Help me what I am doing wrong

[csxilin 6]

Hello BBT

I joined BBT around June and started SIM mid-July. Prior to joining BBT, I was in another chatroom for about a year. Like most people, I started to live trade the first day I started learning. Every time when I place a trade, the stock would go against me. I believe I have the touch of the devil. 

During this one month+ SIM trading, my winning percentage is only 33% with an average of 0.70 winning ratio. My P&L chart is at a downward slope.

Here is some of today's trading:

I had traded a few today, hope someone could hint me some of the mistakes I have made and that I should improve on. Am pretty embarrassed, being that I am well into 1.5+ years learning and I am not getting anywhere. 

 

[KurtLoeblich 101]

I will take a look at these tomorrow when I'm on the computer and will provide feedback. 

[SirPatrick 9]

On the TGT trade (the first trade at 9:31), you went long into a slew of resistances (VWAP, EMAs, etc); not saying that the price cant break through those, which it eventually did, but its definitely something to at least consider prior to entering the trade. If you were expecting the 200 MA to hold, which it eventually did, why did you get into the trade so far above it (twice)? Your 3rd TGT trade was good, long on the hammer after the EMAs, VWAP, etc. became support. Fourth TGT trade you entered into some low volume chop.

AAPL trade was very choppy at the open,  would have probably left that alone. There appeared to be quite a bit of resistance forming with all of those first few candles, and as you said SPY looked weak, that would have biased me to go short.

Maybe you should consider not trading the open or if you do just plan on a scalp (get in and out very quickly). I am by no means an expert, so take it all with a grain of salt. And I wish you the best on future trades!

Patrick

Edited August 27, 2019 by SirPatrick

[csxilin 6]

Hey SirPatrick,

I took the first TGT trade so far apart because the price quick bounced up from that level. I always traded like that. I guess it's not working too well.  You are right about the moving averages above. I should have taken more into consideration. Overall I am all over the place.

Also, I am really glad that I was on the live chat this morning with William. I learned a few things about his style about taking a trade with all the moving averages below or above you.

Time to make some changes in my trading style.

Hope Kurt could give me some feedback 🙂

 

Thank you both for the reply.

 

[Magna 31]

First two trades on TGT looks like ORB down. With VWAP and MAs above it, I would probably take this trade to the short. Trying to catch reversal based on 200 SMA on the 1 minutes and 50 MA on the 5 minutes chart is probably not enough. You need to look at the price actions as well. If you look at the 1 minute charts on TGT, TGT was making lower high and lower low, and it just rejected VWAP as well so going long there is against the trend. 

On MDCO, you had the right idea. Usually, after a stock do this kind of reversal when it pops above VWAP, I would wait for it to drop back down and test VWAP, then if it holds VWAP then I would consider going long. Your entry on MDCO is probably okay, but you got out when it pullback to test VWAP and missed the move which is unfortunately. 

AMD, understand that VWAP can be a big resistance, you shouldn't short AMD entirely based on that especially when it was making higher high and higher low on the 5 mins chart. 

AAPL, it does look like an ascending triangle to me, but you're chasing. AAPL is way too extended. It is kinda far from VWAP and it is very close to high of the day so you don't really have a good risk to reward to take this trade. 

Overall, I think you're based your trades on the 1 mins chart too much. Maybe try to look at the 5 minutes and 15 minutes more. 

[Flint 2]

Hey  i had some mistakes like yours  but now i can analyze and fix them by myself

Write me here [email protected] i think we can help each other

[ecadaret 14]

Try trading in the direction of the 5-min or 15-min over multiple candles as usually a stock will continue a trend and when the stock is gapping up, there is usually a gap down in the first 5-min that presents a good long entry. Converse is true with gap down, etc. Also, if a stock makes it above VWAP and VWAP is generally uptrending, i would avoid shorting it and instead get long when it touches or slightly dips below VWAP. Converse is true with VWAP downtrending and stock price below. Hope this helps. Bottom line: try and find entries that will provide you trades in the primary trend direction on a longer term time frame.