had 1 call, but that would have been a pretty big loss. so I moved the stop to below the new 1 min box that was holding.
Psychology: Good. Bummed to lose. Not bummed to be long gone for the dump.

Update, ROKU in total freefall. 10:40am @102. Lesson about the futility of hope. ROKU was 150 five days ago.

AAPL +12%

Daily setup: Preempt bull pennant breakout
Entry/play: bounce off 1 min premkt support
Management: Initial stop below day low. Came close initially. When it looked to make a new high, I added, and raised stop. It got so close to my p/l target and stalled, so I took part 1 off a few cents early. Second surge stalled quickly so I raised stop. 9:50 surge got to the $ target I see on the chart, but I didn't raise my stop enough. (at 10:15 it went back close to day lows)
Psychology: Good. Sort of frustrating to miss targets, but NOT frustrating to contain losses. Today, this was my piece.

Lesson: TAKE MY PIECE.

Trading options in a cash account

I trade long options in a cash account.

1. Since I don't have a margin account, I can do multiple trades each day/week without worrying about the pattern daytrader rule. 
2. Options give good leverage for big gains, so I can still make serious progress in a small account.
3. Cash trading puts a hard ceiling on how much I can trade each day. Once I'm out of cash, I'm done for the day.
4. Options settle in 1 day. The next morning, I'm back in business with a fresh head.

Even when my account is >$25K I still plan to keep it a cash account. I will probably even keep my trading account small-ish, removing my gains into a separate account. I am comforted by this enforced discipline especially because I trade so "dangerously". It puts boundaries on me each day. It doesn't allow me to stab myself to death.

BYND lotto puts... too cute?

I left so much on the table with this morning's scalp. And then the market turned back down. And BYND can't even bounce off multi-week trendline. I don't want to miss the utter breakdown. I put $90 into 2 $120 puts for this week (@.45). I might kiss this money goodbye. Well, that's the point of lotto plays, isn't it? But it helps me not have FOMO and do something even more stupid.

UPDATE 1 hour later. I totally jumped the gun. These things are sinking fast. But that's why to go lotto and kiss the money goodbye vs do something stupid with big money.

BYND +28% left a LOT on the table

Daily setup: breakdown of 3 inside days
Entry/play: short after 1 min pullback
Management: I got in early, so had to hold to where I thought it could bounce. Stopping above that would have HURT. After it bounced where I thought and came back down, I added. Quickly reduced stop. Took p/l target and then squeezed stop, since it ran straight down while market was bouncing.
Psychology: Great. I left a lot on the table by squeezing stop, but that was the right thing to do. Spreads were huge, I was in mega-sized, and market was going against me. I like how I traded this mostly because it was a winner. If I had lost I would have said I was in too big... spreads too big... so I guess actually I got lucky. And when handed luck, I'm not upset to take my piece, and peace!

NFLX +82%

Daily setup:  Break down sloppy bearish base
Entry/play: New day low later morning
Management: Small position and initial tight stop on today expiration. As soon as it started moving I trailed stop. I was looking for a dump, and it did more of a bleed, so both halves stopped on trailed stops vs target.
Psychology: Coming into this trade with a sort of surprisingly big loss on MRK. I wanted to take a bigger position here but I stopped myself. Had to NOT revenge, but rather to use sane risk management logic. Account destruction is enemy #1
It made me nervous a few times, but I stayed firm with my stops. Would have liked to get more (like a target), but most of all I got my account back green which is satisfying.

Over the next half hour, NFLX kept melting toward my (ambitious) T1. Even though it was a steady melt, looking at it with options expiring today, I have no regrets over trading MY rules. I got my piece. And peace.

MRK -47%

Daily setup: Break above bear flag near highs (see daily chart)
Entry/play: New day high later morning
Management: Today's expiration, so it needs to do my thing right away bc time decay. Initial stop was high and it stopped pretty quickly. Note 2c spread on 20c option, plus paid up for breakout... so I ate almost 50%. That's a CLEAR reason to take small size on Friday/today expiration.
Psychology: Good. Disappointed, but even despite ugly looking % loss it was not a big $ loss. That's how you do it! Risk management.

