Entry/play: postO, trading back above vwap
Management: combination of targets and squeezed stops. Many exits trying to optimize/preserve
Psychology: fine. a really nice trade, but doesn't do much to offset NVDA loss.
FAST OPTIONS TRADING. Fast in/out. Apply trading rules like CLOCKWORK. Have a day. Sleep at night. This is my personal trading journal*.
Friday, October 18, 2019
KO +91%
Daily setup: gapping above high downtrend
Entry/play: postO, trading back above vwap
Management: combination of targets and squeezed stops. Many exits trying to optimize/preserve
Psychology: fine. a really nice trade, but doesn't do much to offset NVDA loss.
Entry/play: postO, trading back above vwap
Management: combination of targets and squeezed stops. Many exits trying to optimize/preserve
Psychology: fine. a really nice trade, but doesn't do much to offset NVDA loss.
NVDA lost my pants
Daily setup: holding from yesterday, setup = praying
Entry/play: na
Management: going for broke? as of 1:00 I have an order placed, in case of miracle, but currently sits at zero.
Psychology: Today's psychology on this was fine. I essentially wrote this off yesterday.
Catastrophic.
Lesson: I went in too big to stop (greed!), and I ate it sooo big time.
Control position size for sanity.
Entry/play: na
Management: going for broke? as of 1:00 I have an order placed, in case of miracle, but currently sits at zero.
Psychology: Today's psychology on this was fine. I essentially wrote this off yesterday.
Catastrophic.
Lesson: I went in too big to stop (greed!), and I ate it sooo big time.
Control position size for sanity.
Thursday, October 17, 2019
BYND stabbed at it -37%
Daily setup: Rolling for another down day into June gap
Entry/play: preempt ndl
Management: trailing stop
Psychology: Hoped this would nosedive, like the market was doing, like NVDA was doing to me. Instead this one whacked me also. Small pos, but still a slap in the face on an already painful day.
Entry/play: preempt ndl
Management: trailing stop
Psychology: Hoped this would nosedive, like the market was doing, like NVDA was doing to me. Instead this one whacked me also. Small pos, but still a slap in the face on an already painful day.
NVDA huge pain, took it home
Daily setup: no freaking setup
Entry/play: opening bar surged. I bought next bar new high. *this is not an appropriate technique for nms
Management: P/l target should have been what turned out to be high of day, but I got greedy and had my order 5 cents above. so I didn't fill. Then I stopped, painfully. Then I didn't stop ndl. Then I added. Then I didn't stop sensibly....then I took it home. Bottom line: no f*ing management to speak of
Psychology: Horrible. I'm riding on only luck, and so far I have a HUGE dent in my account. Literally praying for this to gap >200 and run tomorrow.
Entry/play: opening bar surged. I bought next bar new high. *this is not an appropriate technique for nms
Management: P/l target should have been what turned out to be high of day, but I got greedy and had my order 5 cents above. so I didn't fill. Then I stopped, painfully. Then I didn't stop ndl. Then I added. Then I didn't stop sensibly....then I took it home. Bottom line: no f*ing management to speak of
Psychology: Horrible. I'm riding on only luck, and so far I have a HUGE dent in my account. Literally praying for this to gap >200 and run tomorrow.
Wednesday, October 16, 2019
NVDA relative strength +32%
Daily setup: relative strength play on market turn
Entry/play: market turning up, nvda relative strength and volume after good move yesterday. Very small pos to not mess my already good day
Management: After the flush to vwap and back, bought small box, stop below box. Almost shook out on tight stop to not mess my already good day. When it surged to p/l target I squeeaed and trailed stop.
Psychology: Excellent. Small pos for bonus money after 2 other really nice trades. I think this has a lot more in it, but I got my piece. Peace
Entry/play: market turning up, nvda relative strength and volume after good move yesterday. Very small pos to not mess my already good day
Management: After the flush to vwap and back, bought small box, stop below box. Almost shook out on tight stop to not mess my already good day. When it surged to p/l target I squeeaed and trailed stop.
Psychology: Excellent. Small pos for bonus money after 2 other really nice trades. I think this has a lot more in it, but I got my piece. Peace
TTD not my setup. +23%
Daily setup: nms, high volume reversal of yesterday bar, under 50 and 200 on daily
Entry/play: short after first leg down then rest.
Management: initial stop above pivot. got p/l target, then squeezed stop.
Psychology: ok. Wide option spread, maybe wasn't quite small enough bc that. Plus stock very jumpy. I think I got pretty lucky on the target. Squeezed stop saved me a heart attack even though it went to my ultimate target much later (time decay would have negated that anyway). No regrets.
