Thursday March 7th, 2019
Sleep: 7.5 hours. Mood: good, ready to trade. I was thinking about how in the market wizards books, a lot of them recommend cutting back in position when you're in a losing streak so i've decided that day's after i hit max loss, i'll only take two trades and if both of those are losers, i'll stop for the day and only take one trade a day until i get a winner. I'm hoping this will help with my impulsiveness to enter trades when i could be waiting for a much better setup. also it will help limit my draw downs by decreasing what i'm losing
First trade of the day was an ORBU in HZNP. once i was in i didn't like the low volume and how it was trading so i bailed at the $29 level. it never hit my original stop and did end up hitting my price target
GOOD: good setup, it was holding the VWAP and moving higher
RFI: chased the entry and didn't stick to my plan
MOOD: ok i think getting out on p/a that doesn't feel right is good.
CONSISTENT: yes and no.
Last trade of the day was in PS. i liked the double bottom on the LOTD and the engulfing above the VWAP. i got in long, i should have got in right at the new 5min high but my entry wasn't too far off. it came to a penny before my stop and then thankfully hit my target.
GOOD: good setup, stayed with the trade
RFI: chased entry
MOOD: glad to get good winner
CONSISTENT: yes
What i did good today: took trades that were good setups
What i did bad today: got out of a trade before my stop.
What can i do better tomorrow: stick to your trades, get better entries