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momofwallstreet
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momofwallstreet Mar 05, 11:10 AM

I hear you. Breakin bad habits is hard but so important. Journal is a good way to see where you can improve. Discipline is how you then actually can improve. Letting profits take precedence over process is something I am struggling with too. I force myself to bring it right back to basics, studying and trading very small size when I become undisciplined.

darrellwayne13
1
darrellwayne13 Mar 06, 4:42 AM

Yeah been there done that. The struggle is real

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Received 2 Karmas
momofwallstreet
2
momofwallstreet Jan 06, 11:11 PM

Appreciate the transparency. I always amaze myself by getting out of well planned trades quickly rather than let winners run because I worry about them turning around and becoming a small, well planned loss. On the other hand, I have no qualms about jumping into impulse trades and letting those losses run. Seeing the difference between what is and what could be as far as profits goes, makes you think discipline would be a no brainer. Yet, it is one of the hardest things.

davidzstaton
1
davidzstaton Jan 09, 1:33 PM

You're not alone. I do the same things. Still learning!

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davidzstaton

10/11/2023 TPST TRADE 1 NOTES AND THOUGHTS 2D 1M CHART I was quite tired this morning. I haven't traded in about a week. I told myself that I was going to today. Told myself to not chase, be patient, no FOMO. Be mindful of the Whole/Half dollar areas. - Plan : (AFTER NEWS @ 7:43 & 7:55) : Wait for the pullback after the PMH run. Enter on L2 & T&S showing uptrend over the AH high yesterday 10-10-23 5:26 ish... Target was .20 gain. Risk was LOD PM @ 6:45AM .766 Yes, this was a bigger risk. Was I comfortable with that? Yes. Why? Small Position. Wanted to see my thesis play out. Should I have had a Better Risk/Reward Ratio? Most definitely. But to me that will come more concretely when I begin to size up more. - Execution : Got in on what I thought was the breakout I wanted @ 8:01AM @ 1.14. Turned out to be a fakeout breakout. Thought I saw the confirmation in L2. Should've waited for that dip to play out and recover. Was I a little worried about it dipping? Yeah, little bit. But I told myself not to ge emotional and let my thesis play out. I told myself it's alright. Let it do it's thing. It has good news and is a FGD run so far. Added to my position @ 8:05 AM on the recovery @ 1.13. Should've watched the Volume more attentively... it was going down. Watched it climb back up a little bit and decided to get in. Since this was a smaller position, I told myself to wait it out. I waited for 45 minutes. I got tired of watching the consolidation with a very small uptrend, so I got out. What's funny is that I told myself "As soon as I get out, It's gonna rocket." I was right and it did rocket. I was just too early on my sell execution. But by this point I was falling asleep and couldn't focus. 10-11-2023 TPST TRADE 2 NOTES AND THOUGHTS 2D 1M CHART I told myself I was going to walk away with a small profit and go to bed. Get some sleep before work tonight. And I should have done just that. As I was logging the trade in my spreadsheet, I also had my chatroom open and saw that someone said it was running up again. This was the meat of the PM move I was wanting. I forced myself to stay up and at the least watch the trade. TPST moved a whole dollar over where I sold at. Of course I felt the FOMO and it led me to want to chase. Like I told myself not to. I told myself "No. Don't chase. Just watch and wait again. Wait for the dip and recovery. So, I waited for the dip to recover. Greed and FOMO both welcomed me with a smile here. - Plan : Wait for dip to recover... (8:58 - 9:20) Buy the breakout over the last high @ 2.29 or a little under. Didn't have a set target in mind. It just moved a whole dollar over what I last sold at. I didn't know where it could go on the upside. I figured I would sell when it moved enough and made me uncomfortable to hold it any longer. Risk - Honestly, I didn't have one. It should've been about 2.05 before it reached the whole dollar mark and dropped below the VWAP. I made my risk on the fly. Told myself to stop out where I sold on my last trade. At this point, I'm way off track. Yes, I'd be down for the day. But FOMO told me to hold and hope. - Execution : I bought too early. I shouldn't have bought where I did. Anticipatory. Due to FOMO and greed. Also took a larger position size. 5X the size of my previous trade position size. Watched as it dropped right after I bought. Like I've done before. And told myself not to do. Got a little worried. But decided to stick it out. Market Opened and it dropped, which I expected. What I did not expect was the halt on the way down. That's where I began to get worried. When it opened back up, I saw that it was fighting to go up but just couldn't do it. Gave it a little more time and watched the next candle form. Not as much volume as the previous candle but it was going up quick. Halted up. Waited it out. When it opened again, I was going to sell here when it hit the high of 2.54 @ 9:46 but I wanted to be right and I got greedy thinking it'd go up more. Should've gotten out here. Wouldn't have been the gain I wanted but it was something. Halted again. Opened and dropped. But not to the low of the open after the first halt. Waited. Watched it go up, got excited. But it was still under where I bought. Got out as soon as the price went over where I got in. Just to get out and go to bed. - HINDSIGHT: I had absolutely no idea how high this could go. I was amazed. If I had known, I might've called out of work just to stay in this one. Just to experience it. Should've bought the PM breakout 7:15 - 7:23 for my first trade or the dip under VWAP @ 8.03. 7:15 & 7:23 indicated a double top to me and it dropped like I thought it would. So, I was right on that. This was a stairstepper pattern. In PM and throughout the day. I didn't see that it was until after the market closed and I was already at work. Using STT on one laptop screen, one time frame, and using my phone to execute orders. Not the easiest thing to do. Can't wait to get my monitors in and be able to see multiple time frames, read articles, and trade more focused and my eyes in one general area rather than up and down. I should've stopped after my first trade. My punishment for not following my plan, greed, and FOMO : It might seem simple, but no sweets until Saturday. I need to do better.

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davidzstaton

Today was a loss. But not a total loss. Today was my first day watching and partaking in the market. My timing on entry was way off. I attempted to watch Level 2 on top of looking behind at previous day highs and premarket highs for "good" entries. In my mind, my method was to buy the breakout or near it. Not one thing worked. I have realized that I am most definitely an over trader who chases... with FOMO. Not a good combo. On the other hand, I never took a position size over 5 shares. One rule of mine that I stuck to. And I cut my losses quickly. Too quickly. I didn't let the price drop near my mental stop limit for possible bounces.. which happened a couple times.

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