Intraday Trading: -$1195. Really really frustrating day overall. Was up quite big on SHAK at one point, but gave it back, and was up quite big on oil but also gave it back. Giving back the oil was slightly out of my control but SHAK definitely wasn't.
Controlled myself pretty well given the frustrating day though. Was down reasonable on ADXS early on in the day and fought back with good, solid, disciplined trading.
I think there's a good lesson in SHAK: Basically what happened (from a position management point of view) was that I slightly oversized myself and so while it hadn't reached target I was up quite decently (unintentionally). For the future I need to bear in mind that this is a sign that I'm oversized and take some off immediately.
In a little bit of a rut with my intraday trading, so am going to pull sizes right back and aim to string together five +$100 days in a row. I feel like the rut might be about to start affecting my trading and so it's the appropriate time to pullback. I still have back account for any higher conviction setups that I want to take with size. Because of the way minds work, I shouldn't be psychologically affected when trading the back account.
Having issues with charts and platform for some reason, and have somewhere to be soon so won't go through each individual setup... Just sum up the notable trades.
ADRO: Hot ipo on second day. Was setting up for a long or short right around vwap. Volume had died off (indicative of disappearing hype), then it popped over vwap and didn't hold, was smacked right back down. This turns it into a short bias, but I stayed long and wide stop from chase. Stop was $1 lower on around 250 shares, but it completely dropped out so I encountered really really nasty slippage which caused it to be about a $700 loss instead of the $250-$350 at stop (which is already unacceptable). It then dropped another approximately $3-$4 and I tried fading the late day movement and was stopped which bought it to $1094.
CL: Was up about $700 on 1 contract and was offering out at planned target but it missed by 2c!! And was stopped around breakeven.
SHAK: Have already alluded to, but there was one other thing with it, which was that it was setting up a pattern of lower highs, so I should have eased off aggression on long.
Swing Trades: -$164.
PSTR: Took on a new swing trade today. Pretty decent size. Wanted to short it on the open from an intraday perspective and get quite big but not enough liquidity. Hourly setup is nice. It's a bit of a chase, but I remember from last time that it never had a bounce to get short aggressively, so have to chase a little bit.
Need to be a little weary if oil keeps spiking, people may go to low float oil stocks.
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