October has come to an end and we yet again didn't meet my goals. I took a total of 25 trades and won 12 of them. One thing I have really been working on was cutting losses quickly. I keep trying to apply the penny stock frame work to Options and I am just making really poor decisions on these please. I took three massive losses on these plays as well as a pretty sizable loss on $MARA (this was a penny stock trade though...) that honestly took away from a small profit in the month of October. They were the wrong plays to be in and because of this I am sure I missed at least one play. I really need to focus on the frame work and the right set ups. I have made a concentrated effort over the last two weeks to really focus on morning panic dip buys, afternoon breakouts and a play that I have been watching with low float stocks spiking in the morning with news. I really like these three plays/set ups and I will continue to study them. I am proud of my cutting losses (much better than I have been in the past to be honest) and the plays I took a part of (minus the options plays...) this month and I am glad I took the losses that I did.
This Month I will be exclusively focusing on the Framework (as I should have been all along) with the plays that I am really studying and breaking down. I will keep my same goal to win more trades than I lose in the month of November but I will also make a big focus to not take a loss larger than 5%. I really need to get my losses in line; if I want to be profitable than I really need to make sure I am managing losses. I also am going to make a goal to really understand risk levels by the months end. I know what I am shooting for on each trade but I really don't know what my true risk/reward is on a number of trades. Sticking to my setups, managing losses and a better understanding of risk/reward. November is going to be a good month for me. Im not looking forward to the wins or losses it may bring but the knowledge I am going to gain by making the big focus in these areas. Let the journey continue!