Risk, Account & Money Management
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Feb 21st (Sim) P&L After Commissions: ~50 Trades: 3 Today was a tough day to trade. Not a lot of moves and everything was moving fairly slowly in the mid morning. I ended up going 2 for 3 with about $50 in profits after commissions. Face value looks pretty good, but the first trade HTZ I took wasn't pretty. $HTZ - It looked like it was going to be a false breakout to me, even though it was a little early in the day. I took it short when it came back to VWAP. My stop was right above VWAP, but the trade moved so quickly when it popped up that I hesitated on the exit. At that point, I was down about $50 unrealized which was more than I wanted to risk on the trade. It did seem to hold about the $18.70 level and didn't look very strong. It started to come back to VWAP and I'm not sure why, but I added a small size to my position. I originally took 150 shares and added 50 more. This was a dumb add and I shouldn't have done it. The stock popped up one more time and I got out when it came back down to VWAP. I exited at the point where I added to my shares. While my loss wasn't big on this trade, it was not managed well at all. $CVS - Entered short after it bounced off VWAP. Couldn't break the 20EMA on the 1 min and came under the 5 min VWAP. Felt it was a good entry. Took a few minutes in the reverse ABCD and then dropped. I did a pretty good job of waiting for first profit and even holding some in case it continued downward. $FB - I took it short when the price action was weak and it was holding trend lines. Timed the entry very well, but I only covered about half my shares for profit, the rest at slightly past B/E. Can't complain about a green day, but I can complain about not trading as well as I want. The HTZ trade had very poor risk management, it just didn't kill me on the trade which is fortunate. It was a very slow day in the market while I was watching so I only ended up with 3 trades. I am very happy with that and happy that I remained patient even when there was nothing to trade. That is what I am most proud of today. -
By jamreb@gmail.com · Posted
Welcome alexander.razmadze and Destiny! Yeah, there was an official meetup last year. Maybe it's time for another one though... If it's not time for a full on official meetup, maybe we can do a mini meetup. I work in Concord, and am available late Friday morning / early afternoon, or just about any time on the weekend except late Sunday afternoon/evening. Maybe we can find a place that's central to all of us... -
Mark, Below are my additional rules to trading the ORBs. 1. Do not trade against the trend/gap 2. Do not trade doji ORBs 3. No trades after huge 5min candles 4. Best trades are after price pulls back before breaking the OR 5. No trades in front of big levels (daily, MAs, VVAP etc) 6. No trades on slow movers 7. No trades in the directions of big wicks 8. No trades on choppy stocks 9. Be very selective. Remember it is okay not to take any trades. I used to take trades whenever there was any break of the ORB and had some big winners but also a lot of losers. So I was close to break even. Now with these rules everything has improved. I take way less trades and most of them are winners. I miss a lot of big moves but I am okay with that because I know that a lot of those "big moves setups" would end up being fake outs and at the end I would end up break even. What also changed is that I used to trade anything market threw at me and now I feel like I am in control of what I want to trade and that is very empowering. Hope that helps. Please continue posting it is a great source of knowledge. Thanks Simon -
It’s great to see you have the discipline NOT to trade (force a trade). That is my biggest struggle. -
February 21, 2019 - Nothing today I had $CAR, $CGC, and $MU on watch; however, nothing met my criteria. $MU had a nice Bearish engulfing crack and $CAR had a great double bottom. Sample Set Results P G S G S 6 7 8 S S 11 12 13 14 15 16 17 18 19 20
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