Gross PnL: +$518.
Net PnL: +$470.
Preparation: 6/10
Patience: 5/10
Risk-Reward: 6/10
Discipline: 4/10
Flexibility: 7/10
Greed: 6/10
Over-trading: 5/10
Probably the worst trading this week by quite a stretch. Bit of stubbornness, a lack of patience, lack of discipline all crept in. FNSR and WATT aren't worth going through because they were just standard trades - nothing to report about them.
The mistakes on LXRX originated from a misplay. I initiated entries (perhaps as a result of fomo somewhat), as though I was playing a low float stock. That is after the opening spike is the time to size into the short. As always though, a misplay is only a misplay, and doesn't equate to a big loss.
A hypothetical here: If I had traded the stock long I should have made money, by sizing into the trade with risk on the low. If I had traded it short I would have made money by shorting strength and covering weakness.
Instead I lost money on the short side (approximately $1200), then stopped and reversed (with a lack of patience) and lost money on the long side ($400). I then moved to short, and carried the short all the way to the highs. Then broke max size adding there. Again I broke patience by adding covers back too soon - simply wasn't playing it cautious enough.
Fortunately I realised that I was completely misplaying it (which is the reason I gave flexibility a good score). However, a disciplined person would have closed out the short; then looked to re-establish at appropriate place. Instead I broke the one rule that I have been focusing on not breaking.
This type of trading (the premature adds, and being too reactive to shorter term price action) is very symptomatic of my worst trading that I do. Fortunately I wasn't compounding my mistakes - so perhaps a good point of progress reached today.
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