Daily chart

psychology: take those profits!

Right Way Options youtube channel has some great content. The Morning Market Prep videos help focus me. This excellent psychology lesson about taking profits should be reviewed.
Taking Profits - When, where, how! Live breakout session.

psychology post: remaining contentedly calm

I follow and admire the trader Mark Melnick. His Newsbeat trading room (of which I am intermittently a member) and his YouTube Newsbeat videos (which I watch most days) have been very instructional for me.

The way he understands trader psychology and coaches his followers about improving it is--I have to say it--really loving. Sure, he drums up business for his room, but I also believe he really cares. His lessons should be reviewed over and over.

Review these for example:
Newsbeat Live Happiness
Newsbeat Show #421 7 Key Trading Psychology Issues To Solve!

Thank you Mark Melnick.

MSFT +40%. Study this textbook trade

Daily setup: Multi-week box breakout, so near all time highs
Entry/play: 1 min new high
Management: Initial stop below day low, quickly moved to below entry bar. First half on p/l target. Second half on squeezed up stop.
Psychology: Smooth as butter! When I trade my setup, my rules all work. This is how it's done!

For reference, the daily chart:

BABA lotto calls against fomo +90%

Daily setup: Preempting huge box breakout
Entry/play: lotto calls yesterday when it came back above the level I was watching
Management: I've been stabbing at this and getting nicked (or worse), but I could not stand the thought of not being involved if it broke out. So yesterday I put a smidgen of money into lotto calls. Sold on random-ish targets this morning.
Psychology: Excellent. I'm not even sorry I wasn't in bigger, because I went through the fed with this position yesterday. Lotto plays are win-win-win. It's small enough money that if it goes to zero I'm not hurt. But, it keeps me involved so I don't do something stupid bc fomo. And, if it goes up, I make money. This is a very good way for me to handle fomo.

Important Trading Reminders. FOCUS

WAIT for a pivot. Stop against the pivot.

ALWAYS TAKE STOPS
Every time I yank a stop I regret it. I'd rather have the opposite: regret the minority of times it doesn't save my butt.

Account destruction is enemy #1. Even worse than missed gains.

It doesn't matter what I leave on the table.
Do MY trade and take MY piece.

Stick to system. On hot days it pays BIG. Other days it contains losses. There will be losses, but remember there are HOT days.

Chill Out! I know how to trade. Review lekachim. Keep my cool. Don't trade like a jerk.

Take my piece. And peace.

ROKU +53%

Daily setup: bear flag breakdown
Entry/play: short after 1 min pivot
Management: This went FAST. I trailed a stop and kept squeezing it down. Made good gains, but coulda'shoulda held for my price target, which would have amounted to about 100% gain on the option. (Much later in the day, it went to about 600% my entry price, but realistically, there's no reason I would have been in at that point.)
Psychology: Got my piece. And peace.

BABA doesn't love me back ... -24%

Daily setup: nms
Entry/play: move over 179.2. Small size.
Management: Set a 25% target, and I yanked the order because it wasn't "enough" money. Small positions give small gains. Don't I know that? It missed my raised target by a few cents. Then I did "the terrible cascade of events" where I lower stop and give it too much room. ESPECIALLY WHEN ITS NOT MY SETUP! Can't give room to underachievers.
Psychology: Bummed, but not damaged. I wish BABA loved me as much as I love BABA.

**Since I can't stand to think of missing the breakout on this 3 month pattern, I'm putting literally $18 into 2 Sep20 185 calls. Maybe this kind of lotto play is how to feed my FOMO without kicking myself in the head.

Losing day stream of consciousness lessons

Took a hit to my account today. What happened?

