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!