My New Setup

It's a new year and I was able to afford a few new tools for my trading. I bought a new 24 inch monitor, access to CyGroup, and a 7 month subscription to the Investors Underground community. This is in addition to what I already had which was a kick-ass machine, GSP Chatroom, and freedom. Everything together cost about $6000 and I really wish I had paid with my trading gains but that only happens in fairy tales. In reality, I was only able to afford this by busting my ass for the past 4 month and really weakening my trading confidence in the process. I am spoiled for having all these things because I know guys making everything out of nothing and I really aspire to be one of those guys. I am the opposite where I have everything and will probably lose everything.

I noticed that I have an abundance of negative energy that has taken a toll on my mental health. I thought I could channel it into something productive, but it was just too much. I got to a point where I didn't even want to trade anymore because it got too painful from my inner rage. I even contemplated sticking around my $6/hour job when it was time to quit because it was safe and made me somewhat satisfied. I felt defeated, but decided to recover. I will still channel my negative energy to be productive, but I will just tone it down. It's time to go back to the origins of why I started which was to find a consistent way to make money in the markets.

It's time to get back to work.

Tenth: A Long Road

Summary

My confidence in trading has been growing these past few days even though I am still losing. It's a long road, but I think I have been taking small steps in the right direction. 

I must stick to the process and I think I will be okay. 

Ticker: WTW

I was confused between swing and short. I need to get better at differentiating these trades if I want to get better. I got a lot of work to do. 

So my initial thought was a swing because this had heavy short interest and could potentially squeeze the shorts. I missed the initial move before the $8.00 break and still went in for a bigger risk.

Note: I missed the swing trade plan. This is where I should have just stopped and waited, 

So I BOT @ $8.13 because it broke a small descending triangle, but I did not notice that the break was weak. This thing channeled for a bit before it fell completely. 

Note: I should have noticed that the volume was weak when it did break out. I should have waited to see what happened afterwards. The channel that formed was just a weak sign of continuation for the descending triangle. 

Note: The overall trade was bad because I wanted to swing it in the first place. My entry was too risky for a swing stop so I sold with an intraday stop. I need to work on swing and day trade ideas. 

Note: If I miss an initial entry for a swing and the continuation looks weak, I should be more patient for a better position before entering a trade. 

Ticker: RXII

So this chart broke out @ $0.78. I bought some @ $0.798 and my target is @ $0.88.

Note: This is just a potential breakout chart. Broke out of a channel and looks ready to go. 

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.