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Trading Psychology

Best practices for trading psychology

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  • RECENT POSTS

    • I have IB and CMEG account but never see any share available for low float...i heard tradezero is good but my application got rejected without reason
    • Day 30 - Feb 19, 2020 18 Tickets 3 Symbols Red Day 1. AMD - Short - 1min - Failed pop (VWAP Rejection) AMD dropped and held moving average at open, came back up and thought we would reject VWAP and continue down. Got in with tight stop and small size. Ended up being a double bottom. Improvement: Noticing when I short into VWAP rejection many times stock rejects VWAP, comes back to make a higher low and makes double bottom (happened with TSLA yesterday 2nd trade). Be patient and wait for confirmation of VWAP rejection, and then retest- much higher probability. Also a poor R/R - overall this trade should not have been taken.   2. LK (Trade # 1)- Short - 1min - Breakdown Watching LK daily level of 40.3 a sit held and looked like failed pop. Shorted as it broke through with partial size looking to scale in once it confirms. Didn’t get the best fill so ended up taking half off into the drop. Looked like another failed pop  so I added to my short at the break of the 1min low. Got to my stop and I adjusted to cover 1/3 instead of full - broke my rule and it cost me an additional 1R. Improvement: Have to stick to my risk rules, when you are wrong get out and re-asses market - DO NOT HOPE. Didn’t have a plan in place, no R/R calc.     3. LK (Trade #2) - Long - 1min - VWAP Trend Trade Was looking for another short entry thinking might reject VWAP, but realized we were testing and holding 40.3 level went long with stop just below. Was looking at 5min and seemed bearish so I got out on the spike up to the next resistance level. Good: I like my entry here, defined risk at daily level and holding VWAP and moving averages. Improvement: STICK TO MY PLAN - I have been cutting my profits way to early lately which have had a big impact on profitability.     4. ENPH (Trade #1) - Short - 1min - Failed Pop + Scale In Watching ENPH on way down, held VWAP deciding what it wanted to do. Was holding 54 and VWAP, noticed decent size bid on LVL 2 (will go back and review on weekend). As soon as it broke through it went straight down 2.5$. Missed the entry so waited for failed pop. Got in risking 0.5R with stop just above VWAP. Looked like it was selling off so I added an additional 1R as it broke previous 1 min low expecting it too work right away - took too much size on the add expecting it to work right away and scalp, didn’t work so took it off right away. Didn’t follow my plan to take partials off at previous level, HOPING it would continue. Ended up taking it off at breakeven at the circled executions. Improvement: Didn’t follow my game plan to take partials at previous level - gave back profits. Oversized on the drop as it seemed to be working - poor R/R at this point as I lowered my adjusted cost base.       5. ENPH (Trade #2) - Short - 1min - Breakdown (Chasing) Had 0.5R short still from first entry, and finally started working so I shorted another 0.5R into previous level with no exact target other then hoping it comes back down to market open (47). Ended up shorting the bottom and covered as soon as it broke previous consolidation. Improvement: Did not follow game plan - initial plan was to cover partial at this level (previous low) instead I added to my short.   6. ENPH (Trade 3 and 4)- Short - 1min - Failed Pops (Revenge and Overtrading) Started revenge trading and over trading trying to make some profits back. Went short on 2 entries trying to catch the top of the lower high - did not work what so ever. Improvement: Need to step away from the desk at this point, over trading with no R/R. Should not be taking these 2 trades -    Today's Review Went to bed late = Poor sleep (5.5hr) and didn't do any research as I slept in. Noticed it in my trading. Frustrated and broke many MANY rules.  What I did poorly: Did not stick to my game plan, Over traded, didn't do my pre-market research = trading blind. What I need to do: Stop treating this like a hobby. Goal this weekend is to re-vamp my whole trading game plan, look at stats and reduce/eliminate the setups I am doing poorly in and increase my successful setups.
    • Centerpointe is the best for low float stocks, penny stocks, etc. You have to pay extra and use their special app to find the shares. This takes time and I find it unusable at the open. For the readily available shorts Centerpoint is worse than IB and CMEG. I commonly see Carlos have shorts on CMEG that I do not on Centerpointe without using the app. Almost every rising devil trade I see Brian do, I can't due to no shorts available on Centerpointe's "easy to short list".
    • Hello, Does anyone have any hot key scripts for buying/selling options contracts? What is the preferred route that you usually use?  Thank you, Kevin
    • Hello guys, i got some issue to find share available for shorting low float stock, does anybody know which broker always has share available for short sell low float? and hard to borrow stock? thanks in advance jo i am using IB now but almost never has share available to short low float
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