I traded the following symbols: ATOS, CAG, DARE, DERM FCSC, HIBB, LEVI, MTFB, SEEL, SOLO SPI and VXRT (12 symbols).
I ended the week down ($1,242.01). This was definitely a bad week trading. I put on more size this week. The one thing that I was having an issue with was holding the winners. I would be green and I would immediately sell and book a smaller profit. On several occasions, I wouldn’t have a reason to sell and I would do it anyway. I came back from some huge down days. The one thing you do not want to have is large drawdowns as this can wreck your account.
ATOS, DARE, DERM
ATOS – break out
DARE – Just murdered on the trade. I became biased on the trade and wanted it to go higher when it clearly was given the signal that it was headed lower. I got lucky on the last breakout trade over $3.00 mark; I got approximately 20 cents which lessened the loss on the trade.
DERM – Was a trade that I got write and read the action the way it was supposed to be done. I waited on the action to give me the trade instead of becoming bias on the trade which is the way that I like it. This is one of those trades that I wish I could have watched until the afternoon as the breakdown was incredible. Once it was under the lows, DERM continued lower by another point or so, this would have been an amazing trade to hold on to. I try not to trade from my phone as it is not very easy to flip back and forth looking at charts and trying to get out of the position on the level II. I like to take trades off by 7:15ish before I start driving.
Total daily P&L: ($286)
VXRT – I started out great on the trade. Took my initial position and rode it up through to almost $4 which was a good trade. I saw more opportunity here and I took it but here again I got rattled for some reason and got out of the trade right before it ran another 70ish cents which would have been huge on how many shares I put on for this specific position. I identified the trade correctly; the error that I made was not getting out on the last position and allowing it to run against me almost an entire point which was just dumb and reckless. I could have cut the closed the trade right after I was down a small amount as VXRT gave me the signal to do that and I ignored it. If I had the gumption to get out of the trade when the trade went against me, I would have been green on the day.
Total daily P&L: ($338)
FCSC, MTFB, SOLO
FCSC – Small trade here, only took 300 shares. The trade was for the breakout over the highs of $2.90 and a push through $3.00. That was the trade that I wanted to take and it worked out fine, the problem here is that after two huge down days, I have been taking smaller size to get my feet wet in the trade. I should have added over $3.00 for the break of the whole number and the run up through $3.25. All in all good trade and good trade idea, size was okay should have put on more size and it would have been a more profitable trade. I started the day off okay.
MTFB – Small trade here, another 300 shares. I was looking for the breakout over $4.00. MTFB had a huge pullback down to the $3.50s before it decided to breakout over the $4.00. I took the trade the 1st time around and it didn’t work out well. I could have gotten in on the second attempt at the breakout but I was put off by the trade which should never happen. This became a bit of an emotional trade as I was having a tough week so far. I could have saved this trade by taking a second trade which I should have as
SOLO – Another breakout type of trade over the high which was a nice trade, this trade put me in the positive for the day and I close my day out here. Although I didn’t make any money today, I erased my losses for the day and got to green which is always good. I obeyed my rules on the trade and took the breakout over the high and let the winner run as much as possible before I got out of the trade. There were a few candles that had decent range 20ish cents and I didn’t want to turn a winning trade into a loser so I took the profits. Hindsight, I could have stayed in the trade for the
Total daily P&L: $1.71
CAG, LEVI, SPI
CAG – I was biased on the trade and thought it would definitely continue to retrace the move once it started to pull in. That was the cause for the hold which I can say is definitely an issue that I need to get under control. Once I get that under control, there will be no stopping the growth on the account. I took multiple stabs at the trade on the short side and it continued to go against me. I need to recognize earlier when a trade is not going my way and wait for a pattern that tells me either to short or go long. I got biased on the trade and wanted it to go down because I thought it should instead of looking at the pattern and letting that guide me along with price action.
LEVI – This was an IPO trade here. I was looking for a breakout over the 1st minute candle. Looking at the company and the name, I thought there would be way more demand and we would get a good push to the upside. We got a push over the level that I was looking for but it was short lived. I exited the trade as the pattern failed. This trade idea was executed properly. I took a very small position because of the uncertainty behind the trade. The volume was there, but the action on the trade didn’t look right.
SPI – The only trade that I made money on today. Small profits. This immediately went down and continued throughout the day giving up all of its gains and then some. It moved a few points and closed around $4.00. I got in at $7.15ish for the breakout. Looking at the tape, which got a bit sketchy, I closed the trade and SPI began to roll over immediately. I didn’t have any shares to short so I moved on.
Total daily P&L: ($137.28)
SEEL –Horrible read on the trade here. I should have never touched it. It wasn’t in the news, and I traded it previously the week before with a small profit based on the action. I shouldn’t have made the trade based on the action. I was looking for something to trade and I really couldn’t find anything. This definitely felt like a forced trade.
HIBB – This is another trade that I was biased on and it continues to plague my trading. I continue to take stabs at these trades that I get biased with and it continues to rack up the losses in my trading account. This is the one thing that I need to get under control and my account will grow significantly. I took three trades on the short side while not recognizing the trade was setting up to go in the opposite direction. This type of trade is the one that gets me in the most trouble and I can’t seem to shake it. I am developing a set of rules to get around this type of trade so that I can continue to push my trading higher.
- Stop being biased on the trade
- Use a starter position
- Identify the exit before you enter the trade
- Sell half and keep the remaining for a larger move in the correct direction
Total daily P&L: ($481.81)
This was a difficult week for