Day-Trading: -$889. Really disappointing day. Of course, the day I increase size by 10% as per plan is the day I have a losing day (not to mention a max drawdown losing day).
Won't go through each trade. Two/Three main mistakes which sort of lead to each other:
(1) Not buying weakness into downtrend, and losing flexibility as fully added too early. This happened a few times, but the main example is VRX where I wanted to get long on the opening washout. I ended up trying the trade (2-3?) times and stopping out. When I trade something like that I am usually prepared for 1ATR down-move, and try and position myself if worse happens (e.g. 2 ATR). VRX barely had an ATR move down, yet I was stopped multiple times. And when the turn finally did come I didn't buy weakness (as within a downtrend) and had a horrible average and therefore couldn't justify managing earlier thus missing sales.
(2) Not taking profit ASAP. In line with #1, and partially a result of. I wasn't booking profit ASAP. This is incredibly important, because taking profit allow you to recycle the position. You can take profit even if you haven't achieved 1R. Provided that you have a plan for getting back in.
(3) Getting size too early/managing size poorly. There were a few times when I had too much size too early (which lead to stop-outs), where if I hadn't had size too early the stock turned into a nice channel that I could have scalped to lock in some risk.
Swing Trades: +$151.
Really interesting observation about TSLA calls. Because they expire this week, they got hit pretty hard when TSLA dropped (but still well within the realm of within the uptrend and not breaking my conviction). They went from about 60c to 20c. Picking some up at 20c, just purely for the sake of flipping them into 50c+ would have been a great move to cover risk.
Covered a little GBSN as it looked like it was gearing up. Only covered 1/3 and well within realms of locking in profit. I didn't believe the gearing up pattern would work, but a "long signal" seemed like a good place for locking in risk. Won't cover until low $2s on the next cover though.
Getting squeezed on AVXL. Would like to add soon by shorting the $7.50 calls, but will wait until closer to $7.50. I'm pretty confident it finds a peak in this $6.00-$6.50 range, but really need to save my "bullets" for the possible gapup/squeeze move and fluke that it actually gets 7+. Selling them calls for 40c makes sense (that's about another $1 move higher before getting fill) - so will put a GTC order in for there.
I knew something seemed fishy with the price of the MNKD options not decaying and being quite high. I'm short the puts... Weird mistake, and I took so long to pick it up.
NUGT only got a fill on the long put exposure, which is good because it's probably the one that I want to have on first. Will try be pretty picky on the other side of the trade (the short put option). I had a little bit of an epiphany last night when thinking about the miners versus gold because the miner strength has perplexed me a little while gold is selling off a bit. While I still have a fair bit of conviction that the trade will work out. I will be quite picky on the half that I haven't got on yet (wanted two put options, not 1). Note that getting short the puts at good prices is somewhat equivalent to managing the long put.
No comments:
Post a Comment