Main Account: -$257. First losing day of the year, and relatively happy with the magnitude of it (although it could have been worse!). Today was also the first day I let my greed get the better of me, so have failed on that goal for this week. Probably makes sense to go through things in chronological order to get a sense of how the greed slipped in.
Bear in mind that at some stage I do want to stage continuing to trade past the $200 goal. Today it became incredibly clear how I should do that:
(1) Hit the target.
(2) Reduce size of all positions and trail stop-losses.
(3) Take a nap/break to re-establish fresh mind-set.
(4) Trade with reduced position sizes for the rest of the day.
So day started with some really solid trading on UA, NEOS, and FB; and I actually battled UA and FB for a little bit before catching the intended move. At this point I was up about 400-500 across the three names. At this stage I thought "okay I'm trading pretty well and there's some decent opportunity" so I'll keep going. This led to giving a fair bit back and being down about $500 on the day. Faults were similar faults to other losing days, but it was inspired by the greed of wanting more... Which I now believe can be controlled by the above measures.
Of the actual trades made today:
(1) FEYE - spontaneous trade, not a very good one nor entry and didn't accumulate size in the correct manner.
(2) DATA - Really solid trade idea (obviously). But went full size far too early.
(3) TRXC - Was a news trade, but was too big. Start small add to winner on more reaction. With a news trade aren't going to need much size to have big winner.
(4) UVXY - Good trade idea. Took the stop, could have traded around position a little instead of stopping, but oh well.
(5) OSIS - One long, that was too big (with wide stop) and a little spontaneous, then one short where it was a good idea but got everything in at once, ending up stopping and the trade worked.
(6) GLNG - Good trade, nothing wrong with this one.
(7) FB - Don't even know how I ended up losing so much on this one. Traded it well on the open, then not really sure where it all went... Took a couple of shorts near the highs, but the main issue I think was the size...
(8) UA - Excellent trading in the morning, was completely wrong with timing but still managed position correctly to eventually catch the move. Afternoon tried a textbook afternoon breakout type trade and mismanaged size.
(9) INO - Excellent faultless trading. Scaled into short and traded around position pretty much all day.
(10) NEOS - Had exactly the right bias and instead of putting a market order I tried to provide liquidity, missed it and missed a $3 crush... This was on the open and I still had a little bit. Did a good job re-establishing the trade into vwap area, but then mismanaged size from there on out.
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