Intraday Trading: +$250 for the day. From yesterday I was only trying trade ideas that I had high conviction in. This had a two fold effect, the first was that it helped the probability of success of my trade ideas (a good thing, less variance, less effect on emotions etc). The second however was that it increased my stubbornness in a trade. This occurred in PRTA, which should have been a big winner without the stubborn loss (was down $900 at peak). I broke my rules (the $300 one) and decided to give PRTA a second chance once it got back below vwap.
I (think I) feel okay about breaking the $300 rule in this instance. The reason being that I implemented this rule to ensure I didn't dig up an enormous loss on an individual stock, but by waiting patiently for it to get back below vwap I proved that I was unemotional and patient. At least that's what I'm thinking but unsure if it's just confirmation bias because the second trade turned out to be profitable.
PRTA: PRTA was gapping up quite a lot on Phase 1 data which naturally sets it up for a sell the news trade. So I tried shorting against the premarket consolidation zone but it powered straight over. I initially didn't hit the trade out for two reasons: (1) The spread was enormous, (2) It wasn't holding over. However, there was a clear point where the spread had tightened up and it was clearly holding over and I didn't cut it, so naturally I ended up stopping near the high. I then waited for it to establish below vwap, re-established and managed accordingly before covering the entire position at $37.
VBLT: Decided to try accumulating for the break but only got a tiny bit, so paid the breakout, which was of course silly. Trade would have worked fine if I had not added on breakout. This probably doesn't deserve to get classified as one of the high conviction trades that I was talking about earlier in review.
MVIS: 4th day and was holding red, and slowly rolling over. Got pretty big on this in my back account and decent size on this account. Originally there wasn't any shares, but for some reason there was later in the day, kinda funny given that it was a higher probability trade the longer it held red.
Swing Trading: +$409 for the day. Not quite sure how those options are marked for pnl as it doesn't quite make sense to me that the ADXS could be profitable if the last trade was at 0.10, but I guess see what happens.
ADXS: Decided to cut the short position in this stock off. Wasn't working out as quick as it should be, and was causing too many issues with lack of management/holding for the bigger down move. I wouldn't have cut it if I didn't have the options, but they seem like a pretty stree-free way to hold the exposure. Any spikes will be great intraday trade from here on out though.
AXN: Kinda funny how broken this pos is now but unfortunately the reality is that I have to get my size off for the possibility of adding higher.
GENE: Still just chilling out with no size. Would like a wash lower to add. Remember buy into weakness and sell strength. Then really load up short into the pop.
FB: Working out nicely. Probably pretty extended, but has plenty of time to get working.
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