UNDER A TRADING REHAB !!
I AM UNDER STRICT REHAB RULES UNTIL I PROVE CONSISTENCY
REHAB RULES:
1. TRADE TWO SETUPS ONLY.
2. DO NOT TOUCH ANYTHING THAT IS NOT AN “A” SETUP
3. GET OUT OF POSITION AT THE FIRST SIGN THE TAPE IS AGAINST YOU OR IF YOU FIND OUT YOU MADE A WRONG ENTRY. NEVER MAINTAIN A POSITION HOPING.
4. IF A STOCK IS NOT GOING IN THE RIGHT DIRECTION WITHIN 5 MIN OF YOUR ENTRY, LEAVE THE POSITION AT FIRST OPPORTUNITY.
5. MOST IMPORTANT: HAVE A CLEAR DEFINITION OF AN “A” SETUP
Summary
Going long too scared again and trying an entry way too many times. Being chopped out because of tight Stoploss. I should not be trading stocks under $2.50 My last trade was an an overextended breakout – out of the REHAB RULES !!!, totally unnecessary and harmful to the account and to my confidence.
REMEMBER: My confidence comes from my ability to follow my rules, from nothing else. The rules are good. My discipline is nonexistent. I have no problem with knowledge or understanding. I have a discipline problem.
IMMX
Long:
| 12/14/2022 | B | IMMX | 30 | $1.87 | 08:22:41 | $0.99 |
Sell:
| 12/14/2022 | S | IMMX | 30 | $1.77 | 08:24:27 | $0.99 |
Stoploss: 1.75
Target: 2.18
Expected R/r: 2.5/1
Actually tolerated risk: 1.77
Profit/loss: -0.10
Actual R/r: -1/1
Comments: I obviously got chopped out. I had the right thesis, the stock had bottomed. I was a bit too early, but also with a tight top, so I got shaken out. I know these sub $2 are not something I like. I just played based on inertia and on following others. It is not my main game now.
Main take:
- Do not follow others, mind your own game.
- Do not trade tickers you are not comfortable with
IMMX
Long:
| 12/14/2022 | B | IMMX | 30 | $1.87 | 08:22:41 | $0.99 |
Sell:
| 12/14/2022 | S | IMMX | 30 | $1.77 | 08:24:27 | $0.99 |
Stoploss: 1.75
Target: 2.18
Expected R/r: 2.5/1
Actually tolerated risk: 1.77
Profit/loss: -0.10
Actual R/r: -1/1
Comments: I obviously got chopped out. I had the right thesis, the stock had bottomed. I was a bit too early, but also with a tight top, so I got shaken out. I know these sub $2 are not something I like. I just played based on inertia and on following others. It is not my main game now.
Main take:
- Do not follow others, mind your own game.
- Do not trade tickers you are not comfortable with