Gross PnL: +$58.
After Commissions: +$30.
Relatively happy with the day. OSUR was obviously a fantastic trade idea (that was minimised). There was some mistakes though:
I'm really happy with my entry/lack of fomo and discipline on OSUR. The mistake comes in where I didn't take the quick $100 on a pop (which is what I am currently doing to encourage consistency). I wanted $6.94, and the high was $6.89. This was greedy because $6.94 is slightly above yesterdays close. If I had taken that sale I would/should have got long again at the same price to rinse and repeat the trade. In that case, that trade then turns into a trade2hold for two reasons: (1) I already have locked in profits, so going for the big win is no longer against consistency guidelines, and (2) The price action changed to a grindy/trendy type action, and therefore it is reasonable to hold until the trend breaks (compared to the open when it's popping around).
It is important to note, that if I had taken that quick profit off the open, I would have been more comfortable to hold the trend trade until the trend broke.
And in general I'm just not happy with the AEZS trade. I have made a note on my trading notes that the entry was a chase by at least 5c. The other thing that is very obvious is that I clung onto the trade for as long as I could, when I could have easily got out $3.68+, (eventual exit was $3.64). This might seem nit-picky, but that's 4c+ on either side of the trade, which substantially changes it.
Imagine the scenario where I had entered $3.70-$3.75 (instead of $3.81), when it pops to $3.90 I am perfectly justified in selling there, AND if I don't sell there when I eventually stop myself out in the $3.68(ish range), it's a loss of less than $100 instead of $190.
As a side note, it's pretty obvious that my impatient entry and poor stopping out are probably correlated, so in future when I get a bad entry I should just sell out as soon as I can and correct myself.
Overall, should have been a really decent day, but unfortunately due to some (relatively minor) mistakes it wasn't.
Preparation: 7/10
Patience: 5/10
Risk-Reward: 5/10
Discipline: 6/10
Flexibility: 6/10 (Happy with my adjustment on OSUR to hold trade, unhappy with my decision not to sell pop on AEZS after showed me idea wasn't working)
Greed: 4/10 (feel like greed probably contributed to impatience on AEZS)
Over-trading: 8/10
OSUR:
AEZS:
No comments:
Post a Comment