12/22/2016 11:18:46 Bought 40 NVDA @ 108.79
12/28/2016 09:36:05 Sold 40 NVDA @ 117.92
12/28/2016 10:22:29 Sell Short 40 NVDA Executed @ $109.47
12/28/2016 10:30:48 Buy to cover 40 NVDA Executed @ $111.1593
Profitable trade long. I prolly have more theory in swing trading than day trading but this is my first ever long that's more than 18hrs.
Mistake #1
My profit point was when the long term charts (1h / 4h) showed a reversal in trend. It hasn't reversed in two days and was severely due for at least a good sized pullback. The momentum waned once it hit the price point of 120 pre-market and signaled a reverse in trend on the 1h/4h when it failed to break 120 a second time. I stared at it and told myself that this is where i should sell. My stop loss was set at 118 though.. There was news of a new analyst with an upgraded Price target from 95$ to 130$ pre-market and I ignored my plan of selling and risked the 2$ to the stop loss and "hoped" it'll spike past 120 in the open even though the momentum had already reversed 5mins prior to open on ALL-- 1min/5min/15min/1h/4h timeframes.
Ignored plan / trend and "hoped" caused a 2$/share opportunity slip away.
Mistake #2
As I kept hoping against my strategy, and I was eventually stopped out. The best time to sell was at the open and where my s/l was at. IT WAS ALSO THE BEST TIME TO SHORT. Citron Research which is a HUGE Short Selling Group put an article why they are short on NVDA with a price target of 90$ which ACCELERATED the pullback into the first MASSIVE PANIC i've EVER witnessed in real-time. The bad news set off STOP LOSS AFTER STOP LOSS. Clouded from my anger from the opportunity lost earlier in the day. I kept biased on being long and missed the opportunity on the hella good short entry. All of IU chatroom was now in this as a short and eventually I semi-cooled off and thought about being short as well as trying out my new broker E-Trade. But i took a little too long and didn't realize I was chasing if I got in now as a short. Curiousity, FOMO and a little bit of revenge trading caused me to completely ignore my pre-trading checklist, set risk, set position size, set profit targets--yeah you can see where this is going..
Even worse was the fact that 1min chart and 5min chart is showing signs of a reversal/bounce. Which is actually my bounce play.. So what do I do best? Fck it and clicked short--On my phone too... soo cool... bang.. 8mins of telling myself that 1yrs worth of studying is wrong and that my current position is correct.--Hit my stop/loss and stopped out.. Fcking found rock bottom alright---too bad I ignored my go-to-setup and was on the wrong fcking side of the trade.....
Ignored standard procedures in place/FOMO/Revenge trade
I'm sooooo tiiiired of this. I'm undisciplined as ****. HOW MANY TIMES DO I HAVE TO KEEP REPEATEDLY MAKING THE SAME MISTAKES BEFORE I LEARN???? I make a system to prevent the mistake from happening yet I'm soooo good at finding ways around the system I have put in place.. I have a nice 2'x'3 whiteboard with the pre-trade checklist on it right next to the monitor and I failed to even take a look at it prior to clicking TRADE.
FIX: I will be making physical fillable forms of the checklist on paper that I MUST fill out prior to being able to trade. This will take up time prior to the actual trade but i'm trying to filter out me zombie trading into stupid--you'd think it'd be easily fixable mistakes. This will help me track my progress as far as pre-trade planning/execution as well.
Cool video of AI predicting an impending crash that is out of vision from a human observer.
https://www.youtube.com/watch?v=3TtODhB-008
NVDA demonstration of it's Self-Learning AI.. cute it's name is BB8 (Star Wars?)
https://www.youtube.com/watch?v=-96BEoXJMs0
Goal for tomorrow+first two weeks of January = 100% compliance with pre-trading requirements prior to making the trade. If i stick to this plan = 0 ZOMBIE/REVENGE TRADES
THIS IS THE HIGHEST PRIORITY atm. I will be profitable if i cut out the stupid trades/losses. I'm tiiiired of this....
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