Piss Poor Trades #1

What's up folks?

I'm have been trading everyday for the summer, but have been too lazy to make a post everyday. This has slowed down my progress greatly and does not help me learn as effectively as possible. I decided to change this and do a series on the worst trades I took and how I could have prevented it. This should help me review these charts and let me know how to avoid them in the future.

So here goes nothing.

Ticker: ACAD
Date: 07/15/15

The chart was overextended on the daily so I decided to give it a try. My first attempt was was @ $51.07 because I saw a higher low and thought it was done. It quickly trended up which was a sign I missed and went higher. I covered @ $51.65 which was bad. I tried again at $51.60, but it came back before it came back down.   My stop should have been @ $52, but I just decided to say fuck it because it didn't look like it was going down anytime soon.

Lesson #1: I need to set stops quickly on fast moving charts or I will get run over if it goes against me. 

Lesson #2: I should play smaller size because it was the front side of the move. Playing with smaller size would allow me to be patient on the play and set my stop to the appropriate amount. I can even add in once the chart looks weak.

Lesson #3: I need to recognize long consolidations faster so I can get out more quickly without losing.

Ticker: NCR

Date: 07/20/15

I tried to play this chart because of the quick parabolic upwards. I again played the front side and did not get out when I saw the consolidation pattern. I re-shorted, but got out. It eventually worked, but it's not how I want to play these types of stocks.

Lesson #1: I should remember to look at previous days that had similar action. The day before did the same thing and I did not heed its warning of a second leg. 

Lesson #2: I was thinking about holding it for a swing, but I realized that this was stupid because I didn't even know the news. I need to stop thinking about swinging things if the chart doesn't go my way. 

Lesson #3: Since this is still the front side, I need to use smaller size to limit my risk. Then, I could add in if it went a little higher instead of stopping out. 

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.