Entry/play: short after first leg down then rest.
Management: initial stop above pivot. got p/l target, then squeezed stop.
Psychology: ok. Wide option spread, maybe wasn't quite small enough bc that. Plus stock very jumpy. I think I got pretty lucky on the target. Squeezed stop saved me a heart attack even though it went to my ultimate target much later (time decay would have negated that anyway). No regrets.
ADBE on back up system +13%
Daily setup: Gaping down into/below mess
Entry/play: waited a good few min for it to make a ndh then turn down. Small position bc trading without all my usual tools.
Management: My primary computer wasn't working temporarily on the open. I watched charts on TradingView and trades on phone. Initial stop above day high but was watching to move down quickly. Target. Then stop.
Psychology: Good, except for nerves about unusual computer setup. That's why I went smaller, for sanity.
Entry/play: waited a good few min for it to make a ndh then turn down. Small position bc trading without all my usual tools.
Management: My primary computer wasn't working temporarily on the open. I watched charts on TradingView and trades on phone. Initial stop above day high but was watching to move down quickly. Target. Then stop.
Psychology: Good, except for nerves about unusual computer setup. That's why I went smaller, for sanity.
Friday, October 11, 2019
NVDA -20%, followed by lotto
Daily setup: gap and trade above resistance, postO
Entry/play: after it flushed and came back, based a few min, bought a surge.
Management: It immediately struggled. Initial stop below flush. Raised to below the few min "base" I bought. Stopped on a hammer, but then went down MUCH more. Mistake here was going too big after BABA beautiful winner. I almost sacrificed my day.
Psychology: Ok. Bummed to lose a lot of previous gainer. I went too big on this second trade after first win. Should have gone smaller to preserve more. Good move to raise stop. Friday, etc.
PS- after I stopped on hammer, I took lottos on next min above hammer, bc fomo. As of 10:30, not looking great.
Update, eod. Went to zero.
Entry/play: after it flushed and came back, based a few min, bought a surge.
Management: It immediately struggled. Initial stop below flush. Raised to below the few min "base" I bought. Stopped on a hammer, but then went down MUCH more. Mistake here was going too big after BABA beautiful winner. I almost sacrificed my day.
Psychology: Ok. Bummed to lose a lot of previous gainer. I went too big on this second trade after first win. Should have gone smaller to preserve more. Good move to raise stop. Friday, etc.
PS- after I stopped on hammer, I took lottos on next min above hammer, bc fomo. As of 10:30, not looking great.
Update, eod. Went to zero.
BABA +32% so fast
Daily setup: Gap and trade above W, postO
Entry/play: surge, 1 min pause, buy next high
Management: Initial stop below previous surge bar, but needed to move it up quickly. P/L hit quickly. Yanked a smidge when it stalled, stopped the rest.
Psychology: Good. Very good. Was a risky entry (Friday? Hello?) but BH it went ok.
Entry/play: surge, 1 min pause, buy next high
Management: Initial stop below previous surge bar, but needed to move it up quickly. P/L hit quickly. Yanked a smidge when it stalled, stopped the rest.
Psychology: Good. Very good. Was a risky entry (Friday? Hello?) but BH it went ok.
Thursday, October 10, 2019
FB lotto stopped -$25 (dollars)
Daily setup: lotto for move above fin resistance, strong market
Entry/play: testing resistance, pullback and going again
Management: Lotto sizing, and usually I'd play it "double or nothing" but I got chicken about it and set a bracket and walked away. It stopped.
Psychology: Fine. Bummed I didn't win the lotto, but didn't get hurt on this trade nor my good week.
Entry/play: testing resistance, pullback and going again
Management: Lotto sizing, and usually I'd play it "double or nothing" but I got chicken about it and set a bracket and walked away. It stopped.
Psychology: Fine. Bummed I didn't win the lotto, but didn't get hurt on this trade nor my good week.
NFLX +12%
Daily setup: Strong opening move, then base. postO
Entry/play: 1 min move above base
Management: Market had surged and also basing. Market looking to move, this looking to move I got calls. Initial stop below base. Stopped 1/3 on tight stop below recent few min. Reloaded when it strengthened again. P/L target (didn't sell at first trigger, when I feel like I used to get better fills), then stopped on squeezed stop and last bit on wider stop (these executions didn't seem to time lag more than I'm used to. didn't notice about fill quality)
Psychology: Good. Nice calm trade by the book. I wished it would fly, but It didn't fly in my timeframe and I got a good piece. PEACE
Entry/play: 1 min move above base
Management: Market had surged and also basing. Market looking to move, this looking to move I got calls. Initial stop below base. Stopped 1/3 on tight stop below recent few min. Reloaded when it strengthened again. P/L target (didn't sell at first trigger, when I feel like I used to get better fills), then stopped on squeezed stop and last bit on wider stop (these executions didn't seem to time lag more than I'm used to. didn't notice about fill quality)
Psychology: Good. Nice calm trade by the book. I wished it would fly, but It didn't fly in my timeframe and I got a good piece. PEACE
Tuesday, October 8, 2019
BABA +4%. Is this what commission free trading is going to cost me?!
