Don't trade while sick/not feeling well: Check! 26hrs no sleep and mind is blank.. Let's trade !!
Do homework/gameplan prior to Market open: Did not do!, was sleepy all day. The only gameplan i had was watching Sprint collapse under 3.74.. which it did, but it's a 2 billion$ market cap, so it didn't do what i wanted it too. This just shows that the strategy does not work for big companies, which it never was meant for...
Hays, since im on a trend of doing what i'm NOT supposed to do and having no discipline in abiding by the rules. I'll be rationalizing that i am breaking them on purpose so i can have the actual feeling/experience of what happens if i don't stick to the rules. I'll give this trend til the 24th and by August, I need to be strictly adhering to the rules...
Coming into the opening, the trades i've bn monitoring last wk opened up with NO VOLUME. Although I reacted slow, today, i actually scanned for biggest price gainers and checked their volume. Found OHRP being a good candidate. (I had the chat room opened up and that should've been the first place I should have checked, people have been watching this stock even PRIOR to the market open.
- OHRP
Coming into the opening, the trades i've bn monitoring last wk opened up with NO VOLUME. Although I reacted slow, today, i actually scanned for biggest price gainers and checked their volume. Found OHRP being a good candidate. (I had the chat room opened up and that should've been the first place I should have checked, people have been watching this stock even PRIOR to the market open.
- OHRP
I went into this just knowing that it's a biotech/pharmaceutical company but it was HOT!!, huge volume and top 5% on market opening. It was already rising fast 7% in 5mins. Finally started using Limit orders instead of last weeks market orders and it makes a HUGE difference. Entry: 1000 at 2.96, Sold at 3.15 thinking it was topping out. I had an entry plan but no specific EXIT plan, because of this, i got scared out of my position on slight resistance on level 2. The stock eventually went on to hit 3.75 which i would've sold on if it met resistance at a key price point. Nonetheless, i profited 190$in 12minutes. Anyways it kept on going up, and Rule: Don't chase breakout.. I decided to chase at 3.44, And history repeats itself, I didn't have an exit plan, it pulled back at 3.3 and i sold to cut losses. But if i had taken the previous trade into a account, The trade was overwhelmingly showing to hold it out since i had superior risk/reward. Another 7mins and i coulda, woulda, shoulda sold at 3.75 for another 310$ profit.. Had i come in with a complete hypothesis analyzing risk/reward. I coulda, woulda, shoulda walked away with 790$/27% gain.. But since i'm an idiot i was left with 60$..
I neeeeeed to have a complete hypothesis prior to having an entry on trades.... BE SPECIFIC!! Systematic and thorough.. Aim small, miss small... It's already getting past 10:30am, volume is fading but it still shows good buyer strength since its fading slower than the spike... I've been on target on previous stock's day trends, so i'mma speculate buy 3000 shares at 3.23 with the speculation that once volume returns after lunch.. the stock will go up higher + the fact that more positive press releases has been out in the morning + i am sleepy tired, and gonna go to sleep. Entry 3000 at 3.23, Woke up... Exit 3000 at 3.74 for a 1530$profit, . Perfect exit this time selling on the bounce once it started to downtrend. Another 5minutes and it woulda dropped another 17cents.. VERY largely speculative since i was so sleepy and didnt care anymore, but just shows that i've been on target on stocks day trend 100% so far, my problem is that since i don't have a good analysis of risk/reward, my entry/exit sucks so bad and I get scared out of my position too easily, i'm failing hard but hey, make mistakes now instead of later... Although i'm up 1.5k, This trade was a failed trade due to too much speculation and just the fact of too many rules broken/no specific entry/exit strategy prior to the trade.
