Ninth: Didn't Work

Summary 

I gave the setup a shot and it just didn't work.

Ticker: SUNE

The daily chart was nicely set. This gap could have been very nice if it continued because it also broke the previous resistance @ $4.25.

Note: Take a look at point of interest #1. It is not necessarily a point where I must take my profits, but I think it is a point where I must pay attention. I must see what happens intraday once it reaches this point. 

Note: If point of interest #1 acts weak, then it is a good place to take profits. If, it is strong, then I let the play run. 

I got in @ $4.20 because it broke $4.19 and it kind of looked like a small ABCD with a potential to have a daily breakout as well. I had no real target, so I didn't really know what to look for to get out. I didn't know if the breakout was good or not so I just let it ride. This is the wrong way to do it and just shows why being prepared is so crucial.

Note: If I had point of interest #1 in mind, there is a good chance I would have gotten out. Since, I wasn't paying attention, I didn't see what I needed to see. 

Note: Point of interest #2 was something VinnyB pointed out. This should have been the real support or risk. I seem to have forgotten some of these important concepts. I need to think about adjusting my strategies to trade better.

I think it's time to review.  

See something I did wrong today? Let me know by commenting below.

Fourth: Decent Play

Summary

I played this decently.

Ticker: LIVE

 

I saw the ABCD/ascending triangle setup and went in. Risked towards $2.

Note: I just took the money and ran because I didn't have much confidence to stay in it. Hopefully this small win gives me more confidence in the future.

See something I did wrong today? Let me know by commenting below.

Third: Same Old Shit

Summary 

New account, same shit.

Ticker: ZFGN

I thought I had something.

Turns out I didn't.

Note: I gotta keep pushing and keep learning if I am going to make the right calls. 

See something I did wrong today? Let me know by commenting below.

My Trading Journey Thus Far

My $2500 account I started in June dwindled to nothing in three short months. I didn't stand a chance. Thus I took a long break to grind up a new account. In the process, I realized I was earning $6 an hour instead of losing $100 in a few minutes which was refreshing. I started to lose interest in trading because I never won. I earned more money busting ass for a few months than the whole two years I traded. Knowing that, I thought I was just a shit trader and no amount of studying would get me to a level where I could make at least $10 a day. I always lost money trading and it was so fucking irritating.

When I made more than enough to refill my account,  I didn't even know if I wanted to to add it into my account. I didn't know if I even wanted to trade anymore. I grew tired, scared, and directionless.

Then I was reminded that I had a choice to make. I have a choice of doing things on my own terms or I could waste 2 more years of my life at some place that sucks my soul dry and takes at least $20,000 from me. My time is limited and I have to run towards the light before it's too late.

I refilled my account with $1500. Let's see what I'm made of.

Thirteenth: Just No

Summary

Not a good day for me as I fuck up yet another trade. 

Ticker: SUNE

How the chart looked on the daily. Unfortunately, I missed the break of the consolidation to the downside.

How I played it.

 Note: It looked like it would breakout, so I just got in.

What I missed.

Note: Going short wouldn't have been a bad idea and I could have went long after it based a few times and made higher highs. 

See something I did wrong today? Let me know by commenting below.

Fourth: Forgetting Steps

Summary

I seem to be forgetting things now. Must be because I am getting older and my memory seems to be fading. However, I can't be forgetting the basics or else I will be in real trouble. 

Ticker: FIVN

This was an easy play, but I went hard mode with it by using the 1 minute chart. I did not take advantage of the multiple timeframes for this ticker. I also jumped the gun early without letting it retest $5.75. Just bad shit on my part.

This is how I should have played it. Nice and easy...

Note: I can't be forgetting to check other time frames. I must be patient with the chart and allow it to do what it needs before I jump in completely. 

See something I did wrong today? Let me know by commenting below. 

Anything Can Happen

Summary

Today I told myself that some stocks can't go much higher or lower and it kept me away from an easy trade. The truth is that I really don't know what will happen and it shouldn't matter because anything can happen. It's a bad habit because ANYTHING CAN HAPPEN in these markets. Having expectations blinds my thinking and hides the truths of the charts from me.

The chart today was actually okay because the risk and reward was good, but my expectations blinded me from the truth. I have to stop with these expectations and open my mind to the thinking that ANYTHING CAN HAPPEN. 

Ticker: VTL

The idea was for a consolidation and a swing. Thinking about this, I did not want it to go higher today. However, it did and I did not adjust my game plan. The result of that was missing out on a daytrade winner.

Note: I had mixed ideas for this chart and it confused me. My initial idea required today to be a slower day and for some sort of consolidation next week. This affected my thinking by making me hope for just that. If it didn't, then it would have been a good daytrade. When it went higher, the slow day idea just made me thinking it wasn't worth it and the rest is history. 

How did something so simple turn so complicated? It was a break of a flag on the 2 minute and a break of a previous high on the daily. Gold was handed to me and for some reason I threw it into the ocean.

Note: I had a powerful setup in my hand, but I just threw it in the toilet. My swing idea definitely fucked with me.

Note: I have to stop with these expectations and think straight.

See something I did wrong today? Let me know by commenting below.