Gross PnL: +$629.
Net PnL: +$569.
Preparation: 7/10
Patience: 7/10
Risk-Reward: 6/10
Discipline: 5/10
Flexibility: 8/10
Greed: 5/10
Over-trading: 7/10
A weird day, some minor mistakes (in terms of process), but they had big implications on PnL. Overall didn't trade much because I didn't have strong conviction on anything. Hindsight I probably should have had slightly stronger conviction on the trade ideas I didn't execute on (although I ended up full size on them anyway).
Nailed the morning move on RTRX, was up around $500 realised, and $500 unrealised. At this stage I had a fair bit of conviction in a close near the high of day (whatever that may be), and despite the fact that it closed at the low - I still think I had the right thought process. Problem was that I executed a mix between a breakout trade (long on breakout, stop below, flip half to cover risk quickly), and long dips (risk to vwap, long on each washout and flip half quickly).
I wanted to play around with the unrealised profit a little - if I had traded each plan I would have given back the unrealised profit, but kept the locked in profit. I ended up getting long the breakout, and didn't cut it until sub vwap.
Think the problem here was a bit of greed (only focusing on how high it could close), and discipline for not having a clear risk management plan.
Otherwise, a really solid day, with some good patience etc. Like I say a minor mistake, with big monetary implications. I'm not too worried about it going forward.
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