29th: Bad Exit

Summary

My emotions are running wild. I better keep it in check.

Ticker: GILD

The daily.

My fuckup.

Note: Once I get in something moving quickly, I must stay calm. 

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28th: Poor Execution

Summary

Step by step I am starting to understand the trades I want to take. However, I must be able to execute efficiently. Today was not one of those days and I felt it. I started to write my strategy out and will tweak as I go. There is much to do.

Ticker: NOW

How I played this.



Note: My risk was definitely too high which affected my emotions during the trade. I need to be willing to risk the amount I want and be okay with it.

Note: This was scalp play which is okay, but I really want to get an idea of the bigger picture to get the big moves.

Note: The high of candle after my entry should have been my risk after the flush because I would have been okay with it.

What I missed right under my nose.

Note: I gotta focus more.



Ticker: NEOS

This isn't even what I charted out originally.

Note: Just horrible charting on my part with no set risk. This is not the way I want to trade.

Better representation of what was going on.

Note: It looks much better and shows me that this is not a trade I should be looking for,

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22nd, 25th: Long Way

Summary

I got a long way to go with learning to trade. There are a few things I need to get straight before it can all click. I need a solid strategy, lots of sleep, and to be prepared. It's sad that I haven't been able to make a watchlist given all this time, but I will correct myself no matter what. There is no excuse for not doing so. Sterling Pro has been awesome so far, but I need to be able to use it flawlessly. I need more practice.

Swings

Ticker: AEM

Looks like a nice swing long since it gapped up today.

 My could have been more patient for a better entry and my stop was way too tight.

Note: If I am going to swing, I better start paying more attention to my stops and such.

Daytrades

Ticker: ZFGN 

The daily looked good for a short. 

 

The moment it got rejected at $9.50s, I was interested. This was VinnyB's idea that I stole and took home.

Note: When a stock just flushes, I need to be patient for volume to kick in fully to get the most out of it. Usually I leave money on the table by getting out too early. I could have easily got 10 more cents out of this trade.

Note: I need to start drawing trendlines and forming my own ideas. 

Ticker: ENOC

Paraboliced in the morning and I was looking for the backside

Note: Although this idea could have worked, it shouldn't be a one I'm looking at. I want to be looking for descending triangles and ascending triangles. Nice and simple.

Note: I added way too soon and did not give it enough time to work.

Ticker: OMED

 

This stock gapped down and I saw it consolidate with a descending triangle pattern. I took it, but it reclaimed.

Note: I did not give enough time to retest and added way too soon. I should have stuck with the trade, but I did not have a clear plan so I failed.

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Twentieth: Learning

Summary

After acquiring all these new tools, I discovered that I know nothing which means I have a lot of learning to do. The time it takes to learn  just makes it so there is no time for anything else which is great! I am no longer distracted with random things because there simply isn't any time for that. I just have to take it one day at a time because trying to do more will just overload me. 

I have started to get back into the swing of things, but I don't feel 100%. It's probably because I haven't been trading for a while and I just need more time to get back into it. The one thing I can say that I don't like is the fact that I am basically in front of the computer all day now. It's something I wanted to take out of the equation, but it is more prevalent than ever.  

I also must be looking at more charts because I am finding myself totally unprepared in the morning. Whether it means to post my watchlist on here or not, I must be prepared or else I will have nothing to trade.

Ticker: ZFGN

 

I thought I saw an ABCD pattern, but it turned out to be more of a consolidation before it went lower.

Note: I learned that it is better to be waiting to buy dips off a more solid trend than what I saw. Thinking about it now, there was no uptrend, but just a channel which was just a consolidation. Next time, I will be looking out for an uptrend before calling an ABCD and buying. 

Note: I should not have just market stops on fast moving charts or charts that have big spreads. That will kill me in the long run. 

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.

My New Setup

It's a new year and I was able to afford a few new tools for my trading. I bought a new 24 inch monitor, access to CyGroup, and a 7 month subscription to the Investors Underground community. This is in addition to what I already had which was a kick-ass machine, GSP Chatroom, and freedom. Everything together cost about $6000 and I really wish I had paid with my trading gains but that only happens in fairy tales. In reality, I was only able to afford this by busting my ass for the past 4 month and really weakening my trading confidence in the process. I am spoiled for having all these things because I know guys making everything out of nothing and I really aspire to be one of those guys. I am the opposite where I have everything and will probably lose everything.

I noticed that I have an abundance of negative energy that has taken a toll on my mental health. I thought I could channel it into something productive, but it was just too much. I got to a point where I didn't even want to trade anymore because it got too painful from my inner rage. I even contemplated sticking around my $6/hour job when it was time to quit because it was safe and made me somewhat satisfied. I felt defeated, but decided to recover. I will still channel my negative energy to be productive, but I will just tone it down. It's time to go back to the origins of why I started which was to find a consistent way to make money in the markets.

It's time to get back to work.