Intraday Trading: -$1929. Really really disappointing day. Started off fine, and then I feel like I wasted all my psychological energy trading the massive size in back account. All it would have taken was a simple walk and/or to refresh and calm the mind... Broke max loss for the day, and broke the rules surrounding maximum losing amount of $300. Pretty pathetic really.
Also was plenty of opportunity on stocks, but got stuck on oil. Unlike other big losses of this size recently, this one was a result of overtrading, rather than stoploss issues.
One positive: I nearly got rewarded for sticking with the bad trading, got back to breakeven, and slightly positive when I was down around $1500, but then gave it all back and then some. Reality is this is good, don't want to reinforce bad habits.
Negatives:
(1) Exceeded the $300 rules.
(2) Exceeded the $1000 max loss intraday.
(3) Increased size (marginally) after losses.
(4) Recognised what was going on, but carried on anyway (hope and lack of discipline).
(5) Overtraded like crazy. There were actually some good trades available on oil, but missed them completely/didn't capitalised.
CL: Too many trades to even draw the arrows on effectively. There were two trades I was interested in coming into the day. Short into the Asian session high, which would have execution of around $50.80-$51. And short into $52. Instead was just all over the place, buying and selling, irresponsibly managing, and (as a general jist) fighting the trend.
Interestingly, I always had stops in place, but they were always a little wide, the result of chasing (emotionally).
JRJC: Tried for the weak open r/g type play, didn't work and good trade/stop.
HZNP: Basic scalp shorting the gap up and covering into support. No need to fight the trend on this beast, so only short scalp.
Swing Trades: -$79.
AXN: Still just chilling around. Sentiment on twitter etc still extremely positive after that false break throughout the week. I view that as a good thing, but the way it is holding is annoying. I think if it hasn't broken lower within a week I will have to use a time stop on it.
LL: Again, I feel like I structured this wrong. At some point the time stop will go off and it will be annoying to liquidate two positions instead of 1, and therefore cross spread more times than neccesary. That being said, it's consolidating and holding. so the possibility for a squeeze is slowly getting higher and higher.
Back Account: +$3989.
PSTR: I don't remember the specific sizes I had at each point, but I was holding 6000 shares short for a decent period of time. I had tried to long this on a weak open r/g type move but missed fills by a couple of cents. Good example of scaling versus all entries at a specific price.
$6.60 represented resistance from a prior float rotation, and an approximate measured move, plus around the max move it has made on big moving days. So I offered decent size into $6.60 and ended up with an average of $6.50. Managed quickly to lock in, and offered back.
Could have rinsed and repeated to cover a bit more risk, but my charts were screwed up so I thought it was below vwap when it wasn't.
Gave a little trouble with a $6.50 stuff, but from there it was game over.
Ended up with a $6.35 average for 6000 shares and covered 1/3 $6.10 (seconds before the crack), and the rest around $5.70. I covered entire position instead of holding 1/3 until the end of the day (like the plan was) but oil messed up my trading and decided to cover it all and take the rest of day off. Did a 2000 share short around $5.90 when it tested vwap but covered quickly for a scalp. Again, didn't want to be involved because of oil.
Basically how the play should have gone was once the $6.00 line in the sand/vwap was toast and it got the low volume kiss of death I should have been shorting against $6.00 heavily aiming to hold until end of day...
In summary, nailed the first portion of the trade (could have done with a little better management), and didn't quite get the second part right, but overall really really solid trading with massive size.
Updated intraday graph. Obviously really disappointing trend. More on that in weekly review coming.
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