Remember how I said last week with commission free trading, it allows me to test out setups. Well, my attitude towards that idea has changed. For my psychology of trading, it's not ideal. I get comfortable and trade a lot of random shit. As you will see this week's trade review. A bunch of random setups.... so the motto of this review is "If you trade random set up, you will get random results."
Starting off, I traded $ENDP, which is a stock I have traded before so it's been on my screen to watch. With Monday news of Opioid Settlement releasing, I had this ticker and $TEVA on watch. coming into late day, news alerted of the results... TEVA spiked but was much higher priced and it was choppy all day so I didn't jump at that one. ENDP reacted as well with increasing volume and perk above the consolidation zone. My entry was poor, I hesitated to jump in once I saw the volume increase, My entry waited for it to test VWAP (the VWAP break) which in hindsight wasn't bad waiting for it. But I feel if I took a position early, it will better my risk-reward, incase VWAP fails I can cut still with zero loss potential. Better position my entry is something I need to be quicker on. Exited when it test HOD. Which was the goal, I didn't think this parabolic move will hold long, it did go further, but I'd rather take my gains than be greedy and watch as it tanks all the way back down to consolidation zone. Very short-lived so it's important to take the meat of the move.
$GCEI was an OTC that put in a nice FGD candle. out the gate mini gap up and held above the closing price, I took my position. With the idea of it being slower due to its illiquidity (first problem, no vol no eyes, no play), possibly it can retest HOD. Using g/r as my risk level. I have to keep in mind the setups I am trading, will it be able to be duplicated over and over and over to allow me to build my account? This setup doesn't really show that it was more of a hoping for a 2nd GD continuation. That's not duplicatable. Cut it when large selling volume pushed it below g/r and broke my risk zone. Minimal damage, but wasted my time. And time is more important than trying to make a few bucks.
$FIT, a company with a massive 230m float. Looking for a multiday b/o setup. Buying in anticipation of the b/o. With that large of a float, it really needs to have a strong catalyst, like ER, and already b/o, buying at the b/o and staying patient is better. Buying too early will just get you faked out. And that's exactly what happened. Even after reviewing how it's done the past few days, its right back down in the low $4's.
$TROV, wow this is my 3rd trade and its still MONDAY, wtf Long, can we say overtrading much. No way are the best traders in this industry trading 3 trades all on a Monday. Grittani trades 304 setups a wk, Roland trades 3-4 setups a wk, Dux trade 3-4 setups a wk. No way will I make it far if I am shooting wildly hoping to catch something. It was a late day intraday b/o due to short squeeze. I took my position after the b/o on a retrace thinking it will at least have a second squeeze towards HOD. Well, it didn't so I cut it. What did I do well, I exited when it didn't do what I wanted. But is it an ideal setup, no... anticipating short squeezes are best in the front of the move not in the back. Most likely on the back of the squeeze, a bunch of shorts has already jumped ship, and now new shorts are licking their chops when people like me jump into the trade.
$NNDM next day, this LF was running and looks to be holding its gain from its p/m moves. When it perked above VWAP with increased volume. I was intrigued and took a position after a bit of consolidation with the idea of it squeezing above HOD. Small size mind you (100 sh) and ole and behold the moment I took my position it took a crap in the pants and dropped nearly a whole $1, all I could do was just react and get the hell out. Hard cracks like that are never a good sign. The fasted $70 dollars spent in my entire life lol. Random shit gives you random results.
$TNK was my final trade for the week, I just felt pretty depleted with my performance. And its only Tuesday. I grounded myself after this trade. I bought this one early, thinking the bo will hold and continue as the Tanker sector was heating up with $TK and $NAT back on the move. Larger float so it was slower moving. Never had the ability to retest its HOD. When it failed to hold its consolidation zone that it set up all day, I cut it for a small loss. But my time was not well spent. I took the remaining of the week to think through my goals and what it is I really want to achieve.
Its been nearly a year now since I started trading. I would say my maturity level has changed. It's not about trying to make money. It trying to better myself every day. I am focusing on a process instead of looking for the big gains. I recently just left the chatroom alone, not allowing all that noise to distract me from finding myself. I'm not saying it's not useful, I do go on during webinars and such. But I avoid it during the crucial time so I can focus more on how I want to trade. The Navy Seal train under this motto "Slow is smooth, and Smooth is fast" which means learn the process and get real good at it. Slowly increase the processing speed and I will surely be able to execute the process precisely the way I practice. Crawl, Walk, Run. I will talk more about this in a later post. But it's a critical reminder that "Fast is slow and slow is fast." - S. Covey