Trading Review: 06-29-2017

Gross PnL: -$692.

Net PnL: -$927. $43 in borrows. This doesn't seem quite right, maybe the charge for hold DRYS for 3 days got taken today??

Today was the epitome of what I've been doing wrong. Today stubbornness was an issue; but the stubbornness arises from getting the shitty entry; and then not wanting to take the stop.

SPEX is the perfect example, why short after a 50c washout? I mean WTF...

So solutions:
(1) Focus on my process (shorting against hod, until 10:30 then vwap can be used if trending).
(2) Enter stops at entry.

Going to do the 20 day count for entering stops at entry.

Trading Review: 06-28-2017

Gross PnL: +$1696.

Net PnL: +$1680(ish). I included the borrow fees yesterday.

As previously mentioned, obviously this isn't ideal... Covered down at planned spots and wasn't greedy.

But biggest shame is that my first withdrawal since coming back is as a result of breaking my rules - not good trading.

So yeah need to get back to the mindset of always having flexibility and not really adding to a winner. Even the times when it's been okay to add to a winner have been too impatient.

Trading Review: 06-27-2017

Gross PnL: -$614. This is with DRYS at $2.70.

Net PnL: -$830. $176 in borrow fees because have no paid for DRYS for 3 days.

Interestingly enough I don't have too much of a problem with the balls deep DRYS short. Obviously not what I really want to do, but the bigger problem is with my trading.

Am trying to get good trades off on each stock instead of using a starter and saving the bullets for new highs, taking profits quickly. Should only be aggressive on things that really have a strong bias on; and haven't had that recently (CBIO was the closest, and I still needed more patience on my entries on that).

Best example is MBRX where I didn't cover down on dip, then I could have re-established into new high; but also applies to AVEO (adding near lows instead of highs) and applies to DRYS.

Contemplating taking the rest of the week off (excluding managing DRYS short) - and come back next week with proper attitude.

Trading Review: 06-26-2017

Gross PnL: -$173.

Net PnL: -$245. $39 in borrows.

Think probably the main mistake today was overtrading. Wasn't a huge amount of opportunity there. And although as AVEO got higher it was a good time to being into it, I was definitely too antsy to begin into it - same goes for RAD, and my CBIO add.

Little bit of a shame, but that being said it was difficult price action. Although easily avoidable losing day.

Side note: Quite happy I took my losses on my 2 AVEO trades. Although unfortunately being stubborn would have paid off; that's what I get for being early. Also the second trade was pretty dumb - ended up rally back as expected.

Trading Review: 06-22-2017

Gross PnL: +$275.

Net PnL: +$209. $13 in borrows.

Another really solid day! The theme of not much on watch premarket and then reacting to price action when market opens continues. Except in the case of DRYS today.

A couple of comments about today:
(1) DMPI was a chase. Could have had a little entry on a pop. That wasn't the place to go near full size.
(2) Did a great job of sizing on DRYS. I wasn't sure where it would peak to start with, so only shorted a little premarket.
(3) TROV nearly got stopped out. Should really have been adding where I nearly got stopped. Well executed on the take profits though.

Trading Review: 06-21-2017

Gross PnL: +$395.

Net PnL: +$327. $36 in borrows. Large cost in borrows is due to me preemptively borrowing 400 shares of MYO despite only using 200.

Big takeaway from today is that MYO's range was far too big for me. While I was prepared to execute on my plan - if it had been a losing trade it would have stung. Secondly; MYO is slightly outside of my niche, in price and in float rotation. Would happily have traded a float rotation stock if it was this price. Point being, would have been prepared to trade it if it was a DRYS that was in the $10-$20 range, but because it was a more "real" company I was probably better off avoiding it.

Overall though really happy with another day of sticking to my core strategy. Consistency is really showing with 3 profitable days and every trade profitable (although today MBRX nearly wasn't). See no reason not to keep this up for at least a month; and even size up before spreading to other strategies.

One comment about today. I was slightly under-prepared for market open. Need to make sure I have my windows all up to date with what I plan to trade etc. Because I find it "easier" to pay attention to a fewer number of stocks I definitely have a tendency to slack on my preparation; which isn't good enough.

Side note: Got the move I expected on MYO, but as mentioned I realised it was outside of where I wanted to be, and traded pretty spotty... So happy to have missed it.

Trading Review: 06-20-2017

Gross PnL: +$193.

Net PnL: +$171. $7 in borrows.

Another day that rally happy with. It didn't quite go down as I had wanted to; but made the most of the limited opportunity.