Daily setup: Gap down below bear / pullback
Entry/play: after initial high, below 1 min reversal bar.
Management: I planned to go small. I'm working on sizing based on conviction. Initial small position triggered my limit order but it didn't fill had to stop partial. Next spike up, reloaded. Next spike down, greedier limit also didn't fill. Left my stop high and got ripped off. Reloaded again. Next time put a price trigger market order, which filled poorly. Rode it up again, setting stop, trailing stop, and another really terrible execution on my stop.
Psychology: OK, since I was never in too big at any given time. Mad about slippage.
Schwab, I used to love you. Are you going to rip me off on slippage now? You made more from me on slippage today than you would have made on commissions. I will keep my eye on this.
Entry/play: after initial high, below 1 min reversal bar.
Management: I planned to go small. I'm working on sizing based on conviction. Initial small position triggered my limit order but it didn't fill had to stop partial. Next spike up, reloaded. Next spike down, greedier limit also didn't fill. Left my stop high and got ripped off. Reloaded again. Next time put a price trigger market order, which filled poorly. Rode it up again, setting stop, trailing stop, and another really terrible execution on my stop.
Psychology: OK, since I was never in too big at any given time. Mad about slippage.
Schwab, I used to love you. Are you going to rip me off on slippage now? You made more from me on slippage today than you would have made on commissions. I will keep my eye on this.
Monday, October 7, 2019
MTCH +10% well done
Daily setup: top gainers screen, post open, gapping and holding
Entry/play: sort of a vwap bounce after surge and stabilize.
Management: First of all, small position. Big spread, so even smaller position. Initial stop below recent pivot that bounced even above vwap. My profit target triggered, but limit order didn't fill so I went back into the wringer, though never below water. It never hit my target, so I got a stop/limit and and I auspiciously took off the last part right before the close/drop.
Psychology: Good. Hard to get too upset about a position this small. And that's exactly why to play a trade like this small like I did. Acct total gain today was green but miniature. And sane. By far I didn't use my available cash, but I traded sane and scraped out a few dollars. A good day.
Entry/play: sort of a vwap bounce after surge and stabilize.
Management: First of all, small position. Big spread, so even smaller position. Initial stop below recent pivot that bounced even above vwap. My profit target triggered, but limit order didn't fill so I went back into the wringer, though never below water. It never hit my target, so I got a stop/limit and and I auspiciously took off the last part right before the close/drop.
Psychology: Good. Hard to get too upset about a position this small. And that's exactly why to play a trade like this small like I did. Acct total gain today was green but miniature. And sane. By far I didn't use my available cash, but I traded sane and scraped out a few dollars. A good day.
UBER +1% thanks to zero-comissions. Itchy fingers trade.
Daily setup: Post open, volume mover screen
Entry/play: pennant coming to tip. calls based on gap up and market holding up. Trading on phone, postopen, itchy fingers means only super-small position
Management: This isn't even a setup for a lotto, although I took lotto sizing. I hoped to get maybe a few tens of dollars profit on this trade. Instead it stopped for a literal sliver. BUT, thanks to first day of zero commissions, this was barely green instead of barely red. Thanks Schwab!
Psychology: Good. I really wanted to trade today, but had a morning commitment. On the subway home, I played this little guy. Even if it would have fallen apart, I would have been ok bc lotto sizing. That's the way to handle the itchy fingers trade.
Entry/play: pennant coming to tip. calls based on gap up and market holding up. Trading on phone, postopen, itchy fingers means only super-small position
Management: This isn't even a setup for a lotto, although I took lotto sizing. I hoped to get maybe a few tens of dollars profit on this trade. Instead it stopped for a literal sliver. BUT, thanks to first day of zero commissions, this was barely green instead of barely red. Thanks Schwab!
Psychology: Good. I really wanted to trade today, but had a morning commitment. On the subway home, I played this little guy. Even if it would have fallen apart, I would have been ok bc lotto sizing. That's the way to handle the itchy fingers trade.
Sunday, October 6, 2019
PEP +44% after lucky AF
Daily setup: preempting new all time high. nms. no good reason. not even volume
Entry/play: revenging tesla? nms at all? too big. today's expiration totally stupid
Management: I played this huge position like a lotto. I could have devestated my account.
