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Showing content with the highest reputation on 11/06/2019 in all areas
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2 points11-06-19 AIS 0800 with 3 1/2 hours.... feel pretty good... Normal Routine.... PAT: Small share sizes today so a small profit of 25.00 will be a good day..... Absolutely no trading before the first 5min...... Use Kyles Hot Button for 10.00 risk until I prove myself again...... Notes: Gonna lower my stop loss to $10 until I show myself I am in control again..... No Trading before 5min and any ORBs must be held to highest standards of PB#1...... Well I did a little better but I did over traded on CVS... I still have emotions from yesterday and instead of following good trade management I used too tight of stops, or moved my stops tighter when it was going against me even the slightest amount..... If I would have stuck to my stop loss on the second trade this would have definitely been a green day... Tomorrow I will adjust my Kyles Hot Botton to a $5 stop..... Cons: Over traded on CVS ..... did not respect my stops to the tighter side which cost money...... Pros: Only that I did not go above my Max loss for the day..... Favorite Trade: None Notes: Will adjust Hot Button for a $5 stop and only raise it if I can overcome my emotions.... P&L Goal 50.00: -44.54
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2 pointsIf this is all you get right in a trading day, you are golden as this will prevent you from blowing up your account. If I can offer you one recommendation, "Respect your stop loss at all cost, never let your mind convince you otherwise." Your stop loss protects your account, so shutdown the computer and run away, once you believe you are going to violate it.
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2 points04.Nov.19 Red day. -3r. One good trade on $BABA and one mistake on range order (causing 2 losing trades). One trade on $RACE, my fav Red team , where I lost too. Watchlist: $UAA, $BABA, $MCD, $RACE. Trade 1: $UAA. I thought $UAA would be a great Rising devil setup (and not $MCD), but it was $MCD that was very good at the open. $UAA, I took rising devil setup (very small size scaling in). Wanted to get out, but it created a range order. I deleted the wrong range order, so I got 2 losers. Trade2: $BABA. Created a nice hammer (with looong wick) on the 5min, took it long above all resistence on 1min, got out at a daily level. Trade3: $RACE. Gapped up on Earnings. Harmonious and at ATH. I took bounce off 50MA (1min) for TT, but noticed it had formed a Double top, got out. Trade 4: $ROKU. $ROKU dumped all morning, I came back at noon to check the stocks. $ROKU was forming triple bottom. I took Long and got out for 2R as $ROKU was trading weird. Good: Didn't overtrade. Good trade on $BABA (my trade of the day) and $ROKU. Improvement: I couldn't have avoided the mistake on $UAA. It happens. I just moved on to other stocks. Overall, it was Ok day. I ended up red for the day, but liked my 2 trades. I also traded $RACE (Ferrari) just for fun (like I traded $AMZN on earnings few days back - 1 share)
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2 points11-5-19 AIS 0800..... 5 1/2 hours..... Feel Good ...... Normal morning routine..... PAT: Too many Trades..... Only pre5 if I have a very clear and distinct reason...... Notes: NO FOMO NOVEMBER.... Do not pay much attention to the stocks not in play early on..... Turn Chat Voice off at opening (It gives me a little anxiety).... WOW I just totally screwed up on stupid share size on MYGN and got chopped up.... This is embarrassing as I did not even realize it until I went to my P&L and see I went way beyond out of my comfort zone...... I had already taken several AMD Scalps based on LVL2 which helped out on this large loss .... I just need to hang it up for the day.... Cons: I did not Pay Attention To my Notes and did everything wrong..... Pros: The only thing I did do right was respect my stop loss.... Favorite Trade: None..... Notes: No charts because If I put them up I could not even tell you what I was doing..... Maybe too much confidence from the day before on the AMD trade.... P&L Goal 50.00: -207.50 I am gonna create a small note book by my desk to read when a trade goes bad on me...... After a bad trade that puts me in an emotional state I will force myself to read it.... - No Revenge Trading - - No FOMO - - If at Max Loss turn off DAS and set this book in front of screen - - Remember how crappy it feels when you break your basic rules - - It ruins your Day / Night and sets a bad tone for the next day -
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1 pointHey guys! As Andrew announced today, he will be in San Francisco available for a meetup either Friday evening this week (11/8) or Saturday breakfast. We hope some local member can take the lead on the organization of this meetup and propose a venue. Please use this post to confirm attendance!
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1 point6:30PM works for me, 7PM would be better lol, at City Beer Store. I'll hit the road right after work, im in San Jose too so I should make it between 6:30 and 7PM! I will also bring my better half if that's alright.
