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: OVERTRADING IN A NEGATIVE DAY !!!
Main lesson for the day
What can I turn into a system/procedure/habit/tool so I save time and eliminate decisions?
The trade that killed the day – a loss of 0.67/share. Ticker: BBAI
Long:
| 01/12/2023 | B | BBAI | 30 | $3.70 | 09:32:15 | $0.99 |
Sell:
| 01/12/2023 | S | BBAI | 30 | $3.04 | 09:32:33 | $0.99 |
Stoploss: Nonexistent
Target: What is this? I entered at key resistance!
Expected R/r: 1/70
Actually tolerated risk:
Profit/loss: -0.64 per share
Actual R/r:
Comments: Broke all rules of risk management.
Main take:
- I do get in a BRAINLESS mode from time to time and just hit the button without thinking.
- Maybe I should erase the buy and short hotkeys and make entries the long way only.
- If I see myself entering the same brainless way again, I will delete the hotkeys.
This one I cannot claim any credit for except for the mess-up on the second exit. It was a trade Dae called in and I followed. Ticker: YTEN
Long:
| 01/12/2023 | B | YTEN | 30 | $3.18 | 06:57:14 | $0.99 |
Sell:
| 01/12/2023 | S | YTEN | 15 | $3.49 | 07:03:25 | $0.99 |
| 01/12/2023 | S | YTEN | 15 | $3.26 | 07:08:22 | $0.99 |
Stoploss: 3.08
Just below VWAP
Target: 3.45
Expected R/r: 2.5/1
Actually tolerated risk: -0.03
Profit/loss: 0.29
Actual R/r: 3/1
Comments: The trade was good only because I followed someone. If I had stayed longer waiting for target # 2 @ 3.80, the trade would have been excellent.
What is important for the entry – JUST BEFORE 7am when the volume picks up. On a stock that held support well and just broke VWAP on increasing volume.
Main take:
- Have more than one stock on your watch list.
- Volume of the stock was ZERO a little before entry, but it increased rapidly and the stock became tradeable within 3-4 min of elevated volume.
- Have on WATCH stocks with good graphs premarket even if the volume is not there. WATCH how their volume changes before 7am and 8am.
Loss of -0.12/share. Chasing the stock at the TOP because of a wrong exit the trade before – a classical FOMO based on a mistake on a previous trade. Ticker: YTEN
Long:
| 01/12/2023 | B | YTEN | 30 | $3.69 | 07:34:32 | $0.99 |
Sell:
| 01/12/2023 | S | YTEN | 30 | $3.57 | 07:38:31 | $0.99 |
Stoploss:
Target:
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Main take:
FOMO at the back end, entering at unconfirmed support with intact downtrend. Ticker: YTEN
Long:
| 01/12/2023 | B | YTEN | 30 | $3.55 | 07:42:00 | $0.99 |
Sell:
| 01/12/2023 | S | YTEN | 12 | $3.52 | 07:46:58 | $0.99 |
| 01/12/2023 | S | YTEN | 18 | $3.47 | 08:02:42 | $0.99 |
Stoploss:
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Main take:
Profit 0.11/share. A well planned entry , excellent exits. A more aggressive lower entry could have been made seeing the ABCD pattern below VWAP. Ticker: BBAI
Long:
| 01/12/2023 | B | BBAI | 30 | $3.04 | 11:04:04 | $0.99 |
Sell:
| 01/12/2023 | S | BBAI | 15 | $3.16 | 11:05:06 | $0.99 |
| 01/12/2023 | S | BBAI | 15 | $3.15 | 11:07:17 | $0.99 |
Stoploss:
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Main take:
I totally missed 20c here !!! In my defence, the knife I sold on was quite sudden and price movement was lightning fast. Ticker: BBAI
Long:
| 01/12/2023 | B | BBAI | 30 | $3.01 | 11:54:53 | $0.99 |
Sell:
| 01/12/2023 | S | BBAI | 30 | $3.03 | 12:15:21 | $0.99 |
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