16th-19th: Poor Exits

Summary

My confidence has been shattered and I will not be making any money until I get it back. My entries have improved, but my exits have turned into shit.  I have not been letting my trades test out my ideas. I must be patient once I enter the trade and allow it to work!

What must I do?

1. I must work on being patient with the trade and realize when a good exit actually is. I used to be better at my exits, but now it seems I get scared out by any type of movement. 

Ticker: FRAN

 Terrible.

Note: I was only risking 30 cents. There was no reason to cover this early. Everything was in my head because I was thinking how not to lose.

Ticker: ANDE

Gapped up and missed the squeeze. Missed the pullback as well. 

  

My entry wasn't  the best, but I was just risking 42 cents worse case.

Note: There was no reason to cover.

Ticker: SONC

There was a push and I got out because I panicked.

Note: There was a better exit and I panicked before I was able to get out at a better price. This was stupid. I should be calm when I am wrong and wait for the best exit.

Notice a mistake? Let me know below! 

11th: Wrong Risk Levels

Summary

I am not giving the stocks enough room to breathe. This is due to poor entry and poor risk assessment. I am also not taking advantage of my long opportunities. I must realize that I can make money going both ways.

What will I do?
1. I will take more long trades when they present themselves to me. I must be absolutely comfortable before getting to the trade. Any slight stress can cause me to play it wrong.

2. I really must assess the risk more carefully. I developed a system to do that so I can be more accurate with my risk assessment. Once I assess the risk more successfully, I must take the trade by taking fantastic entries. I mustn't be scared that the price is close to my risk because that is the least riskiest.

3. I will once again try writing out my ideas and will slap myself 5 times if it breaks my rules.

Ticker: M

My plan should have been different and I should have risked towards $34.50s. That would have prevented a poor entry and early shakeout. I should not be adding until I am actually right and in the money. I suppose in this situation it was okay.

Note: I gave this trade no room to breathe and paid the price. I added in when I wasn't comfortable so that also led to my demise. 

Note: This trade would have worked out if my risk assessment was done properly. I would have had a better entry and would not have been scared out. When I short in the morning, I should short with less shares based towards my max risk. 

Ticker: ZIOP

The plan was to risk $9.50s over/under. It should have been fucking $9.

Note: Thus was shit planning on my part because parabolic moves usually push higher.

How I played it.

Note: Terrible! I didn't even let it test $9.50s over/under. I just got scared out. This was a terrible play. If I risked towards $9, it would have been no problem because my entry would have been better. 

Notice a mistake? Let me know below! 

Watchlist for 9th

Main Watch
SRPT - Looking for a consolidation in the morning and continuation long from yesterday.

HLF - Looking to short into any pops in the morning risking towards $66.

CVEO - I will short any pops in the morning risking towards $2.

EVHC - I will short any pops in the morning risking towards $24.

5th: Stick to the Plan!

Summary

I did not stick to my plan today. I ventured off and got my head chopped off. I must remember to always stick to my plan, always be patient with my entries, and always get out when I am wrong! I am close to figuring it out, but I am preventing myself to become successful. 

It's like every time I come close, my mind just shuts me down and transports me into a disarrayed state. I must figure out a way to re-focus my mind when this happens. 

My plan -- The few ways to reset?
Going to the gym is my way of bringing my mind back to a peaceful state. This may be the best method for me because it's been tried and proven.

Getting away from the computer is definitely a proven method to bring my mind back to focus. However, as my mind wanders, I don't think I can come back.

Worst case is maybe watching a movie or playing a game. However, these are time wasters if not done properly. 

Ticker: RYAM

I changed my plan as soon as I got in. My share sizing was based on a different plan. I should have got out as soon as I was wrong. Every second I wait is money drained from my account. 

Note: I must stick to my original plan. It's okay to get out if I am wrong because I can always get back in. My goal should always be to manage risk.

Note: I had a chance to get out earlier so I should have. I must take every opportunity the market gives me.

Ticker: VNET

I thought the stock will find some support at $19.

I was late too the party and played this with no setup.

Note: I should be patient and wait for the setup to come to me. I rushed and got a poor entry. If I feel the need to rush, I should take a step back and not take the trade. 

Ticker:  MUR

Random stock.

Note: I must stop playing these random stocks with NO setup or plan.

Notice a mistake? Let me know below!

Watchlist for 5th

Main Watch
WFM - Looking to buy out of the open and risking towards $28.65s over/under. Any dips afterwards if it trends upwards.

RYAM - Will be looking for a weak open and risk towards. If it pops, I will see if it peaks around $13.60s and risk $13.75s.


Side Watch
TSRA - If it opens weak, I will short because I think there will be some profit taking like the other times.

TPUB - Offer by Gannett was rejected, I am interested to seeing how the stock will react to that. 

Watchlist for 4th

Main Watch
SRPT - Looking to short on weakness in the morning.

TSRA - If it opens weak, I will short because I think there will be some profit taking like the other times.

Side Watch
AAPL - I think a consolidation like today and a continuation from yesterday is appropriate.

2nd: Terrible Trading

Summary

I had a head start again in the morning and turned it into shit. I think my plans for the morning has become a bit better while I don't have any plans for the afternoon. If I want to play the afternoons, I must start scanning for stocks that I think will have a run in the afternoon. Stocks like SRPT where the daily chart didn't look half bad with a solid thesis behind it.

A trade with a thesis is something VinnyB always stresses and I agree. I think I am not doing well in the afternoon is because I never made any plans for those trades. They are ALL random! 

What will I do?

After today's loss, I have developed an aggressive money management strategy that is based on my current account size. It will help push the pace of my trading progress and help me finally define my risks/rewards where before I had nothing.

I will only play stocks I have a plan on. No more afternoon plays with no solid plans. I know I said it before, but now I must mean it. I will fail if I continue what I am doing and my account will reflect it. I have been reviewing my watchlist and some have been working. I will continue to post these and improve it as time goes on. 

I have discovered some of my ways to waste time and will eliminate them from my life. Time is a precious thing and I must use every second productively.

Ticker: DRYS

I shorted cause I just thought it was an unwarranted pop. There was no plan here.

Note: There was no solid plan here. It's a type of chart I should stay away from. It took back the money I made from it.

Note: There are times I know I am wrong and the chart gives me an opportunity to exit. I must take those opportunities.

Ticker: BRCD

I had no plan here and entered poorly. I got out because I realized that.

Note: SSR was on so I should have been patient when I missed my opportunity in the first minute. If I miss a trade, then I miss a trade. I must not chase it!

Note: I must realize that a bad entry is no go. If I miss a trade, then I simply miss a trade!

Ticker: ULTR

I saw an ABCD pattern here and decided to give it a shot. This was NOT a good play because the 15 minute chart did not support it. The pattern was broken and I still didn't get out.

Note: I noticed that ABCDs work when Cs last longer. This is because it has a longer time to consolidate. The plays I play are usually good shorts.

Note: I was given a gift by the chart to get exit and I didn't take it like an idiot. I was there hoping and that got me killed. I must realize when my idea doesn't work to GET OUT!

I got killed for playing the lull.

Note: I was looking for a short, but got killed. It wasted 3 hours of my life and had no volume. I shouldn't play this bullshit.

Note: My original plan was to see $0.55s peak, but I just rushed into the trade. I must WAIT for the trade to come to me!

Notice a mistake? Let me know below!