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!

Trading Analysis

Ticker: ANGI

I am officially too poor to trade now, so I have resulted to doing trade analysis for myself to practice. This will help me in the long run because it will force me to look at each trade carefully and remind me of things I should be looking out for.  

I made this analysis on today's volatile mover ANGI. At first glance, the analysis may be very complicated and I am not sure if I am actually on the right track here. I made it based on my own experiences trading. So as I was watching this chart, there was this one bar that convinced me to buy, but I read the situation completely wrong. Luckily, I did not buy. After the morning move was completed, I went back to the drawing board to write up what I should have done.  

Analysis for Bounce Play

This chart had a huge day yesterday and during pre-market today, this chart just gapped down. My first indicator shows huge interest and it is ultimately negative as it gapped down and closed red. This means that the buyers were not able to overcome the sellers at this point. The next two bars, the price jumped, but the interest of the stock went down. This would have been a great place for me to start my short. 

On this analysis, I focus on when the bounce is. Indicator 3 was where I thought the bounce was initially, but looking back, I was foolish because the the volume did not even spike yet. I completely forgot about volume which is not a good sign. 

Start from Indicator 1 through 8 and it will tell you what indicators there are. I will be looking at this chart for review everyday. Since I am out of money, I will look for charts like these and maybe even swing charts and try to come up with signs of when to long or short.

In other news, I was stopped out of FMD @ $5.33. Fuck me.

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.