Main Account: -$1319.
Back Account: -$1229.
Ended up making the same mistake that I did yesterday. I guess I should be grateful for a little kick in the ass instead of a bigger one.
The basic mistake comes down to the fact that I was sizing in too early on the open. Yesterday I did it on two stocks, and today I did it on two stocks. What I have been doing is having a little position premarket, and then the moment it ticks in the direction I want it to on the open I have been sizing in. This is completely wrong! (Note that there is an exception if you a stop-loss above/below the opening print, but that's not wht I'm talking about here).
What I should be doing is:
(1) Pick prices that I want to get 1/4 or 1/2 at. These are the only prices I should be entering at prior to trend determination, which happens at the earliest around 9:45.
(2) Then only add once trend has been confirmed and risk defined. Ideally have also taken some profit on the 1/4 or 1/2 to lock in some cushion.
One good thing about today. I had patience on the VTAE short and didn't begin shorting it until it began changing direction.
On the negative side. The NFLX loss should have only been around 150-400ish, the AKBA gain should have been multiple 000s, and I had been planning to size in on main account as well, and the VTAE loss I should have had a hard stop-loss in and saved approximately $500.
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