Hey guys. I posted 1 post yesterday in the members only forum, but realized this was a better place to start my journal. Right now, I am working mainly on Opening Range Breakouts. A little bit about myself, I've been a professional poker player for the last 8 years. Right now, I mainly play 5 tables online for an income. In poker, I use software to build Game Theory Optimal (GTO) strategies where no matter what your opponent does, they are indifferent between their options and you realize a great portion of the pot size. Its very theory intensive and I love the mental challenges. In poker, you also have to work a lot on your mental game to focus on the learning and making the most profitable play in the long run with each hand, detaching yourself from the monetary win or loss. I see a lot of parallels between poker and Day Trading, and I am already having a ton of fun learning Day Trading! I am hungry to learn and don't be afraid to tell me I totally messed up a trade...I can take it and I want to learn! Look forward to getting into tons of theory discussions with you guys. Here is my trade journal I'll post daily!
This was my 2nd day of trading. Overall, I think I did not have good reasonings for doing trades in my first day. I also am aware that I need to work on my exits from trades. I didn't do well on my exiting today. There was a lot of chinese stocks that were gapping down a lot pre-market, but didn't choose to trade them because they were too far away from the VWAP. I was watching AAPL though and because it was gapping down pre-market and close to the VWAP. These are criteria in my tradebook I am looking to meet pre-market.
(trading near VWAP pre-market)
I honestly don't know what I was thinking when I partialed way too quick. I honestly think it was because I was doubting the setup. I wasn't 100% sure. After though, I kept riding the wave down and honestly didn't have a clear exit point mapped out. Developing my trade book, I want to get better on mapping out my exits. I did mark on my charts pre-market a level of $156.45 and $155.84 that appear to be approx areas of support over the last several days of trading. That should have been my target to get out 100% and partialing down. When on the chart below would you take your first partial?
*Side note. I want to start a tradebook on reversals and tried taking a reversal trade that I think was bad in hindsight. I don't think I should be taking the reversal trade with both 9EMA and 20EMA averages between the VWAP. Its my 2nd day trading in the sim, so was tempted to try a reversal play. I will study reversals more and start a tradebook before taking any more trades. My question is when I am working on 1 and 5 min ORBs, sometimes I am done with that trade by 9:30. What are some of the best trades to start looking out for at 9:30-10:30? I want to focus on studying 2 different setups so I can trade something after the ORB setup in the morning or if I miss it. I def have the time and flexibility to put in a lot of study time.