Monday 4/01/2019
I had a well-being score of 5/10 this morning. My nerves were bad.
A bad start of the month. Hopefully I just took the worse trade of the month.
First, since my nerves were bad I didn’t want to take an opening scalp. But MU was setting up so much in the premarket I couldn’t help it. I went long when it broke the premarket high and sold all when it reached the daily level at 42.56. Now all last week I have been taking a partials on scalps and yelling at myself not to since all my scalps reversed after my partial. So today I made sure and sold everything at the TL. Of course it moved another 20 cents after I sold. Figures. But my data, so far, does show I should exit all at my target on scalps. I was pretty happy with scalp of +1.4R. Since my nerves were bad I considered calling it a day and of course in hind sight I should have.
I usually like to take a small break between trades to reset. But I immediately saw AAPL was setting up for a good 2min ORBD. I was planning to go short if/when it bounces off of VWAP. Now I am not sure what happen, likely nerves, but I immediately changed my mind and went long to get a scalp to VWAP. Maybe I was in a scalping mode still since I didn’t take a short break after the last trade. I do have a 1min reverse setup. But I only take that when it reverses on a TL with volume. This had neither. The moment I took the trade I was asking myself, “why did I do that?” I haven’t watched the video and not sure if I want to, so I don’t know if I got a bad fill or was I caught in the headlights. Either way my share size is now 2X larger than it should (using the LOTD as my S/O) for my entry.
The price actually moved in my favor for 10 cents giving me plenty of opportunity to get out of a trade I knew was bad. But I didn’t and finally got stopped out at -2R. I only remember once last month I had this bad of a S/O and now this occurred on my first day of the month! The market was nice enough to help enforce this lesson by immediately reversing and reaching my target. Also, in time, the market showed if I followed my original plan (short at the bounce of VWAP) it would have been a good trade. Wow, I did a lot wrong on that trade.
What I did good today: Fought through nerves and did a good opening scalp. Fought through FOMO and exited at the planned price.
How did I challenge myself today? Traded with a larger risk/trade.
What I did bad today: Made so many mistakes on the AAPL trade. Ignored my plan, took a trade without a setup. When I realized I was in a bad trade with too large of a share size I did not get out when I could have. Took a -2R S/O.
What can I do better tomorrow: I need to take a small break between trades to reset. Since my total loss for today was only ~-0.5R, if I learned and retained something it was worth it.