Trading Review: 08-12-2016

Gross PnL: -$3082.

Net PnL: -$3286. Equivalent to how bad I traded, I didn't provide much liquidity today.

In the past, my bad days can generally be categorised into two categories. (1) Adding to a loser, or (2) Over-trading, by over-valuing slight movements in my favour and adding to winning at poor prices. In this particular instance it definitely comes down to the second case.

Preparation:5/10
Patience:3/10
Risk-reward:3/10
Discipline:5/10
Flexibility:3/10
Greed:4/10
Over-trading:4/10

This time, this type of bad/tilted trading comes from wanting to crush a good setup a hit a big winner. Even though I noted going into today that I just wanted to lock in a smaller day and help with the consistency - it wasn't enough. Next time I can sense the pressure of past big winners coming into play, I need to not only acknowledge that I want to lock in a small winner, but also go through the process of visualising how I'm going to lock in a small winning day. That is, to say visualise getting good entry points, taking profits quickly, and only adding to winners after a long period of confirmation - not just a minor move in my favour. The focus always should be on getting good entries. I feel that looking at todays charts, and review will probably help with that in the future because of below.

Today could have easily been profitable or certainly breakeven. The mistakes on CYCC are not quite as obvious (but are a result of the same thing)... However, the mistakes on ACIA are incredibly obvious. On the picture the first highlighted shorts are adds to decent size. If I had been patient for the better entry on them, I would have nailed the reshort near the high, and therefore covered more on the resulting dip (where I covered a tiny bit). The second highlighted circle is the final add, by which time I was already far too biased.
Recognising the bias would/could have help flipping long earlier.

A side note: I carried on trading far longer than I should have. The day was unlikely to get any better after I was down approximately $1500, so I should have finished up there.

Another side note: As a result of morning losses I was far too greedy on the long ACIA trade (and entry was a tilted entry anyway).

ACIA:

 CYCC:

 EXAS:

 NUGT:

 NVDA: I missed original stop on this because was feeling over-whelmed from other trading. Could have been a nice winner.