Twentieth: Failed Read

Summary

I stupidly sold 50 stocks when I had 60. This was a $25 mistake that I don't want to do again. I need to look over at my position to determine my total position before entering it.

The market continues to surprise me and prove me wrong everyday. A reason for my misfortune is due to some fundamental mistakes that I have been committing. It is today that I realized these mistakes fully and how it affected my judgement on some charts. 

Mistakes

1. Assuming that is chart is done for the day based on daily.

2. Placing incorrect trade specifications.

3. Using only one chart for determining when to enter.

I need to correct these mistakes if I actually want to make profit. If I don't, I will just fail.

  Ticker: PBMD

Although my initial opinion for this chart was long, I quickly shifted views after it broke down during the one minute chart. I should have just kept an open mind for the possibility of this going higher.

Note: I had the right idea in the beginning but quickly dismissed it after what the 1 minute chart was doing. I cannot dismiss anything and must keep an open mind. 

My idea was to long and anticipate a $3 break. The chart was holding higher highs at the time so I purchased some @ $2.81. As you can see, I focused on the one minute chart and stupidly did not consider anything else. After the flush down, I sold out @ $2.70. I quickly switched to a short view for this chart since it has already been up so high. This was my first mistake.

Note: I quickly switched my views to short as soon as my long attempt failed. This chart also did not show any signs of continuation for longs. This was my biggest mistake because it stopped me from looking at the bigger picture. 

This was the bigger picture I should have been looking at. This is what my original plan should have been. If I only looked at all the charts, I would have noticed that the 5 minute view was the chart to work with with this ticker.

Note: If I took 20 seconds to look at the 5 minute view, my whole strategy would have been different. I would have made bank and today would have been a good day. Instead of this, I lost $15 on commission and took a $6 loss on top of that.

Ticker: CLRX

I added in @ $0.77 when it was almost low of day. I will trust this chart since it is still producing higher lows and higher highs. The bar types such as an indeterminate bar does not bother me.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.

Eighteenth: No Deposits

Summary

I rushed a purchase today when I should have been patient. The reason is probably because I was too excited to be back in the game. I am waiting to re-fund my account so that is why I have been purchasing lower price stocks. 

Suretrader has not allowed me to deposit money into my account because they are reworking their ACH system. 

Ticker: CIDM

So the bar was above the $0.95 support and I bought it early without being patient. An amateur move and something I hope not to make again.

Note: I was too anxious too trade and rushed. Given that this was a lower volume stock and it was not a clear breakout with volume, I should have known that it was weak. 

Ticker: CLRX

This chart was following a upwards trend. It is making higher highs and higher lows, so I thought I would buy in. This time I was a bit more patient and purchased when support came in. 

Note: The stop is low of day and I will be patient for this to go towards $1.00. 

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.

Fourteenth: Rushed Stop

Summary

I thought I had this trade nailed, but unfortunately, I added in and rushed the stop on a swing trade. I suppose I misrook a day trade stop from a swing trade stop. Especially on a stock below $1.00. 

This should have been my big win, but I lost anyways. I am very disappointed. 

Ticker: GTXI

I added in because it broke out above $0.98. At this point, I thought I would lower my risk by placing my stop below $0.98 because the stock was above $1.00 already at this point. I didn't think there would be a big pullback before the end of day. 

Note: It seems like I made this a day trade kind of stop instead of a swing trade kind of stop. This is something I need to be aware of if I am to continue forward. 

So it did the thing I thought it wouldn't at the end of the day. It just crashed and burned. I should have seen this coming because of the massive push and volume before the drop. I just thought $1.00+ could sustain. My stop should have been @ $0.87 instead. 

Note: I should be patient on Swing Trades and should remember that stops should be set accordingly based on that. I should NOT assume that resistance is support UNTIL it has already tested the area for a while. 

Note: This should have been a simple add, but again, I fuck up.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.

The Eighth: Patience Pays

Summary

I took a long break from posting to re-focus. It was what I deeply needed to stay in the game. I realized there was no point in posting every loss. I just want to put my head down and get back to work. I will continue doing so until I am back in the game.

Ticker: GTXI

It formed an ABCD pattern and held a higher low at C. It also broke out of the descending triangle and held trend. I BOT @ $0.76 anticipating for the $0.82 breakout. It took a while, but it finally broke out. My patience seemed to have paid off.

Note: I will continue to monitor this and will add into it if it holds $0.84 as support. I will hold until $1.00. I will also probably up my stop on Monday. 

Ticker: STEM

The idea was for a morning consolidation before another push. I got in early @ $0.64 and waited for the push. It did not happen so I sold out.

It pushed forwards to $0.65, but it couldn't break it the second time. I should have noticed this and sold at a higher price to recover some of my losses. My stop was @ $0.63.

Note: This idea just didn't work. I will sell more quickly next time if it does not break the resistance after the second attempt. I need to remember that I can also buy back in if it works. 

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.

First: Bad Trade

Summary

I lost internet for a few days which resulted in me not being able to trade effectively. I made a bad trade in the first place so there should be no excuses for it. Today, I sold out feeling more terrible than ever.

I don't know if  I can continue trading like this. There is definitely something fundamentally wrong about my trading. Every loss is taking a slash through my chest. The pain is there, but I need to keep pushing forward to succeed. I might have to carefully review again before coming back.

News even came out for the company, but it was not enough for it to carry through.

Ticker: ASTI

The trade was not worth it. I thought it might have based yesterday and continue an upwards trend today, but it didn't happen.

Note: The risk vs. reward was bad. This was a bad trade overall.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.