Intraday Trading: -$793. Another good job of controlling risk. Frustrating day narrowly missed offer at the peak on oil which would have made all this back, and then some. Volatility slowly seeping out of oil, suggesting my edge is diminishing as well.
Swing Trades: -$195. Still just holding, probably cover soon, no need to hold forever lol...
Back Account: +$1203. Cannot believe what a day it was. I traded almost flawlessly, but was caught in the TWTR earnings gap to the downside and crushed. Am extremely lucky that I was up big prior to getting crushed by the gap because a loss that size would have been devastating in isolation. So really happy to end the day on a profit - it's a step forward, and allows me to move on from a big hit without too much worry.
Lessons from today:
(1) Entering a limit order above the opening price WILL NOT fill you at the first traded price (TWTR).
(2) When feel yourself about to make an emotional trade remember that the opposite likely happens (in particular ADXS, but also somewhat CALM).
Thing done well today:
(1) Not only cut losses quickly, but also removed stubbornness from trades (EIGI and CALM).
(2) Good job of focusing on individual plays, and not getting fomo. Was a bunch of plays I had planned out which worked, but I missed because I was focusing on AGEN (on open) and late day plays that worked to plan but also missed. Didn't let this affect me (for the most part).
ADXS: Big lapse of discipline on this. The idea was that it was holding near lows, while IBB had bounced to a level where it could easily be considered bounce over... But of course it was a chase and not a good trade. Stopped self in good fashion, and ended up doing a nice midday fadeoff, effectively the play I was looking for but chased.
AGEN: Was a rehashed PR, 3rd day up, so a clear gap fade. Nailed covers on the way down, and began to anticipate closing at the lows. Naturally it did, but didn't revisit the trade after the morning short.
CALM: One of the tougher parabolics to short that have been in a while. The spread didn't make it any easier. Could have very easily got run over on this but controlled risk well and then nailed the real one with better size. There was one lapse of discipline where I chased instead of offering up, and that punished me to the tune of about 30-40c on 1000 shares (so I didn't control my risk very well with this).
I got one cover perfectly (taking off 3/5s of position, and reducing size part) but messed up the cover on the remaining 2/5s where I decided half way through the trade that it was going to be a scalp trade rather than a reversal trade (scalp target is vwap, reversal is hold to close). Either way is fine to play it... The problem was that I changed my idea halfway through and so didn't cover at appropriate place.
EIGI: This had a fraud research report come out on it, so was looking for the bounce after it settled down. I initially was at full size around $17, but did a great job of cutting losses around $16.80 when I recognised that it wasn't bouncing, then revisited at full size at $16 (longer term support), where it provided a great bounce. I managed to hold 2/5s until about $18ish (had been aiming for end of day, but it hit trailing stop. Would have been super impressive if I had been able to hold that long!!! Great trade!
While the volatility was great, the trade certainly wasn't an easy layup, but managed to nail it anyway :)
MSFT: Was a scalp against the $49 level on first test. Covered risk, and actually ended up closing the other half for profit to focus on something else (which was pure luck of course).
TWTR: The devil of the day... I got long into the $48.60 level, and it was halted and opened at $40. Earnings were leaked early, which were a miss, which was the reason for the move down, and the halt (investigating source of leak). So obviously I need to be more aware of halt risk... However, to a certain extent it was beyond my control.
So I kept my cool really well and didn't panic when it started indicating low 40s. Based on what others that I respect were saying about the numbers it seemed overdone in the low 40s, and was good for a bit of a bounce... So that's exactly what happened. I placed a limit order to buy the opening print (which apparently doesn't buy the opening print), and I got filled at $44. Had I been filled at $40 it was a perfect trade, so my strategy concept was fine... Just poor understanding of market micro structure. Had I been filled at $40 I actually wouldn't have lost much money on the TWTR gap funnily enough... But so be it. Key is to note that I actually had room to add to position (it wasn't like going mental and buying like a madman).
Cut losses when the bounce failed around $42.50ish.
So good lessons for the future.
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