Improvement: 08-11-2016

Today was much better than the prior day.

Did a really really good job of being patient and getting solid entries on KURA, without a fear of missing out. Probably the best job I've done since starting back.

Two trades today had signs of fomo in them. BABA and MPET. FOMO reared it's ugly head in different ways in them.

BABA: If I wanted to take this trade I needed really good prices. The idea wasn't bad, but it just never really had excellent risk-reward that I look for. If I had been 20 minutes earlier to the trade, and begun building a position earlier it would have been incredible risk-reward.

MPET was a terrible trade. The thought process was to start scalping around a position to try and build in some profit and develop a core position for another float rotation leg. THERE WAS NEVER ANY TRADE SIGNAL. And the risk-reward definitely didn't make sense. This is a pretty decent cost of fomo, when you consider that I hit a monster trade on NUGT and made $479 (which I consider to be really good), yet lost $300 on MPET.

Way forward: Trades that get put on, in the intention of developing a position need to be at really good prices. For example my trade on the open on REN. I had an order resting there as a spot I was interested in beginning to build a position. This was because the risk-reward made sense at that spot. It may have been a wide risk, but that's why it was only a starter position. I ended up getting a fill at the relative peak because I was picky on the price.