Was patient for LPCN entries on the open and didn't get the prices I wanted so only filled 100 shares. Quite happy with this patience.

Then patiently waiting, little bit frustrated with missing LPCN and then SGOC came around and did a great job of being patient for entries.

Trading Review: 06-19-2017

Gross PnL: +$150.

Net PnL: +$137. $7 in borrows.

Solid day, came in and did what I planned to do. That is, only trade stocks sub $10 on the short side. Other thing I'm quite happy with is that there was literally nothing on watch going into the open so I was patient and then this popped up.

One comment, I was a little bit eager to get into full size, and as a result sized a little too early... But all good!

Trading Review: 06-06-2017

Gross PnL: -$1052.

Net PnL: -$1086.

Just a joke, another one that I underestimated the range on. I've gotta stop being pressured by the PDT as well, I flipped the BLUE short to long on the closing order to try make it back to stay above...

Just not hitting my stride recently. Very frustrating given that I had such a good day recently. Again, just feels like need confidence back; and perhaps a bit more wiggle room to work with (which is why the wide range stocks aren't working).

I think when I come back to trading in a couple of weeks I will focus on only shorting stocks under $10 - just to focus on one play to bring in some consistency - then after at least a month of consistency doing that - with a little more wiggle room slowly expand.

Trading Review: 06-05-2017

Gross PnL: -$194.

Net PnL: -$229. $8 in borrows.

Right idea today, just underestimated the range on LOXO. Also didn't have stops in when I went on the long side on LOXO. Day should have been finished when I underestimated the range on the long.

Trading Review: 06-02-2017

Gross PnL: +$178.

Net PnL: +$106. $14 in borrows.

Bit of a scattered day. Although WDAY was an excellent trade idea, it probably wasn't executed to perfection with my close stop (because of range) at risk of getting wicked out. Rest of day was pretty scattered. Lost more than I had intended on EXAS short.

Need to pull in the pickiness on ideas a little bit - am having the same issue with crypto-trading at the moment which is kinda funny. Slow things down and focus on execution/good ideas.

Trading Review: 06-01-2017

Gross PnL: -$407.

Net PnL: -$491. $24 in borrows.

Man what a day! Before I go into what happened I want to credit myself for switching bias on ADI. I was extremely tilted and knew it... But switched bias AND waited for the correct entry. Really impressive stuff.

(1) So to start the day I was really happy with getting the "low hanging fruit", that is MBOT and CBIO. Even though borrows were expensive on them.

(2) Second I got a good long on ADI. It popped nicely and I narrowly missed my sale (but sale should have been a little lower), and it got rejected exactly where a textbook short setup would have been rejected. I tried to ditch it into a pop but ended up taking the stop.

(3) Tried ADI again, saving grace here was that I got a little sale into the pop.

(4) Still prior to 10:30 I tried to scale in again, this time I got it nicely and sold the pop into vwap. Overall I lost too much on the long side to try the third long. Could have lost a bit less on the first trades. There shouldn't have been 3 trades. Only 2.

(5) Tilted, and realising I was tilted I deliberately held disciplined. Wanted to add to ADI near low, but resisted - which I'm super happy with.

(6) Then best moment of the day switching bias AND being patient for the short entry. Absolute beauty, and definitely a sign of how I'm managing my discipline.

Finally MBOT. As mentioned one of those low hanging fruit, but is pretty hard to place stop on. It sort of got away from me. One of the only times in recent past that I haven't had stop set at entry. Then I incorrectly assessed that there was very little risk of it going over yesterdays high so I added above full size. Dumb stuff. Loss should have been around $100.

All-in-all should have been a flat to slightly negative day. MBOT was a hard stock to trade based on it's price action, but no excuse losing that much on a single trade, and breaking rules. Really disappointing after such a good day yesterday.

Trading Review: 05-31-2017

Gross PnL: +$391.

Net PnL: +$302.

Absolutely sick day! So stoked with it. If there was a trade that perfectly sums up the day it would be my ADI longs. The stock downtrended quite significantly and I made money buying new lows. Incredible patience for the good entry.

Kind of a day that makes me think I'm back! Yesterday traded pretty solidly (despite losing day), so definitely on the right track. Lets not get too cocky and repeat this over this coming week.

So patience, and take profits! I didn't quite get this 100% (the CBIO short), so room for improvement. That -50 should be +50. Not super happy with EXAS entry, but really happy with exits on it as well.

One thing I learned from the day was that the smaller stocks like CYTR really aren't worth the trouble (although I didn't take profit into the wash).