I journaled just about everything I did today. Feelings, emotions, thoughts, & decisions. From the time I opened my MacBook to the end of me logging my trades into profit.ly.
- I haven't made this many mistakes in a while. But I realized that all my mistakes made today were
1: Me repeating the same bad habits I usually do
2 : These mistakes take root when I have at least one loss right off the bat when I make a losing trade. What this tells me is that I'm not focusing on the process, rather profits.
I always try to start my day optimistic. Maybe that's not the best thing to do. I think I'm going to try and be positive, but realistic.
*Journaling & Trading at the same time is not easy or ideal! Makes it hard to focus*
Watching $RNLX & $QNRX I was right to be watching $QNRX, I just didn't pull the trigger on buying at the whole $ area support level. I was right & it was a great bounce. Instead, I went with $RNLX.
1st trade $RNLX : First mistake made here. Pissed that I didn't take $QNRX. Threw my focus off for this trade. I intended to buy in the lower area of the channel I drew. But I didn't. I bought closer to midrange. I was right with this, & it went to 1.77 for my buy @ 1.56. Didn't take profits. Then I averaged down. And then cut my losses for -9.30%
2nd Trade $QNRX : I felt the need for a revenge. (I'm still in $RNLX) I meant to but near the 5.00 level. but I chased and bought at 5.14. I told myself that if it starts to look tippy, get out for whatever gains... I could've sold for nearly .40 / sh gain. But nope, I held waiting for more. Didn't even get out breakeven. I tried to but it fell out of the support area quickly. -7.00%
3rd & 4th Trades $BBAI : Bought on a Failed BO. Like I usually do when I'm chasing. Kept the risk tighter. Although in hindsight, I don't think I should have. I cut losses quickly for -2.00% Tried it again. But I was a little late to buying off of the support bounce so my R:R was not good. Planned to scale out & I did. Made +2.00%. Not the best. I was also distracted by $OCEA running. So I sold & went to $OCEA.
5th, 6th, 7th, 8th, & 10th Trades $OCEA : This stock was a little frustrating to me. But not because of the stock itself. Because I was forcing my trades. I observed A LOT of my mistakes today in $OCEA.
-1st stab : bought on a fakeout BO. Here, I noticed that I was chasing & that this was not a good support bounce. Should've been more patient for the support to form better. Told myself I should've waited, too. Also, realized that I do increase my size to try and regain lost $. A slippery slope indeed.
-2nd stab : Better R:R. I was just wrong. Bought @ 3.03, risking .10... got out when it broke below support. Of course, I sold right at the bottom. Again.
-3rd stab : Bought just above the support line I drew, proving itself to actually run this time. Now, my timing was lining up with this. Watched it chop for a little bit, looked like it might be a triple top, then it moved about .08 over where I bought. Locked in some gains by selling 1/2 of my position. Then it continued to go, & I sold 10 @ 3.25. It looked toppy here. Watching it fall, I was becoming a little nervous but it was still holding above where I bought, healthy consolidation. Ran up again with a little more volume this time. Thought it'd go more. I was wrong. Got spooked on a quick drop and sold 10 @ 3.38. Then it cracked down harder and sold the rest of my position (30) @ 3.206.
4th stab : When I saw the email alert from T. Sykes saying he bought $OCEA. Yes, I followed a guru pick. But I was already in this stock. And I was determined to beat it. (WRONG MINDSET)... it looked to be basing & consolidating around 3.12 ish. Bought @ 3.15. Sold 1/4 of my position @ 3.35. Another 1/4 @ 3.45. Then the rest (50) when it cracked hard @ 3.27. (Just now realizing this as I write this at 2:53 AM on 3/5/24 : It did this multiple times... each time with a higher low since after 11:30 AM. Minus the bigger dip around 12:15 PM)
9th Trade $JAGX : I was low on my cash account funds... So close to being breakeven for the day. I really wanted to drive it home. Get breakeven & then some. So I'd feel better. Well, that was a mistake. I found this ticker on STT in a news pop up bubble. It is really low priced. I saw it was still up % wise nicely. I chased it. Didn't really take the time to look at the chart. Bought at a takeout BO level. Then AVG down. and ended up cutting my losses when it fell below the quad bottom around .1320 ish... Dumb.
10th Trade & 5th stab on $OCEA : Because I was entranced with shiny object syndrome, greed, ego, & revenge... I used the very last of my cash funds for the day on $OCEA. Because I was in $JAGX, I missed the NICE move from 3.20's to the 3.60's.. And I just jumped right in. Again. Bought near the top, sold right near the bottom of the hard crack.. & it went on without me.
Some final thoughts from my journal I made that I think everyone should take heed to:
9:38 PM : If I had "LET THE TRADE COME TO ME" The patterns would've appeared. Most of my trades today were forced. My timing was off, but I didn't step back, stop, & figure out what to do to fix it. It pays to be patient!
9:44 PM : From here on out, I'm going to try my best to force myself to sit on my hands & WAIT!!! Force myself to NOT force my trades.
9:48 PM : I saw myself making the same dumb mistakes. I literally typed out what I was going to do, & I didn't stop myself or think twice about it.... The market is right. I'm not.
11:08 PM : A quote I heard from Tim Bohen : "The market rewards good behavior, discipline, & good decisions. The market punishes poor decisions & impulsive behavior"
If you have taken the time to read all this, I congratulate you. That's the end of my TED Talk... But most importantly, please learn from it. I know I need to.
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.
Yeah been there done that. The struggle is real
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