Summary:
Positive today for +$510.73:
I thought I did well today, but it turns out that I lost more money than I made (P/L = 632/935 = 0.675; gross profit of $1567.17)). Being wrong is part of the business, but I think that losing more than I made indicates that I probably didn't have a very good sense of the market. Need to think about that some more.
I traded 500 share lots today with a min/max stop loss of $0.15. This was blown out a number of times (which may contribute to the profit/loss ratio). RIG was the biggest winner and good old TNA the biggest loser. I traded 4 stocks.
But hey - I am positive, that is a big confidence boost.
Trade well!
Details:
IMA - I noticed it at around the 11:30 mark. Looking at it now, the 11:45 would have been a great long signal. I played the short with a poor price point and got stopped the first time (+$47.81):
POT - Not a great price point on the short. After the stop I went long for a scalp. Pretty messy for most of the day (-$31.72):
RIG - Some decent calls on this one, but not as clean as it could be. I doubled up on the 7:30 and the 11:55. The first trade on the 12:00 was a long, which I closed for a a breakeven, and then went short, which got stopped. Then a long on the 12:05 which also got stopped. Taking the time to place limit orders on the support would have helped a lot on this - I just couldn't decide which way it wanted to go. Finished with some scalps EOD. I am looking at that 8:25 gap(?) my Q's and SPY charts are showing the same thing. I don't remember that at all (+$704.89):
TNA - I wonder if I am learning anything. Great first trade (finishing with a long would have been too much good). I kept seeing shorts in the afternoon - I didn't believe that slow afternoon rally. The 11:40 was based on TNA's prior action, the 11:45 on the market's indecision. The 12:30 short was based on the low volume market green, and the 12:35 was based on TNA's retrace. I just had it in my head that TNA wanted to drop. I finally conceded and went long as the ticker started flying by. I closed shortly after the candle change then shorted as the market and TNA turned red. Looks like I sold close to the low for a pretty quick stop. Another try at a long as the ticker picked up speed again, with another stop.
Definitely one of the most controlled days of trading on TNA, I just kept calling it wrong; in fact, I think you could say that I tend to fight TNA. Maybe it is more about buying the S/R side of things if I think I have direction. It looks like Scott traded TNA as well today. I think a comparison would probably be good (-$210.26):
that is great, i think we had the same exact trades in IMA and TNA (i can't short TNA, so I buy VXX instead). it's amazing how scott can just let it go and flip those positions. man, i need to get there. not trying to place blame for any of my bad trades, but i didn't have the soothing tunes going this afternoon. i'm putting those headphones back on tomorrow. lets see if it makes a difference.
ReplyDeleteyou know you don't have to trade TNA and the like. there are plenty more stocks that trade in more a linear fashion still with nice profit potential. Cutting your teeth to learn on the 3X stocks is making it harder than it can be. I know the profit potential is seductive but let the 3X go for a while.
ReplyDeleteSounds like a good idea. I feel like I have it when I enter on TNA, but I tend to persist even when I am wrong. I think I will make a conscious effort to stay away for awhile. Thanks for the advice.
ReplyDelete