All caught up with work but having trouble focusing still…mental / brain fitness is my struggle.
| Stock | Shares | Trades | Gross | Fee | Net | Note |
| MGA | 200 | Short | -64 | -2.86 | -66.86 | Should of flipped |
| HAR | 200 | Short | 24 | -3.78 | 20.22 | Didn’t let profit run |
| -$46.64 |
HAR was a Opening Range Low (ORL) Breakdown: I entered on a bounce up back up to the ORL and above a whole number price threshold. I did not manage the exit and letting the profit run well – and left money on the table based on where the price is now.
MGA I thought would be a Opening Range High (ORH) Fade. I hesitated on the initial drop; it bounced up back near ORH but that was the beginning of a nice breakout. I did not have a stop loss order in, and I let it breath 20 extra cents (for a $40 loss) beyond where I was going to initially put in the stop order – and as I was white knuckling it missed the opportunity to flip the position to ride it on the way up once the chart and Level II was clearly acting bullish.
No charts today as it’s not technical stuff that I need to work on again. As always, it’s trade management. Lessons to work on going forward:
1) Put in a stop loss order first into the system (without starting it) before sending in a buy or sell order to enter a position.
2) Do not hesitate when I see a setup – just place my stop and entry orders, and let the results come. I know this is magical thinking as there are tons of setups I consider that I pass on because of cold feet, and then those go the opposite of what I thought – so this prevents catastrophic losses everyday. But right now I’m choosing to just remember the moves I miss!
3) Starting reading the self-coaching trading psychology book to work on developing as a trader.