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1 point06.Nov.19. BE. Took only one trade today on $CVS. Just when it was going my way, China news came and SPY dumped, so I got out voluntarily. Watchlist: $CVS, $UBER, $MTCH Trade 1: $CVS. gapped up on good news. Opened strong too. I noticed it bounced off VWAP and trying to break the level 70.56 multiple times, Took it long once it broke the level, it put up 2 strong green candles. Then the news about China came and SPY dumped. Fearing $CVS would dump too, I got out. Sure enough, I would have got stoped out. so a BE trade.
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1 pointWednesday 11/06/2019 I had a well-being score of 7.5/10 this morning. Due to my rule breaking day on Monday I am only trading SIM until my mind is back on track. I also quit soda as a punishment. That is a 5 can a day habit so it ain’t easy. Today is when the withdrawal headache started. I replaced the caffeine with coffee, but I guess there are other chemicals in the soda I am now withdrawing from. I guess it is good I am quitting. I took 3 live trades this morning with MTCH and BABA. My watchlist today was: AAPL, BABA, HAS, UBER, MTCH and HPQ. BABA still looks in play with good PM volume and a daily chart looking to break out. BABA was on my main chart and at the open it did its usual no volume sit. But this morning it was really just sat with no volume and a big spread. While I was waiting I saw MTCH setting up and I placed it on my main screen. MTCH gapped down this morning but the last 15 min of PM it worked its way up passed all the MAs. Then created a nice opening 1min hammer. The problem was I had no good target or stop. So when in doubt I gave it a large stop to the bottom of the candle, which was a level respected in PM. It was odd taking so few shares on a $60 stock. Then the stock moved past a daily level and I bought more shares. This buying into a winner is something I want to practice this week while I am on SIM. But, now I am a bit confused of my stop. The 62.80 level is too close. So I chose the avgcost as my stop. I already have a hotkey for that anyway. The first partial I took quickly because of nerves (even in SIM) of the adding in. I also got a bad fill. Then took two more partials on the way up. The price then dropped hard and I took another partial so I could stay in to my B/E stop. Then the price just touched my B/E and stopped me out. Then it went on to a 5% run in 3 minutes without me. But that is OK I was up 1.7R and if I was trading live would have called it a day. I took two more trades, but that would not have been live on a normal day. Both were with BABA. It was good it was SIM since I guess I needed another lesson about stopping at B/E with BABA. I have had a winning trades that I have a stop order at B/E where it flies through and turns a winning trade into a loser. Same thing today. I had a small winner and I was going to let the stop order exit the trade for me. Then the last instant a huge squeeze in about ¼ of a second and blew through my stop and I was now at flat for the day. Wow. Another good lesson about BABA. I did take another trade with BABA (long when it crossed VWAP) so I finished the day at +1.4R. What I did good today: Traded a new stock I normally would not. I also tried adding in, which worked out OK. What I am grateful from today? I am grateful for seeing an improved discipline from yesterday. What do I need to improve on: Watch the B/E auto stops on BABA to close to the open. Stock is too volatile recently.
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1 point6/11/19 had a one and done on HAS and then had to leave early. Trade 1: saw big buying pressure whenever the price dropped and the L2 looked really strong, got a couple partials then added when i saw the pattern ascending and L2 holding its big asks. got 4Rs but i stopped out early because i had to leave soon anyway. it did bounce of VWAP and go higher but dont know how far.
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1 pointNovember 5, 2019 Today was my 1 year anniversary of trading live and I ended up trading the same stock today that I did a year ago. I had $AMRN and $AMD on my watchlist for the open. $AMRN sold off to quickly and never pulled back towards VWAP. I was really hoping it would as it looked very weak during the first 5 minutes. Instead I ended up trading $AMD on a 15 min ORBO. I got in about two minutes before Andrew and was very happy with the entry. I took a partial too early (about .04 early) at the high of day, as Andrew was partially around that area and just felt like if he is doing it, you need to. Well, that ended up with getting stopped out at break even and of course the stock moved back up to my initial partial area, 2R, and finally to my 3R level. All I could do was laugh at myself, and remind myself you know better, stick to your plan. This weekend I plan on doing a recap for my 1 year of trading and posting it here and in the members forum. Sample Set Results, S P G E E P P P P G G P P P G P 17 18 19 20
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1 point05.Nov.19 Watchlist: $ UBER, $AMRN, $MYGN, $SHAK. I did the watchlist, took a small premarket trade (+1r) decided not to trade after the open today. I am working on my habit of taking lot of setups and overtrading. That means some days no trading and some days small no of trades.
