Another week in the books for trading and I finished the month. Finished this week up $306. Not bad after coming off a week in which the loss was low 4 figures. Just grinding back and continually improving.
Tickers that I traded: AETI, BBBY, BOXL, CLWT, CNC, CRIS, NK, PLAG, QTNA
AETI – This was a long trade over the highs. I didn’t like the action so I got out of the trade immediately. I typically do not trade stocks at this price but the action was okay up until the breakout over the high so I took the trade. A profitable trade and that is all I can ask for. More analysis on the trade should have been done before entering so that I could maximize the opportunity to make money.
CRIS – Short trade here.
NK – Another trade here. I was long on this trade but I bailed immediately as it didn’t perform the way I thought it was going to perform. I would call that a good trade. I lost money on the trade but I obeyed my rules to get out of the trade when it was going against me minimizing my loss on the trade and kept this day green.
I would consider this a great trading day as I obeyed my rules on the trades, identified the patterns that I was trading and performed exactly like I should have. A good trading day in the books, I am moving onto tomorrow to continue the green streak. Starting off the week green is always a good thing.
P&L 3-26-2019 $32.14
BBBY – Traded one ticker today. I was up early in the morning on the trade roughly $200 bucks. I shorted in right before 10am to get the move lower. That should have been the only trade that I took. I decided that there was another trade that went against me fairly quickly. The problem here again was the fact that I didn’t get out of the trade once it didn’t go my way and I held on which means I became biased in the trade for no apparent reason. This should have easily been a bigger trading day as the general idea about the trade was right, the timing was the hard part. I took three trades on one successful, another that I let run against me and the third trade which was profitable was the actual second trade that I was looking for.
A valuable lesson learned: Do not fight the prevailing trend. Wait until the pattern presents itself and take advantage of that.
P&L 3-26-2019 $12.10
CNC – CNC was down huge on the day. What I was looking for was an initial retracement and a failure to continue to move higher. Once that part of the trade set in, it allowed me to define my risk on the trade (the previous high). This is the area in which I got short. I identified my entry, identified my exit and took the appropriate size to make this a good trade. I took two stabs at it and both trades were profitable on my end. Not a bad way to end the trading day. The rest of the day was dead.
Identify the pattern of the trade, why you are trading it and all other important aspects of the trade (risk level, share size, entry, exit, profit target, support levels, resistance levels etc.)
P&L 3-26-2019 $60.21
CLWT I was looking for this to break out over the premarket high. Didn’t happen right away and the drop was so sudden that I couldn’t get out in time. I only had a starter position (300 shares) as I was looking for a breakout on the daily as well. Did not happen and I paid for it. I lost almost a point on the 1st trade of the day in the 1st 2 minutes of the day. Not a great way to start off the day.
QTNA – Dumb trade on my end. I should have reviewed the news like I always do and I would have avoided this trade. QTNA was up because of a buyout offer that was made. This would have the stock up and trading sideways all day.
PLAG – Waited for the retracement if it was going to happened and a break over the immediate high and I was waiting for the halt signal here. Got the halt and waited on it to pop before I exited the trade. Got the profit I was looking for here.
I should have sold half on the PLAG halt resume pop and waited to see if it would continue in the direction it was going. I need to be quicker on the exit when trading tickers that are running a lot. I shouldn’t take a loss that large on such a small position. Taking a $1.00+ loss is definitely not the way to go here. I need to limit my losses and not worry about or look for the bounce as it may never come. Taking large drawdowns will harm your account and you will never reach the point you need to be at in order to make several hundred or several thousand dollars per day.
P&L 3-26-2019 $60.21
BOXL was a relatively easy trade to identify and make. I was looking for the breakout over the high which I got. I was extremely patient here with the trade and watch the tape and the five minute chart for my entry. I got the breakout that I was looking for over the high and I sold half of the position and allowed the other half to continue on and add more money to the account. This was a picture perfect trade from an execution perspective. This could have definitely been a better trade if it took off like it was supposed to. All in all, I am satisfied with my trading today but there is still a lot of room for improvement.
Selling half of the shares once that I am in profit, I am calmer and allow the trade to work for me and make that additional money that can be made. The trades that I identify as profitable, I tend to sell to fast and this has helped me stay in a winning trade longer and it maximizes the gain from the trade.
P&L 3-26-2019 $158
This was a great week for me in terms of trading, coming off a bad week and losing low 4 figures. This week put me back on the green streak and boosted my confidence going into April. I will continue to identify inflexion points and make my trades based on those points. These are definitely high probability trades and are working for me currently. Selling half and letting the rest ride is definitely a great strategy. I’ve identified the point, in which I want to get in the trade, what I haven’t done is determine the exit before I get in the trade. This was a great week in terms of trading and I am enthusiastic regarding the possibilities for the upcoming month on how well I will do with my trading obeying my rules. Another week in the books and the 1st quarter of the year is in the books.