Friday march 8th, 2019
Sleep: 7.5 hours. Mood: good, ready to trade.
First trade of the day was an ORBU in AMD. i liked the buying pressure on the first ten minutes so i waited for a pullback to the MAs on the 1min chart and got a good entry. stop at $21.30 goal was a $21.71 a couple cents below my target. i was confident that i would get to my profit target so i watched it get two cents from my target and i froze and held and then i got disgusted that i gave back a 2:1 R over a couple cents and got out at the b/e. this ended up never hitting my stop and hitting my profit target. serves me right for getting out of a trade on disgust.
GOOD: good setup, good entry.
RFI: not taking any profits so close to my exit
CONSISTENT: no. i did not follow my trading plan and was too rigid in my profit taking
Then i just took some crappy emotional trades and hit max loss. Looked like AMD was going to sell off, i waited for a new 5min low to get in but i got stuck holding the bag and got stopped out immediately. this was my worst trade of the day. Then i tried two more shorts in AMD but it was a long, i should have known better but i let my emotions get the best of me and i held my short bias for three losers.
GOOD: at least the third short i waited for a good entry with the HOTD as the stop: at least i respected my stops all day today.
RFI: dumb trades, also dumb entries. Really blew it today
MOOD: disappointed i kept trying to force the short trade but I accept those losses.
CONSISTENT: yes i respected my stops.
P&L was max loss but i felt more in control today than last week. i'm still hitting max loss way too often. 3 times in a week is too many. there's really no way to worry about my max losses, all i can do is take the best trades i can and not worry about the money. Traveling a lot next week so i won't be trading Monday, Tuesday or Thursday. it will give me some time to reflect on my trading and how to move forward.
What i did good today: First trade in AMD was a good trade and would have been a winner
What i did bad today: chasing trades and not looking at the overall trend.
What can i do better tomorrow: don't let one trade ruin your day.
other comments for tomorrow: Keep working on making good trades.