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1 point05/11/19 still just making mistakes and learning what not to do... Trade 1: rising devil with big bids but stopped out. Trade 2: me getting chopped up on BYND based on the L2 without regarding patterns. Trade 3: ascending pattern on AMD and big asks, got a partial but bad news came out and stopped out at b/e Trade 4: reverse ABCD with an entry at the support so dont think i should take these if its testing the support for the 3rd time... Trade 5: got chopped up on AMD trying to get the next leg up but i shouldve waited for a rejection of some significant MA, first entry was for an ascending 1 min pattern, second was because it broke downwards and straigh back up and third was a new 5 min high. Trade 6: pennant breakout with volume and big asks, this was the trade i was waiting for but tried too early. Trade 7: finally got the AMD trade as well when i saw an ascending triangle forming respecting the 9 on the 5m and pressed against a daily level and got the pop i wanted, didnt reach my target though and stopped out at a 15m low but happy with the trade.
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1 pointWorse day in 9 months. A bit ironic I wrote in my monthly summary last night that I hadn’t hit max loss in 9 months. I am not trying to place a blame, though it will sound like it. I had an incident on Friday morning, after the trading session, which completely threw me mentally. I couldn’t focus on Friday and Saturday. But on Sunday I thought I recovered and then traded live this morning. Wow, I wasn’t myself from the moment the opening bell rang. I was breaking rules without any second thought. Finally, when I was down 1.5Xmax loss I was just waiting for the platform to auto liquidate my position as I requested through my broker. But it didn’t happen. I finally hit the panic point and exited my position at 2.5XMax Loss. Of course the stock instantly reversed the moment after I exited my position and went for a big run where I would have made a killing. I then immediately turned off my platform and walked away. Looking back on it now the reversal was a good thing. I shouldn’t be rewarded for breaking my rules. Maximum pain is what should happen. I checked my emails with my broker and I see the request for the liquidation of my position and no new trades when I reached unrealized+realized loss of 1.5Xmax loss. Then I saw the broker saying they can’t do that. Not sure why I missed that I thought I had that risk control for months. I requested it again today and hopefully they are able to comply. I have a reasonably sophisticated way of determining if I am physically able to trade. If what is preventing you is completely in your head it is a bit vague to set limits. I guess if you are not sure if you are ready, you are not. I will be on SIM only until I know I am ready to go back. Hopefully, everyone else fared better today.
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1 pointLive trading summary of the month of October. An interesting month. I made 34 trades, which is about average. I am flat again for the month (as usual) but I think positively of this month. I was down -8R by the halfway point. I made a few adjustments and I ended up the month up +0.5R. The adjustments I made: First, I switched so I only have one montage. I started taking two trades at once and I was doing well, but I knew that was a bad habit and I needed to stop. Once I did I was better at reading the tape, because I could focus completely on it. Second, was I moved my B/E stop outs by 4 cents (not in my favor). I missed two HUGE runs early in October by the stock dropping down and stopping me out at B/E by 1 or 2 cents and going on for 10R runs. Third, I lowered my R from $30 to $10. I always used a R that was the maximum I could handle mentally. But that is not correct. I need to place it in a sweet spot. High enough I feel I am trading live but not stressed about the money. Actually I am increasing now from $10 to $15 next week. Finally, I set up buttons that automatically setup a limit order at 1.5R for a 50% selling of shares. I take partial profits way to early. With that limit order in and on my screen I have more patience waiting for it. A lot of members of my chatroom set a limit order at 2R, but my data shows that very few of my trades make it to 2R. But 1.5R is common enough to make it worth while. Though I create a score card for each trade, I don’t track it any more on a monthly level. I am glad to say I did not hit the max daily loss on any day this month (and the last 9 months). Goals for November: 1) Don’t go hulk. 2) Learn to control your emotions after a loss. 3) Keep using the limit order on 1.5R 4) Increase risk per trade $15. 5) Keep improving health. 6) Keep making SIM trades on 5/10/15 min ORBs 7) Start taking small live 5/10/15 min ORBs. At least once a week. 8] Take a break with the Van Tharp course for traders. There was one recent chapter actually took a month, working almost every day, to finish. It burned me out for the course and I need a break from it. At least a week, but I am OK restarting in December. 9) Work on being able to manage a trade with a bad entry. Either exit or take shares off the trade to renormalize the risk. 10) Allow a third trade if a previous trade was exited well early for a tactical trade management purpose. 11) Stop out at B/E if price reached 1R and retraced. 12) I can look at P/L window again once the trading session is over. 13) The goal is to make money. Stop caring if you are right or wrong about a trade. If it was a good setup and well managed, you will always be right. Plan for next week. BABA is in play at the open (1min ORBs) but not showing much for the 2/5/15min ORBs. AAPL is only in play for the 5min ORB. MU choppier than usual and only should be a focus if gapping big or unusually high volume.