Main Account: -$633.
Back Account: -$1655.
Real silly day. Silliest day I've had in a while. Somewhat annoying because there's plenty of opportunity at the moment. It is pretty obvious from looking at the PnL and that fact that it was negative on everything that I simply just wasn't onto it...
To be honest I don't really have much to say about it. I didn't have the right amount of money in main account but it cleared halfway through the day, and I put on the 3 trades that I wanted to immediately, so naturally they were destined to fail.
And didn't trade well on back account at all. Went to full size too big, chased in the early morning. And was too greedy on profit targets (on RLYP) but too tight on stop.
I have rules (obviously) but I think creating a "master list" of rules no bigger than 20 to literally live by would be helpful. To start with pretty obvious ones to add to list from today.
(1) Don't chase price pre 9:45. Pick prices before 9:45 and probably before 10. If concerned about missing out consider establishing the position premarket.
(2) Never go full size immediately. Go into it in at least 2 lots.
(3) Scale down from full size pretty quickly (don't get greedy). Trade around the position holding core.
(4) Always have a stop-loss even on starter positions.
(5) Always consider and re-evaluate the relationship between target and stop-loss.
- Can I stand the draw-down on current position to stop-loss (lighten up)?
- Is stop-loss too tight (aka should take some off and widen stop-loss)?
- Is my stop-loss where I should be adding to position (in which case take some profit so in position to add back)?
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