Monday, August 1, 2016

No Chance

I blew it.

I forgot that CyGroup included the Sterling Pro bill for the current month, so the dream is over. I prepared diligently for this month and have nothing to show for it. This has been a devastating blow to my spirit and mind; but like the market, anything can happen.

I really don't know where to go from here. I guess that is the life of a maverick.

P.S. If you guys want more, check out Vinny's blog

Friday, July 29, 2016

Do or Die


My Situation 
I traded like shit this month and my CyGroup account reflects it. My account will be frozen once it reaches a -$3800 balance and I have a -$3400 balance now. This means I only have $400 in my account which will be $163.20 next month after the platform/data fees. Next month is my last chance to prove to myself that I have what it takes to be a consistent trader.

It will be the toughest month of my life and will determine my fate as a winner or a loser.

What's next?
I have been trading for the past two years and everything has come to these final moments. My odds of surviving are slim to none given my circumstances. However, I am not going to quit. I will review everything I learned and grind my ass off next month. I will do whatever it takes to become consistent.

I'll see you guys on the other side. 

Friday, July 8, 2016

8th: Not Respecting Stops

Summary

I did not respect my risk and the trade took me out of the game today. This is the reason why stops are so important and why I must just get out when my risk area is hit. 

Lessons 
1. I must respect my risk levels and know when I am wrong.
2. I must take what I can get and not be greedy.
3. I must play the game towards my strengths.


Ticker: EW
The daily.
I didn't get out when I was ahead and I just kept trying to get out at the bid when this thing was jumping up.
Note: I should have realized that it was going up at $103.60s. I got greedy and paid for it.
Note: There was a big spread and no sellers. I thought I would get out when it retraces, but it just went straight up. I had no chance.
Note: Next time I have trouble getting out of a situation, I am going to just take the loss and take the ask. 

I tried again and got killed.
Note: I should stick to my strengths and not short weakness.
Note: I should review when to get out of positions. Especially if they are as clear as this one. 

Notice a mistake? Let me know below! 

Monday, June 27, 2016

27th: Breaking Rules

 Summary

Whenever I broke my rules and lost big from a trade, I would assume I couldn't trade the chart anymore because of its high price or volatility. After losing big today, I realized that there were still plenty of opportunities left and I just had to wait for the correct setup that didn't break my rules. The range problem usually disappears once the volume dies out and it is the low risk high reward setups that usually take care of the high price. Trading with 100 shares seems much more doable with the right setups.

What rules that I break?
1. I have an unofficial rule that prohibits me from trading when I am not feeling well or tired. This is something I thought of that I probably will work on today formally because fatigue definitely affects trading in a negative way. I usually trade through fatigue because I like to trade, but I think it definitely played a part of my downfall. If I had a proper rule in place, I would have been better off.

2. I did not manage my risk correctly and was simply not thinking in the morning. The damn chart was over $90s and I didn't even bother to calculate my risk. I went straight in like a fish and got slaughtered. I just didn't bother with risk management in the morning because I was lazy. This laziness cost me $2.00 a share.

How do I plan to fix it?
This is a huge hole in my trading that must be fixed. I was totally unprepared in the morning, so I will make a list of rules I will read in the morning everyday so I don't forget.

Ticker: GWPH
This was the daily chart.
Note: The news was meh at best. I knew the move was overdone because there was really nothing else for traders to do today.

My poor plays.
Note: I should have stopped trading it after my initial fuck up. However, the urge to get back from this chart was strong. This was my biggest mistake, I should have left it alone until the chart was in my favor. 

Note: I realize my mistake and wait for the best setups. At this time, the volatility was high so I should have just waited for it to die down a little more for a good setup.

Missed opportunity.
Note: Instead of taking this off my watch. I should have kept it on and waited for a good setup like this. Since I took it off because of my stupid beliefs, I missed this golden opportunity to actually make good money. 

Notice a mistake? Let me know below! 

Friday, June 17, 2016

Reset

The moon and the sky taken in Bagnara Calabra.
My mind burned out from trading and needed a reset. So, I took off and traveled to Italy with a few friends.

Did I have the money for that? Not really, but it was worth every penny.

I went off the grid for three weeks and really tried hard to soak it all in. I learned that I didn't really need to try at all. All I needed was to relax and I never understood that until now. I worry way too much and it affects my trading. It causes me not to give trades a real shot and to get out of them prematurely. Worrying makes me a bad trader and the only solution is to relax.

I'd like to thank Italy for realizing that and resetting my brain. It was much needed and I would go back in a heartbeat if I could. But for now, I think it's time for me to trade consistently.

Thursday, May 19, 2016

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! 

Wednesday, May 11, 2016

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!