Intraday Trading: -$937. Really ****ing pissed off about today. Was all over the place and after completely under capitalised on the opportunity. To top it off, the mistakes I made were the ones that I said I was going to work on yesterday.... That is, I needed to work on sizing in slowly and with favourable entries and wide stop-losses and then add as it moves in favour. I nailed the first two trades of the day this way; that is, short ITEK and short ITEK, but after some craziness I slipped. The most frustrating thing is that given the opportunity that was available it easily cost me >2k... Was oversized in ITEK and stopped near lows twice, CANF was obviously a chase and oversized, CMG I was late to the trade thesis (risk too wide and hard to control), and finally AMZN in after hours I was stopped roughly where I should have been entering and it moved as expected afterwards. Common theme is as usual patience and of course somewhat control, probably a result of trading decent size and getting fomo somewhat on ITEK.
Hopefully will be some more float rotators coming up and can overall maintain a bit of composure on them!
Positives:
(1) Incredible read on ITEK. Identified very early on that it had potential as massive float rotator + had exactly the right read shorting it in the morning despite this bias. I had every move literally nailed (except a short parabolic that I cut around $12 - and even then I narrowly missed fills on covers).
(2) Traded SNDK very well. First I recognised the strength and opted to short at the second resistance rather than first. Then I had some pretty decent size on the short, and recognised the strength and trimmed to half quickly. Loss could have been a lot worse on this. Also narrowly missed covers as was trying to cover more of short. Perfect example of picking spots for entries (unlike what I did on ITEK); in that I was dead wrong on bias, but with the solid entry and managed to lock in some profit.
Negatives:
(1) Sizing in too quick against the trend.
(2) Poor patience for entries.
Swing Trades: +$399. A few new swing trades today. Am continuing with the theme of expressing ideas via options, the new position here being some out of the money puts after it failed to hold a new all time high.
FIT - For me it's still a high conviction long so long as it holds above $45, but I do express concern because a good short seller is bearish biased on it... But I just can't see it.
WBAI - Volatility contraction, a move down will be expansion and typical trend signal. I need to get a fill very quickly back to full size on these put options. Yes it will just follow Chinese stocks but it is one of the nastiest Chinese stocks. Officially a downtrend on daily now so I will get a big bigger than previous position.
Back Account: +$3074.
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