1. No great setups today.
Down-size positions when not my setup (nms).

2. AMD was not my setup. I'm ok that I played it, but should have gone smaller. I got too sucked in by the way the first min bar ran strongly. 💥

3. KHC was more of my setup, but the spread was massive and even with small size I should have passed.💥

4. After AMD loss, I should have packed it up ❕ and not even stabbed at KHC.
**This was a case of money burning a hole in my pocket. I should remember to keep my money cool for later. ❕

5. I moderated myself, not trading for revenge (meaning, not stubbornly holding to make back what AMD took). So I'm pleased that I maintained the sense to trade KHC independent of other burns.✅

Psychologically, I'm bummed to have this down day. But I'm not devastated. My account is ok. I'm ok to be humbled by the market once in a while.

Most of all I need to take these lessons and learn. I can't sustain 35% losses vs 20% winners. How can I lose smaller?
PASS ON BIG SPREADS should be rule #1. Big spreads make worse entries and siiick losers. Avoid.
STAY SMALL IF NMS. Not my setup sometimes pays, but the patterns don't play out the same. Take small positions so I can still be involved, but moderate the risk.

KHC -37%

Daily setup: Gap below flag (of big run off bottom)
Entry/play: 1 min, watch level 2, tried to preempt new day low
Management: Initially, half stop above entry area and half stop above day high. After the base developed more, I moved the whole position stop down to above the base.
Psychology: Ok. I thought it was a good enough play (of course, after the fact, even though the gap down below flag was valid, the run up had been very strong). Took smaller size. Ate it.

AMD - ouch! -27%

Daily setup: gap up on volume - not a breakout. nms?
Entry/play: new 1 min high.
Management: This being not my setup, I shouldn't have assumed my entry techniques would work. And I should NOT have taken the size I took. Stop half below nearby premarket level. Stop half below day low.
Psychology: Ok, surprisingly. Super bummed to lose, and sort of big. Disappointed I lost bigger than I like to. But not sorry to get out as it got worse and worse.

AAPL +9%

Daily setup: Eh... Not my setup.
Entry/play: New 1 min high
Management:  Stop below low was pretty far, so initial stop below the 9:31 pivot bar. After 9:38 drop, I wasn't loving it. When that low held (9:40) I moved stop to below that area (not much of a difference, but...). Then trailed stop up for surge. 9:52 bar just barely didn't hit my target so I took off the first one a smidge below, but didn't want to give back T1. Didn't really want to give back anything, so I moved my stop up more and the remaining 2 stopped on the pivot exactly. That's going to happen sometimes.
Psychology: Say it again and again:
ALWAYS TAKE STOPS
Every time I yank a stop I regret it. I'd rather have the opposite: regret the minority of times it doesn't save my butt.
So, while I missed the next surge, I got my piece. And peace.

Update. 100% no regrets.

Spiral of Doom video

Interesting analysis of psychology. Jump in around 20:00 for the heart of the matter.

My biggest takeaway, trading mindframe should be contented, hopeful, optimistic. 
Slipping into negative emotions clouds thinking, perpetuates bad trading and spiraling doom leads to despair.

Psychology/Spiral of Doom vs Way to Success (mark 20:00)

I am not affiliated with the guy who did the video or his business in any way, nor do I trade forex.

BABA +9% but trading too big, too scared

Daily setup: Still looking for this break/run above 180 area. Officially, this is NOT my setup to preempt
Entry/play:
Management: Given that this is not my setup, I shouldn't be here and I know full well that my usual management tools need not apply. First of all I set a p/l limit order. On a 1 min scalp setup, initial stop should have been below day low or below trading pivot. Here I chose below premkt low (few cents below opening pivot). That saved my butt on the spike down then run back to day highs. Profit target got me out luckily well on first half. Then I trailed stop below pivots, but the option volatility really scared me. Stopped second half on manually trailed stop.
Psychology: In too big + today's expiration = trading scared. Opening chop clouded my thinking, so it's extra important to enter hard orders and not wing it. I would have been super bummed to have gotten stopped on the second day low, but must remember that stop would have been the thing that saved me from account destruction if it got worse.
Account destruction is enemy #1. Even worse than missed gains.