- VLTC
I neeeeeed to have a complete hypothesis prior to having an entry on trades.... BE SPECIFIC!! Systematic and thorough.. Aim small, miss small... It's already getting past 10:30am, volume is fading but it still shows good buyer strength since its fading slower than the spike... I've been on target on previous stock's day trends, so i'mma speculate buy 3000 shares at 3.23 with the speculation that once volume returns after lunch.. the stock will go up higher + the fact that more positive press releases has been out in the morning + i am sleepy tired, and gonna go to sleep. Entry 3000 at 3.23, Woke up... Exit 3000 at 3.74 for a 1530$profit, . Perfect exit this time selling on the bounce once it started to downtrend. Another 5minutes and it woulda dropped another 17cents.. VERY largely speculative since i was so sleepy and didnt care anymore, but just shows that i've been on target on stocks day trend 100% so far, my problem is that since i don't have a good analysis of risk/reward, my entry/exit sucks so bad and I get scared out of my position too easily, i'm failing hard but hey, make mistakes now instead of later... Although i'm up 1.5k, This trade was a failed trade due to too much speculation and just the fact of too many rules broken/no specific entry/exit strategy prior to the trade.
- VLTC
10am, Chatroom is buzzing about this, I have no idea what's moving it!!Put an order in at 5.35 to buy on a dip. DID NOT get filled.. ignored it to focus on OHRP. >_< 40% gain in the day.. closed at day's high 6.87 from opening at 4.69 on NO NEWS.. No regrets missing out on this since this is like meh/unpredicatble.. This however, is a billionaire play a few months back, "Voltari Corp (NASDAQ: VLTC) was lifted 30 percent on no apparent news. Carl Icahn, who holds a position in the company, is scheduled to present at CNBC's Delivering Alpha conference on Wednesday, July 15." Entry 1000shares at 6.58 10mins prior to closing. Finished strong on the day, and has a base way higher than the morning high. This really has no catalyst, largely speculative hold just to see what happens. Realistically, will not have a position. First serious multi-day play, since there's gonna be news on wednesday.
- NUGN
One picture = 'nuff said. This Ideal pump/dump play has been on the watchlist for weeks now. I NEED a better platform so i can calculate vwap and have a good alert system, missed the chance to short and suretrader had no shorts anyways. Stocks aren't predictable? Pump and dumps are verrry verrry scarily predictable... You'd think people would wise up to these scams of companies but hey..
General Thoughts: Keeping it short cuz even though i'm up on the day, I'm pissed since i had no discipline today.
- SCALPING.. I need to kill teh urge to scalp and focus on having a COMPLETE hypothesis, entry/exit strategy.
Goals by next monday:
- Have a system setup where i can scan stocks FAST, <3mins.
- Have a step-by-step idiot proof system on how to setup a hypothesis prior to a trade
- Have a step-by-step idiot proof system on when to buy/short based on morning trends/catalysts. Stupid shit like buying high and selling low, or shorting low, covering high ACTUALLY happens here... Bought at 3.44 and sold at 3.3 ?? REALLY? Years of finance experience and that still happened... come on...
Looking back at previous goals:
- Lower trades to <5/day.. Aim small, miss small (The one thing i did right today). Check!
^Hindsight review July14: Scalping sucks.
- Kaizen
- NUGN
One picture = 'nuff said. This Ideal pump/dump play has been on the watchlist for weeks now. I NEED a better platform so i can calculate vwap and have a good alert system, missed the chance to short and suretrader had no shorts anyways. Stocks aren't predictable? Pump and dumps are verrry verrry scarily predictable... You'd think people would wise up to these scams of companies but hey..
General Thoughts: Keeping it short cuz even though i'm up on the day, I'm pissed since i had no discipline today.
- SCALPING.. I need to kill teh urge to scalp and focus on having a COMPLETE hypothesis, entry/exit strategy.
Goals by next monday:
- Have a system setup where i can scan stocks FAST, <3mins.
- Have a step-by-step idiot proof system on how to setup a hypothesis prior to a trade
- Have a step-by-step idiot proof system on when to buy/short based on morning trends/catalysts. Stupid shit like buying high and selling low, or shorting low, covering high ACTUALLY happens here... Bought at 3.44 and sold at 3.3 ?? REALLY? Years of finance experience and that still happened... come on...
Looking back at previous goals:
- Lower trades to <5/day.. Aim small, miss small (The one thing i did right today). Check!
^Hindsight review July14: Scalping sucks.
- Kaizen
