Main Account: +$317.
Pretty piss poor day. Was feeling pretty pumped about starting afresh for the week, and broke all the rules within the first hour. Broke the max size rule, broke the guidelines for how to get above 2/5s size. The rules were broken; not because I was feeling pumped but because HZNP behaved like a crazy unit, which provided excellent opportunity - but was traded poorly. I would liken the opening washout (magnitude and fierceness) as comparable to short TSLA that day it went from mid 140s to 160 on the open.
I think a good rule to implement on these sorts of "great opportunity" moves is to wait for the close of the m2 candle signalling a reversal, rather than trying to read the tape. I want to take the cleaner reversal, and set a hard stop with ease, rather than fiddling with tight stops when it finds a bid.
One thing I note of today, is that I said when I took a big stop (think HZNP on the open) I would write down on a piece of paper what new game plan was, and take a stop and breather... Didn't do that today.
Another thing I note is that recently I said trading was becoming "boring"/not exciting - as a sign of how I was trading very well. That hasn't been the case of recent days... So not a good sign.
Another thing... A reminder about why generating the consistency is so important. Why I need to knock off after meeting target... Consistent profitability increases the ease with which you can be patience for entries, reduces fomo, makes it easier to hit stops, makes it easier to be less biased. Just need to focus on stringing together good days.
Comments on the trades for the day:
(1) Little bit too much stepping in front of things. HZNP prime example, but also occurred on a trade on HZNP later in the day, FSLR. It's fine starting in tiny... But do not look to add until trade idea has been confirmed over time. FSLR I ruined a nice trade by not waiting for the trend change. HZNP "over vwap and back to highs" trade was almost ruined by not waiting for the clean setup.
(2) Taking profits early, as in, line with consistency goal made NUGT a great trade. The trade idea didn't work.
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