Wow--what a month. This month I took 25 trades and I dabbled in options a bit. I will say my biggest trading win during the challenge came in September from an options trade but I have to say it wasn't really a good trade, the position size was way off and I shouldn't have profited on the set up I played. When going back and looking at all of my trades, I honestly had some really good trades with some favorable set ups; with $JCPNQ and $HUSA being my best trades of the month. Although those trades were not my most profitable trades, fundamentally from the 7 step frame work and trading the frame work goes, these were my best trades. In particular $HUSA--I have been watching this set up since the beginning of August. Premarket news, low float, spikes premarket--look for premarket consolidation and then buy at the open. The low float and massive volume pushes the setup into a halt going upward. Safest play would be to sell right out of the float into strength on the gap up. $HUSA being in a hot sector at the same time definitely helped as well.
With the options, I def took some bonehead shots that cost me profits this month. Position size, contract expiration and overnight holding are the key areas to improve on in future options trades. I also need to stick to good setups with these and cut losses when wrong. Don't trade them overnight to protect myself. Less a lot of bonehead FOMO options trades this month I am profitable. But then again, these lessons are going to yield bigger results in the long run. I am happy I dove into these.
My goal for September was to win more trades than I lost--although I was not able to complete this; I am happy with my progress. My goals for October are two things really. Focus on good set ups and come out with more wins than losses. My secondary focus is to not overtrade. If I can remove 1 overtrade position a week, my approach on each trade is that much stronger. I need to stick to no overnight positions on Wednesdays as well... This cost me money twice last month. Need to stick to my plan and my trading schedule.
Back to the books...