Intraday Trading: -$269. This is effectively one of the days that I need to learn to avoid. Trim the loss on MDVN down to a respectable size and the day would have been relatively neutral.
So what happened with MDVN. Firstly, it wasn't just one oversized trade that I took a beating on which is a good thing. I think I was slightly oversized at some stages which definitely contributed (but not enormously). The real fault comes back to (surprise surprise) not picking my prices well enough. On the open I added when it looked like it was cracking, and instead of stopping out the moment it didn't crack I rode it to my original stoploss (fault 1). Now of course, that original price was close enough to the big level from the premarket where should be looking at entering short at resistance (fault 2).
The third fault was trying to get too cute with my adds and not having a wide enough stop-loss on a solid play. This can be the result of adding a little too much and basing stop-loss on how much prepared to risk rather than where it should go (playbook entry for this particular play that I made).
Otherwise I'm actually pretty happy with the day. Although I should have stayed away from fading the WBAI move up once it proved it wasn't worth it - Chinese name, heavily shorted, can't find catalyst, thin, day 1 etc...
Back Account: +$224.
No comments:
Post a Comment