2020-7-24
Back at home with my full workstation...
Question regarding Kyle's HotKeys... This happened to me multiple times to me today where my orders did not get filled immediately. Which of course means that the price ran up over the 5 cent mark. Question: Should I immediately cancel the order and start over ? I was a little shocked at this so I did not react. Each time the price fell back into to range of the order and was filled. I was still confident in the pattern, so I let it run...
<SIM> Max loss day...
Trade 1 $AMD -1.52R
One Minute ORB
First, there was quite the delay for me to be filled. I assumed it was because the stock passed the 5 cent marketable limit order mark. The stock came back down and I was filled. Strange fill price as my order should have gone in at 65.42 as that was the top of the base of the one minute candle. With that it wicked down and I was stopped out for a -1.53 loss. Thoughts ?
Trade 2 $AMD -1.45R
Five Minute ORB
Base of 5 minute candle at 66.05 fill one minute later at 66.43...
Stopped out for a -1.45 loss...
Trade 3 $AMD +0.09R
ABCD & VWAP Bounce
I felt good about this trade. Small share size because it got away from VWAP.
I partialed at HOD for only 10% because I was convinced that it was going to be super strong and should at least to go the next whole dollar amount of 67.00. This allowed me to move my stop to break even. Then it fell back and I was left with a lousy 0.09R.
Afterthoughts; should I have taken more at HOD? Probably, if for no other reason I seem to have overly-optimistic goals for some of these stocks. With that if your goal was HOD, you would not take the trade because that would only be a 1:1 Risk to reward. I am not sure, stock with a great catalyst and a good pattern. I know that I did not want to partial more because of the small share size and when I was green it was not by a lot...
Trade 4 $AMD -1.32R
VWAP Bounce
Nothing but a bad trade, did not let the candles complete to confirm.
Just trying to jump in. Certainly an anger trade from making no money the trade before.
Trade 5 $AMD -1.02R
VWAP Bounce
Repeat notes from trade 4, bad trade...need to wait for confirmation candles...
STOP FOR THE DAY WITH -5.23 R
Afterthoughts:
Well let's start with the positives
Woke up early, went through the entire morning show.
Good watch list, screens setup. Stayed on one stock until the action stopped (or I stopped)
No HotKey errors.
Stopped trading and got out, went to my journal.
I have often thought when I have a bad day, I need to stop and drop into SIM. Hahaha...I am in SIM. So I am going to move myself to complete my journal and then if I go back in I figure those will be just practice trades. Will let you know if I jump back in.
Full journal complete
Constructive thoughts:
I was having a decent month. Although I have had small green days they were green and no big losses. No big green days, but I figured this was a step in the right direction.
Frustrated with a couple of things. 1. The fills not completing and then filling later. I think if it does not go I need to cancel all orders and then re-evaluate. I believe it was three times the orders went late and then filled on a pull back, probably an excuse to not take the trade. 2. Also frustrated with losses being more than one R. I am using Kyle's HotKeys, probably would be worse without them.
Take Aways:
Need to start recording my screen. Any input ? The simple way to do it seems to be with Quicken, although DAS has this function as well.
WAIT FOR CONFIRMATION CANDLES.
Utilize cancel all orders HotKey.
Somewhere I read that when traders comeback positive ready to trade they end up overtrading and losing money, and when they come in cautious they make better decisions. Makes me think this applied to me today as I have not been on my desktop setup for a couple of weeks and traveling for the last couple of days. Carlos says to be cautious on Friday's so you enjoy the weekend. Wish I could say that, will have to enjoy it anyways !
Have a good weekend !