Here are my trades from yesterday and my overnight hold of WNR:
I’ve started to become overwhelmingly busy and don’t really have time to analyze these trades. I was wicked out of PBI by a couple pennies, which was the one that was most annoying yesterday and didn’t let DIS really extend.
MAIN OBSERVATION: I am scalp trading for emotional reasons while in my strategy to maximize profits calls me to stay in trades longer. My average trade typically lasts only 10 minutes, but if I just stayed put like an hour or two, I could rack up some results.
Here is my trade ticket from the WNR trade today, didn’t print things up yesterday.
Below is the two-day 5-minute chart of WNR. See my post from yesterday how my internet connection went down and I couldn’t exit on my own without calling my prop firm up. Yesterday’s entry was totally WRONG – I shorted a stock breaking out. My initial plan as I watched on my phone was to short another 100 shares when it hit $16 but I didn’t realize at the time I was at my 200 share account limit already. This morning, there was a morning spike that was scary, but I decided to use the 15-minute opening range to guide my exit. If it broke above the opening high, I would get out. If it broke below the morning low, I would let it ride out. I exited at $15.38 and the rest at $15.13 (bad fill). I really thought $15 would act as stronger support so I left some money on the table here but was happy with my -$10 loss.
For the most part, I was lucky on this but it was a big step for me to not panic this morning when the stock popped but showed weakness….
…anyway, won’t be trading until I get set up in my new office with a primary and back-up internet connection.