Week 4: 11/22/21 - 11/26/21
Trades: 27 (12W/14L | 44%)
M 5 (1W/4L) | -$2.01
T 12 (8W/4L) | +$62.16
W 6 (1W/6L) | $33.69
T Thanksgiving | Market Closed
F 4 (2W/2L) | -$24.36
Fifth week as a full-time trader and the few changes that I made did make a difference for better and for worse; now I just need to correct the mistakes. First, I switched to NASDAQ since they are currently hot and I need to get experience with them. Second, I started trading near market open again since that is the most volatile time of the trading day and, rather than avoid it, I need to learn discipline. Third, I changed how I look at risk from risking a specific percentage to Grittani's strategy where you set a specific $ amount to lose and then base your share count off of that (depending on how far you are from your risk level). I did this because I was cutting at very awkward moments when risking a specific percentage and I need to improve my patience and let the chart patterns play out.
Monday, 11/22 | 5 (1W/4L) | -$2.01
(1) ISPC (+5.20%) - I saw that this stock seemed to be putting in a bottom and forming a higher-low. Sold into the small pop. Good trade.
(2) ISPC (-2.24%) - I rebought this stock based on the price action thinking that it may push HOD with a tight risk. Cut it when it appeared to be fading. Good trade, small loss.
(3) ISPC (-0.47%) - Rebought again in the same area as above and cut it quickly. Bad trade and defeinitely overtrading it at this time, trying to force a move. I need to be more patient but good loss cutting regardless.
(4) ISPC (-2.08%) - Bought on a dip to VWAP but was very impatient with my entry. My risk was VWAP and I cut almost immediately. Patience.
(5) ISPC (-1.19%) - Rebought again right after I previously sold when the stock appeared to be holding VWAP. I should have waited until this time to make the trade instead of immediately when it approached VWAP. I sold when it quickly dipped under VWAP for a small loss. Trading mid-range and basically gambling at this point.
I do well with trades when they're volatile and I have a good plan, whether I sell for a gain or small loss. My problem is that I trade too often while the stock is mid-range and I'm very impatient. I will work on these traits.
Tuesday, 11/23 | 12 (8W/4L) | +$62.16
(1) APVO (-2.46%) - I took this trade with no plan at the market open. Sold for a small loss.
(2) HMBL (-1.12%) - Bought this on a dip at a support/resistance level and sold for a small loss when it appeared weak. Decent trade, good loss cutting.
(3) KTTA (-2.37%) - Got in when it put in a higher-low following an early morning double-bottom and cut it when the ceiling kept getting closer for a small loss. Good loss cutting.
(4) KTTA (+5.73%) - Got in once this stock dipped and pierced VWAP and appeared to hold at premarket resistance. Good entry but I need to be careful not to try and catch falling knives. Sold into the next pop/test of VWAP. Good trade.
(5) KTTA (+11.00%) - I missed the spike that occurred following the previous higher-low so I bought into the next higher low and sold when it appeared toppy at morning HOD levels. Good trade, good profit taking.
(6) KTTA (+5.41%) - Entered when the stock continued putting in higher-lows with the same resistance level and sold into strength near HOD levels. Good trade.
(7) LGVN (+2.62%) - Entered near LOD with LOD as risk and sold into the small gradual uptrend because of a larger position size due to me being close to risk. I should have been more patient but good lesson and a profit regardless.
(8) APVO (+7.81%) - Bought after a mid-day uptrend and now test of VWAP. Sold into toppy-looking action near HOD. I could have sold part of my position and let the other part ride, but a good trade regardless and I'm not upset at the % gain.
(9) APVO (-5.75%) - Early buy on initial test of VWAP. I should have went in with the risk level just under 10 but I had a tight risk and sold for a decent % loss at the bottom. Good lesson.
(10) APVO (+12.84%) - Rebought once this played out a bit more into the HOD test/consolidation and sold into strength for an excellent % gain. Good trade.
(11) APVO (+35.26%) - While entering the previous trade, I thought I missed an execution but actually ended up entering twice accidentally. I noticed this after I sold my actual position and after the stock halted up twice. Once I realized, I immediately sold and it just happened to be at the top (Regardless, since this was an unintentional trade, I would have exited). Accidental but excellent % gain.
(12) APVO (+6.00%) - Bought into a higher-low while this stock was near new HOD levels and sold into the next pop when it appeared it wouldn't be able to break HOD. Good trade, good profit taking.
Overall a good day but I need to make sure that I'm not trading when there isn't an edge or when the stock hasn't shown an overall trend. I also need to be more patient with entries regarding longer-term trades (longer-term meaning a few hours).
Wednesday, 11/24 | 6 (1W/5L) | -$33.69
(1) BFRI (+10.30%) - Bought following a dip after market open and sold into the next pop when it appeared it couldn't push past HOD. Good % gain and good profit taking.
(2) BFRI (-2.15%) - I got in into strength and didn't have much of a plan, I just didn't want to miss if this stock broke out. Bad trade overall and a small loss.
(3) BFRI (-4.15%) - Trying to take more that what the stock is showing here and definitely overtrading it, or rather, trading it backwards. I bought here into strength near the HOD and sold during a crack. Bad trade, good lesson.
(4) BFRI (-3.39%) - I didn't learn on the last trade and rebought with a risk of VWAP here. Not a bad idea but if I was just a minute or two more patient, the stock would have shown why that was a bad idea. Looking back this chart appears toppy so good lesson to remember looking at the overall picture as well.
(5) BLIN (-2.49%) - Bought into a dip near VWAP following spike and didn't sell into the small pop. Sold near a break of VWAP for a small loss.
(6) OCUP (-4.40%) - Bad trade here. Entering a stock that is far below VWAP following a one-day gap up and top wicked every time it reached for it. Then, after entry, I refused to cut until it nrealy broke LOD. Bad trade, good lesson to, again, look at the overall trend of the stock.
Rough trading day for me but it was all due to my inexperience. I need to focus on the overall trend of these stocks and work on overtrading.
Thursday, 11/25 | Thanksgiving | Market Closed
Friday, 11/26 | 4 (2W/2L) | -$24.36
(1) BFRI (-0.93%) - Market open buy on a premarket spiker seeing if it hold premarket support. Cut for a small loss when it didn't do what I wanted. Good trade.
(2) BFRI (+2.41%) - Bought into strength and then added into a higher low but sold too soon here. I need to remember not all charts behave the same and to learn how to trade them individually. Decent trade and a decent small gain.
(3) BFRI (+7.20%) - Bought and added into strength twice (which sets me up for my large failure next) and then added into weakness during a quick down-tick. Sold into strength. Good trade but I need to be cautious with my entries.
(4) BFRI (-10.19%) - This stock halted upward and resumed. My mistake is that I tried to force what I wanted into this trade and the results show that. Buying twice into a potential bottom (of which I really had no idea) and then refusing to sell as weakness continued to show and downtrend. Finally the stock cracked hard and I had no choice but to sell. Horrible trade but a good reminder to stick to your trading rules and wait for the stock to tell you what it's doing.
Not a bad day except for the last trade. I'm improving but I need to just continue taking steps to be the best that I can be.
This week was my first "green" week since I've been trading full-time and I believe that is because of the change in how risk is approached. Now what I need to do is make sure that I minimize the number of stupid mistakes I make like adding to losers or refusing to cut a loss on a trade. I also had the most % gainers along with the highest % gainers. I see clear improvement in my trading but I also see I have a long way to go. Good lessons and I hope next week the market provides similar opportunities for gains.