Week 1: 12/1/21 - 12/3/21
Trades: 7 (5W/2L | 71%)
W 0 (0W/0L | N/A) | $0.00
T 1 (1W/0L | 100%) | +$9.75
F 6 (4W/2L | 67%) | +$40.27
Wednesday, 12/1 | 0 (0W/0L | N/A) | $0.00
I only placed mental trades on Wednesday (2 total) and they were both wins and decent trades. No complaints as I did have factors in mind when trading.
Thursday, 12/2 | 1 (1W/0L | 100%) | +$9.75
(1) IMGN (+1.34%) - I missed the higher lows put in by this stock but I waited until it approached the intraday B/O level to buy. I wanted to buy on a dip but the stock was strong and I had a tight risk of the B/O level. I was also realistic with where I wanted to see this stock go and sold when it started to show signs of topping. Overall this was a well thought out trade and I have no complaints.
I placed mental trades today and was not planning on making any actual trades until I saw the one mentioned above. If that stock continued to push it would have been a great % gain but I was realistic when taking profits about its price action. This may have been my first taste of what Tim says when he talks about coming out of retirement only for the best setups. This was, by no means, the best, but I did see an opportunity and took it. Great lesson for me to learn.
Friday, 12/3 | 6 (4W/2L | 67%) | +$40.27
(1) TGHI (+4.78%) - Previous day was FGD closing strong. Stock opened and began to panic. The stock stuttered at some key levels from the previous day and I bought waiting to see if it could quickly reclaim VWAP and G/R but it couldn't push so I sold quickly for a small profit, recognizing that this stock has a history of quick spikes and large red days. Good trade overall.
(2) CYAD (+2.90%) - I have a lot of mixed emotions about this trade. FGD biotech gapper and at open it dipped hard but then reclaimed premarket highs. I netered looking for a push and didn't sell into a minor one because I got greedy thinking it could push further. Once the stock dipped, I added (another bad move) and ended up moving my risk lower to the LOD (yet another bad move). Once a higher low (thank god) was put in, my plan was to hold until either the trend broke or LOD was breached. I ended up selling both positions for small gains but I knwo I made mistakes that could have cost my small account big-time. I need to take profits if the stock is looking toppy at key levels, regardless of what I think it can do. Good lesson.
(3) CYAD (-2.73%) - Another example of me buying a dip on a higher low, which is good, but not selling into the same key area I refused to sell into previously. Once the stock dipped again and put in a seemingly higher low, I added. Then the stock cracked and broke trend, forcing me to sell. The original buy was not an issue, but me refusing to take profits and then adding was. Good lesson.
(4) IGEN (-5.06%) - I bought this when the price action was showing higher lows and consolidation near the HOD which was also a multi-month breakout level. My risk was appropriate but I got too into the idea of it maintaining trend, which caused me to sell. If I stuck to my risk alone, I would have held. Good lesson to look at the big picture as this stock did, later on, break out significantly.
(5) CFVI (+2.25%) - Stock that dipped hard at the open, put in a bottom, and then ended up reclaiming VWAP and the R/G level. I missed the higher low due to hesitation and ended up buying a dip once this stock spiked above a key level. I sold quickly into a pop since I knew this stock moved a great deal already and I was chasing it a bit. A realistic profit taken due to realistic goals. Good trade, good lesson.
(6) IGEN (4.12%) - Rebought this sotck once it passed the B/O level because I wanted to see the big sellers that were on the 'Ask' from earlier to get taken out. Once that happened, I entered and sold at the first sign of trouble. Good profit taking, but I have to keep in mind each stock's peticular situation. In this case, it was a multi-month B/O that consolidated at the highs for most of the day. I should have given it time or taken some profits but due to smaller position sizes that poses a problem due to commissions. Regardless, good trade overall and an even better lesson. I'll be ready next time.
I see improvement but I still have to avoid overtrading peticular stocks when I think I might miss out and I need to take profits when I have them and the stock is showing signs of topping. Keep improving, keep refining. You'll get it soon.
I have to make sure that I stick to setups that have a high R/R as well as all the indicators (ie. volume, catalyst, TOD, etc.). Once I refine this, my losses will continue to decrease, along with my overall trade count, and my wins should increase as well. Good lessons and I'm totally ready for next week. I do, however, need to keep in mind the overall market at all times (especially Monday, 12/6, since we are near the next significant resistance/support level).