Main Account: +$539. Another tough day - was somewhat self-inflicted.
In terms of strategy I was slightly on the wrong side of things which caused me to stop out a lot more than is idea. Usually when I trade I look for three scenario's: (1) Where I'm completely wrong. (2) The annoying range bound price action where I should still make money through proper execution and patience. (3) Where I'm 100% dead right. Today I was prepared for scenario 1 and 3, but to start with not scenario 2. This caused premature sizing in (and premature starting in), and thus potentially avoided stop-outs despite idea not being completely proven wrong.
I would have to say I probably over-traded in general. Too many starter positions at a no-edge price. Again this led to further problems down the track. The no edge trading is also indicated that all of my profits for the day pretty much came from NUGT and UVXY.
Good reminder - not every idea needs to be executed on full size. A better managed position, with less size will have a higher probability of success AND potentially more profit. Best example today is JPM (chart included) where my idea never really got going, but if I had traded around the position (based on the range shorting near highs, adding, covering a little then reshorting near highs) instead of being bias I would have locked in profits before eventual stop-out - and then been net profitable on the trade.
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