Am back with renewed energy and motivation towards trading. Frustration has been building so it was good to take some time to refocus.
Intraday Trading: -$629. Today was pretty much indicative of the problems I have been having that lead to the lack of focus/motivation. Additionally there were some moves that I was spot on with VLTC which faded $3 a share (30%) and I didn't have any shares to short. I would have loved to short this with size.
I have a couple of thoughts about how to pick up the quality of my trading which I won't elaborate on here. But the general jist is to increase my probability of success with trades (small and scale in, take profit immediately), then on a small portion of trades (say 10-20%) focus on riding the underlying wave and adding to winners to generate bigger winners. I will then break this down into daily goals to focus on each day and build solid habits.
For tomorrow the goal is to be profitable on an intraday basis and therefore high probability of success. This will be achieved by focusing and excellent entries and taking profits immediately. I WILL NOT PUSH ANY POSITIONS FOR A BIGGER MOVE.
Today's mistakes:
(1) Losses on individual stocks was too large.
(2) Too reactive to small price moves.
(3) Got size on too quickly and was pushing size a little when it wasn't working "perfectly".
(4) Not selective enough with setups.
Today's positives:
(1) Stopped myself out excellently. Had some size on despite losses on individual stocks being larger than I want, I did control the size of losses well. (i.e. could have been a lot worse).
Swing Trades: -$26. Am up A LOT on my swing trades for this month. From what I can tell (as an early observation) this is a result of two things: (1) Plenty of opportunities, (2) Using options to take swing ideas and therefore being able to take more swing ideas because it is tying up less buying power. Will look to continue this going forward.
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