Intraday Trading: -$1556. So I started the day and didn't see too many trades on the open. Then I spotted ADXS rolling over and struggling to stay green. As mentioned in prior reviews, this is something I've been looking for, for a while now. When it cracks I want to add to my position so that I can ride the move with decent size. So the plan is to add to position as it moves into my favour, and indeed that is what I wrote in my notes... So what did I do... I lacked discipline and went in full size straight away. Which of course broke my central goal of only losing $300 on a single stock or $150 on an individual trade.
As an aside, when I was in the trade and ever so slightly down I acknowledged the fact that I had done that, but dismissed it as "oh this time is the exception". There are no exceptions!! Discipline, discipline, discipline. Likewise for the AAPL options, however that's a little more difficult to control risk, basically again I just should have been smaller.
After the loss on ADXS I really focused and honed in and got into a great grind, managed to grind back about half of the losses, and given the level of opportunity out there (in particular with AAPL, which I was setup nicely to crush) I probably would have finished the day breakeven, perhaps even slightly positive.
Aside from that I traded excellently. Almost couldn't have traded better, stocks which I had the wrong idea on I still made money/broke even, and my losses were tiny!
AXN: AXN had a little gap down so I just offered up for a small amount, basing risk off the prior days high. Good trade, and will now swing it to $1.
ZIOP: This is a prime example of how waiting for the right entries can make a wrong trade idea work/not lose tonnes of money. I missed the morning breakdown, but when it resisted at 11am at r/g I shorted with tight risk. It narrowly avoided my management (just unlucky), then I added a little more on retest rejection, managed only 1/3, and then on the close closed the rest for a slight loss before the b/o. So couple of things here, I was trying to actively manage the position it just narrowly missed exits, had it met my exits I would have had decent profitability on the stock despite being wrong. Good stuff!
Cut losses before hit hard stop, more good stuff!
AAPL: AAPL had a presentation at 1pm, so I was looking for it to be a sell the news type scenario. I did a couple of scalps before the news which turned out to be roughly breakeven overall. However, when the volatility picked up I bought some puts against $128, which I was stopped on for the $600 loss. Clearly just too big. Then of course it came into the 3 day high which was the next spot to get short, but I couldn't take it because I had breached my rules exceeding my loss limits. I would have crushed that short! So it's a little gutting!
BOX: Loved the breakout on the daily, and so got quite large as it confirmed the b/o over $19.50. When I really like an idea, this is the size I need, i.e. risking $150!!! Coming into the afternoon one thing I would change is recognising that it hadn't bounced yet, and so cut the size I had allocated.
GENE: Tried for bounce, never really materialised. Kinda worked for a little while. Probably another one that could have time stopped out of.
GERN: I was swing short this overnight. Decided to get rid of the short when it wasn't working out for roughly breakeven. Great change of bias. This is an example of a stock I would have crushed if I hadn't stopped out for the day, that triangle breakout is perfection!
ADXS: Have already summed up what happened here. Will continue to look for the swing short, however I will be adding to a winner/start really small and add on spikes. Don't forget a little bit of management though!
CRMD: I shorted this in back account in the morning with 20c risk. Will try exactly the same play again tomorrow. Got long when it started gearing up and never got a chance to get the size I wanted, so held 100 shares the whole way to the top. Good trade!
WLL: Shorted the morning/midday failure at high. Managed trade to perfection, and very nearly flipped long but wanted a little lower (which is fine). Great scalp!
CRM: There was some takeover rumours floating around on this. Given it's been down for 3 days, has filled the gap, and was an earnings winner. I figured with buyout rumours it might catch a big. Got long on retracement, managed postion, and let the other half see what it could do. Obviously stopped out but good trade. Was a possible revisit.
BITA: Tried the long into the lows, tight risk etc. Didn't work and obviously stopped out. This sort of reminds me of "trying to make money the hard way". These stocks have a tendency to trend extremely hard for a prolonged period of time in one direction. It would have been much easier to short a consolidation with tight risk. Even with wide risk it would have been a 5R trade.
The next trade that occurred that I didn't take was into the $55.50 support on the daily. I would have nailed this anticipating the flush through, but I was stopped out for the day.
PNK: I fat fingered this trade a little. I thought I got short 200 shares on retracement to vwap in morning, but I only got short 100, so when I managed it I took the entire lot off. What a pain! Oh well. Good trade.
Swing Trades: +$529.
LEAF: Added to swing short on a retracement near the end of the day, after I narrowly missed my execution on the open by 5c :( great setup on daily, will likely add 100 more shares on pops. Earnings are on 13th, so I may or may not switch to puts then. So much more room to fall. Naturally I won't get greedy and try and take it all, I'll just take the meat of the move.
BIOC: This spiked on the morning and I added into it, without panicking. Great stuff! Managed some out quickly and got a nice rinse and repeat. This had earnings after hours that I didn't know about! :/ This is something that should never really happen! So will need to adjust for the future to ensure this doesn't happen. Lucky for me it came off as a result of earnings.
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