Psychology: Terrible. See other post. This ate my whole day and caused tons of psychological damage.
5 min chart:
Entry/play: revenging tesla? nms at all? too big. today's expiration totally stupid
Management: I played this huge position like a lotto. I could have devestated my account.
Psychology: Terrible. See other post. This ate my whole day and caused tons of psychological damage.
5 min chart:
TSLA -54%
Daily setup: NMS. at all. no good reason
Entry/play: already huge selloff, but I tried to short new low?
Management: terrible pick, terrible entry. instant loss. and then I tried again? WTF?!
Psychology: Terrible. Very destructive.
Lesson, learned again the hard way: I can't trade anything. Trade only my high probability setups.
Entry/play: already huge selloff, but I tried to short new low?
Management: terrible pick, terrible entry. instant loss. and then I tried again? WTF?!
Psychology: Terrible. Very destructive.
Lesson, learned again the hard way: I can't trade anything. Trade only my high probability setups.
Friday, October 4, 2019
Remedies to failures
I respond better to cues about what TO do, vs what NOT to do.
So I have reframed today's failures into remedies.
So I have reframed today's failures into remedies.
Raw emotions
Such a huge mess today.
Two unnecessary trades, both terrible. Occupied my whole entire day and really cost a lot psychologically. End of day was small loser but midday I had been down devastatingly much more.
I will log them properly over the weekend but I want to comment on my emotions while it's still fresh.
At the close yesterday I had made my weekly target almost to the dollar. I don't really want to trade on Fridays but usually I find it irresistible. First fatal mistake.
DONT TRADE FRIDAYS.
Just don't F-ing trade on Fridays.
I arrived late. Second fatal flaw. My trades are out of the open. Trades starting at 1030 are by definition
NMS.
All the more reason to skip Fridays.
Third fatal flaw: Trading today's expiration. That's really getting too cute. Fatal.
Add all the other fatal flaws, terrible habits and detrimental behaviors:
Positions too big
Yanking stops
Swearing
Hoping for luck to save me
Forfeiting my day to the market
Money burning a hole in my pocket
Not walking away after first small loser
Revenge trading
Thank Gd I got lucky at the end of the day. If I had a critical loss, I would have deserved it. But I got off cheap for my indescretions with a small loss.
Two unnecessary trades, both terrible. Occupied my whole entire day and really cost a lot psychologically. End of day was small loser but midday I had been down devastatingly much more.
I will log them properly over the weekend but I want to comment on my emotions while it's still fresh.
At the close yesterday I had made my weekly target almost to the dollar. I don't really want to trade on Fridays but usually I find it irresistible. First fatal mistake.
DONT TRADE FRIDAYS.
Just don't F-ing trade on Fridays.
I arrived late. Second fatal flaw. My trades are out of the open. Trades starting at 1030 are by definition
NMS.
All the more reason to skip Fridays.
Third fatal flaw: Trading today's expiration. That's really getting too cute. Fatal.
Add all the other fatal flaws, terrible habits and detrimental behaviors:
Positions too big
Yanking stops
Swearing
Hoping for luck to save me
Forfeiting my day to the market
Money burning a hole in my pocket
Not walking away after first small loser
Revenge trading
Thank Gd I got lucky at the end of the day. If I had a critical loss, I would have deserved it. But I got off cheap for my indescretions with a small loss.
Thursday, October 3, 2019
FB -19%. A waste of $34
Daily setup: nms. Tradenet called it out as a potential, but I played it my own way.
Entry/play: After 1 min surge and flag, I tried to buy hammer pb.
Management: stop below hammer. Phew! so happy to have stopped out before the market duuuumped on 10am announcement.
Psychology: After excellent TSLA win, I thought about packing up. I should have. Even though I went small and waited for a "good" entry, this was just a waste. Thankfully not a big waste, but not my setup, not my timing. Just a simple case of money burning a hole in my pocket and getting too cute.
LEARN: when trading post-open, be aware of economic calendar!
Also learn: after a super good opening trade, go ahead and pack it up.
Entry/play: After 1 min surge and flag, I tried to buy hammer pb.
Management: stop below hammer. Phew! so happy to have stopped out before the market duuuumped on 10am announcement.
Psychology: After excellent TSLA win, I thought about packing up. I should have. Even though I went small and waited for a "good" entry, this was just a waste. Thankfully not a big waste, but not my setup, not my timing. Just a simple case of money burning a hole in my pocket and getting too cute.
LEARN: when trading post-open, be aware of economic calendar!
