Intraday Trading: -$146. Really disappointing day overall. Started off pretty well but ended up under water quite a bit on AAPL, with a little more size on the front side than I should have. From there size slowly crept up and traded began trading a little more poorly as the day went on. At the peak I was up about $350 but had too much size on and was being a bit greedy. I was actually trying to call it a day but narrowly missed limit orders that I had set.
One interesting perspective I realised today is that when I want to be targeting more than $200 a day a really solid way to increase the max PnL is to lock in $200 (either via realised, or via trailed stop-losses) and then let winners run when there are setups where you expect a move for the entire day. This minimises the additional trading from targeting more than $200. Once get the hang of that begin slowly increasing the $200 that want locked in.
Positives for the day:
(1) Fought the AAPL downtrend for a decent portion. Got pretty beat up, but never greater than max drawdown (although it was a lot bigger drawdown that it should have been).
(2) The big trade (BXLT) was a slightly oversized position but good risk-reward was only risking about $100 if not less.
(3) Did a good job on waiting for trades to come to me (patience).
Negatives for the day:
(1) Ignored my $200 target for the most part. Can't let this happen because number one priority is to develop consistency and that will only be achieved by hitting a fixed target for a period of time to help change attitude.
(2) Too much size on some trades as the day went on. Lost focus on keeping size relative to the range of stocks and my max drawdown.
(3) Too much size on fading stocks in general.
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