Nice trading week for me, especially right after rededicating myself to the Challenge and to the process of studying. I have studied like a maniac, and I have felt myself grow in awareness of how much I didn't know when I first started trading in the Challenge which lead me to lose $7,100.00.
This week, I made 11 trades, and 8 were green and 3 were red, for a 72.7% win rate. I made $407.40 on the week. My largest win was $235 and my largest loss was $29. I grew my account size by 33.5%. I traded Monday through Thursday, as I traveled for a vacation with my family all day Friday.
This week I noticed great improvement in my results because I focused on trying to play the patterns that I have learned. I did veer off once or twice, but I have not allowed myself to go off the rails with tilted trading.
In the coming week, I will focus on buying as close to support as I can, or as close to the breakout point as I can. Chasing is death, and I want to greatly reduce the amount of time that I sit in a negative trade before it goes up, or before I have to cut my loss. Buying the break right at a multi-day resistance is key, you cannot chase. I have to stop chasing breakouts 5-10% up from the breakout point. It worked for me this week, but that is a recipe for pain in this market and over time.
One of the patterns that I like is the mid-day perk that Mark Croock and Tim Bohen like. It takes place around 2-3pm, on a big percent gainer with good news that has a morning spike and holds most of its gains above VWAP all of mid day into 2pm. The idea is to start adding size when a certain level has been supported by the intraday price action multiple times. This will be your momentum change, and that's when shorts start to freak out. I have a tendency to by the break of a higher high instead of buying the support of a higher low.
I started this week with $1,214.98 and I start the next week with $1,622.35.
I am on a Caribbean cruise next week, but I do have internet and will be online to trade at least part of the day for 2 or 3 days of the next week. My goals for this week is to stay conservative with my position size and the number of trades I take. I have a lot of things going against me this week. I am on vacation with unknown cruise ship internet reliability, the market is bad right now, and there is no real sector strength right now, aside from random Chinese stocks that I have vowed never to play so recklessly again.