Also learn: after a super good opening trade, go ahead and pack it up.
TSLA puts +54%
Daily setup: gap down below weird pattern
Entry/play: preempt 1 min breakdown. TOO EARLY. I know TSLA bucks around a lot, so I bought 3rd otm put to smooth the ride.
Management: Shorted via puts in second minute after a run up and back to day low. Initial mental stop day high was blown through, so I looked at premkt levels. It ran above the premkt high but not premkt trendline. Really I got lucky. But I also added on the way back down, stop above day high. Then it dropped out FAST. I took p/l target and kept trailing stop down all the way. Was looking at a level around 227, so I tightened when it slowed down.
Psychology: I know TSLA whips me around, so I bought farther otm put (tomorrow expiration) to slow it down for sanity. If it really surged, I would have had to stop somewhere. I was going to wait for the spike to settle (but we know, spikes can really hurt). I got lucky, and I got a chance to add. I left a LOT on the table (another 100%) with next leg down, but I did my thing. Got my piece. Peace.
Entry/play: preempt 1 min breakdown. TOO EARLY. I know TSLA bucks around a lot, so I bought 3rd otm put to smooth the ride.
Management: Shorted via puts in second minute after a run up and back to day low. Initial mental stop day high was blown through, so I looked at premkt levels. It ran above the premkt high but not premkt trendline. Really I got lucky. But I also added on the way back down, stop above day high. Then it dropped out FAST. I took p/l target and kept trailing stop down all the way. Was looking at a level around 227, so I tightened when it slowed down.
Psychology: I know TSLA whips me around, so I bought farther otm put (tomorrow expiration) to slow it down for sanity. If it really surged, I would have had to stop somewhere. I was going to wait for the spike to settle (but we know, spikes can really hurt). I got lucky, and I got a chance to add. I left a LOT on the table (another 100%) with next leg down, but I did my thing. Got my piece. Peace.
Wednesday, October 2, 2019
Schwab announced zero commissions.
Starts next week. I will still have my negotiated per-contract rate, but no flat trade fee. Every little bit matters.
I hope they won't start charging platform fees to compensate.
https://pressroom.aboutschwab.com/press-release/corporate-and-financial-news/conjunction-chuck-schwabs-new-book-invested-schwab-remove
I hope they won't start charging platform fees to compensate.
https://pressroom.aboutschwab.com/press-release/corporate-and-financial-news/conjunction-chuck-schwabs-new-book-invested-schwab-remove
NFLX ...agggh! trade error! panic! +47% AND -30%
Daily setup: Gap down after bear fin
Entry/play, and management: TRADE ERROR:
After 1 min buying I meant to buy puts, but I accidentally bought calls. Then I PANICKED! Sell right away? Use a stop? I couldn't think! I didn't want to miss the short while I was managing the calls, so I ALSO meanwhile quickly bought puts, and started managing the long trade (which I assumed would be the loser).
First, I put a stop on the calls below day low, which I trailed up, managing like a usual long especially when it started surging, eventually squeezing it pretty tight and getting a surprising decent trade out of it.
The accidental calls were hedged by the puts, though the calls were accelerating. When the calls stopped, I started managing the puts (I couldn't really handle managing both and I still assumed the play here was ultimately short). First stop above day high. Then I closed on a trailed stop.
Psychology: Shock and panic! I don't know if I could have gotten much more out of this trade, given the level of panic. In fact, I wonder if I would have stopped the puts correctly if I had initially bought only puts as I intended.
Not including the initial error, I think I handled the situation ok.
Entry/play, and management: TRADE ERROR:
After 1 min buying I meant to buy puts, but I accidentally bought calls. Then I PANICKED! Sell right away? Use a stop? I couldn't think! I didn't want to miss the short while I was managing the calls, so I ALSO meanwhile quickly bought puts, and started managing the long trade (which I assumed would be the loser).
First, I put a stop on the calls below day low, which I trailed up, managing like a usual long especially when it started surging, eventually squeezing it pretty tight and getting a surprising decent trade out of it.
The accidental calls were hedged by the puts, though the calls were accelerating. When the calls stopped, I started managing the puts (I couldn't really handle managing both and I still assumed the play here was ultimately short). First stop above day high. Then I closed on a trailed stop.
Psychology: Shock and panic! I don't know if I could have gotten much more out of this trade, given the level of panic. In fact, I wonder if I would have stopped the puts correctly if I had initially bought only puts as I intended.
Not including the initial error, I think I handled the situation ok.
Friday, September 27, 2019
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.
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%
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
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
Thursday, September 26, 2019
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.
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.
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.
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.
Wednesday, September 25, 2019
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.
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.
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.
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