Main Account: +$2014. Started off not the greatest by fighting the WTW up move in the premarket with too much size. There was a perfect opportunity to stop out of my starter; and if I had stopped out I wouldn't have added where I did. I really just wasn't thinking enough and was too biased. More WTW commentary in back account discussion.
Think in general I did a good job of not getting too much tunnel vision on WTW. Was still searching for other ideas and came across some good ones. In particular there was one that stood out, that I didn't actually end up taking. But good effort being prepared for it.
Really solid consistency again today as well. Both VRX and FPRX didn't really work out too well but got away quite decently by focusing on good low risk trading (good entry on FPRX saved me, and taking profit early on half saved me on VRX).
Back Account: -$352. Got myself in a real bind quite early on being down about 2k. In general was far too biased, and wasn't picking my prices at all. Did a good job of reversing my psychology and beginning to pick prices within the trend to make it back on the long side. A real shame though because this was such a good opportunity. Could have easily been a 4-5k day in my back account if I hadn't tried so hard on the open.
In general not only did I not pick my prices to trade off and chased the price, but I overtraded it somewhat. This is pretty evident from the fact that I lost $100 on the stock but used about $250 of brokerage.
I actually had the completely wrong read on it initially. I attribute part of this to lack of preparation. I knew it was going to be a crowded short (FS>20%), but didn't really adjust my behaviour. AND I didn't notice that the insitutional ownership was >90% thus making it a low float as well as high short interest. This is really a game changer. Ultimately had the wrong read, which happens sometimes but is partially attributable to poor preparation. So am pretty annoyed about that.
The severe under-performance on the open comes from a couple of factors. The first is simply that I had the wrong read (as above). The second is that I knew it was a really really good opportunity so I felt pressured to try and crush it. Without this pressure I wouldn't have been overtrading it and wouldn't have added so close to the lows prior to 10am.
The whole time I was adding to my short near the morning lows I was preparing for a rip your face off move back to the highs... And it ended up coming... I had a good stop-out, but still...
Another comment is that I didn't lose too much on the short side in my main account, but lost quite a bit in my back account. I have found this to be the case in the past when I'm trying to push it too hard. This reinforces the idea that I was feeling pressure to crush it.
Again, another comment is that there was intraday short opportunities. Obviously I did a great job of crushing it on the long side once it started trending... But shorting into the first test of the high of day was a great opportunity on the short side (which I potentially would have nailed if I hadn't been just stopping out of short).
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