NADL, PTX

Nothing 3* or 4* moving pre-market.  Been feeling bummed out, haven't traded regularly since early January and doubts of me being able to make it starting to build up.  Going to trade small just to dip my feet in and see where I am at as far as:

1 - Reading the Tape
2 - Defining the risk
3 - Pre-defining the loss
4 - Using the Hotkeys setup/Getting used to my new screen Setup
5 - Watching OHLC candles
6 - Watching volume

NADL 2*

Contract winner just a few days back, gapping up slightly pre-market on some less than ideal volume.  Kind of not liking it since 3-3.2 was rejecting hard yesterday.  I can't tell whether it would be a breakout or hard resistance =/.

1min micro pullback target was sell 1/2 at 10cents up and move the stop at break even to practice.  Sold half at topping action on level 2, FORGOT to move the stop to breakeven, I didn't even think about it once I was in the trade.  I didn't wait for the 10cent stop, I stopped out at as soon as I saw the PRICE ACTION looking like it would break my stop. 

Lessons learned:

1 - Reading the Tape - I felt good reading the tape on this one and it felt clear and felt the flow.  Need more practice to gain confidence.

2 - Defining the risk - Was always bad at this before but with the automatic 10cent stop>move up to breakeven helps sooo much more.  Coupled with chasing, not defining my risk was the main cause of my top losses ever.

3 - Pre-defining the loss - The difference between this and defining the risk is that defining the loss is to picture the motions of your stop loss getting hit prior to the trade.  What actions from the tape/chart am I looking for to know when to get out?  This is something that I need to work on High priority.

4 - Using the Hotkeys setup/Getting used to my new screen Setup - SOOOO MUCH better than the process that I used to back then.  Never going back to ToS for putting my orders in.  It prolly took me at least 30secs to full put my orders in back then not including ToS giving me an error code.  I had no chance with Gap and Gos using my setups backthen.  Execution was lightning fast vs ToS as well, insanely fast and the level 2/Time and Sales updates almost twice-three times faster than ToS.  Problem with this is that this gives me the ability to scalp more, something that I see as a potential problem in the future with overtrading.

5 - Watching OHLC candles - Not bad either

6 - Watching volume - Did not really see it during the trade, Need to work on.

7 - I only really fully noticed/realized that the 10cent stop from WT is an arbitrary price point with no level of support unless it just happens to coincide with the stop breaking out of a key level resistance that turns into support.  But for most of the other time especially during pullbacks, it really is just putting structure into the trade so that your mind/actions/behavior can easily follow to form a habit.  Unlike my previous way of finding support and basing my risk/position size off that, this strategy is really all about grabbing bits of momentum as they move up.  The big problem really is that although you have the pullbacks to use as an entry, in choppy markets, nasty whipsaws can really blow your risk/reward ratio off.

8 - Forgetting to move the stop loss at breakeven was a preventable but acceptable mistake since it's my first time doing this.  I read this from disciplined trader to start playing out the trade PRIOR to the trade happening and I think that if I had played the trade out at least 5 times, I would've had better preparation and increased my chances of remembering to stop at breakeven.

PTX 2* (From where I entered)

Hit the HOD Scanner, way extended already from where Ross entered but decided to go in on the next 1min micropullback at 75.  Still felt a slight FOMO, I should've spent more time assessing the viability of the entry whether I was chasing or not.

BREAKOUT or BAILOUT !! I need to really get this mentality down.

Entry was Insanely quick, my target was going to be just below 5.  I'm not exactly too sure what happened, I could've sworn I pressed the hotkey to get out 1/2 but it's also possible I talked myself out during the trade to see if it broke 5.  If so, greed got in the way but I don't feel like that's what happened post-trade.  Anyways I saw it coming back down and tried to sell 1/2 on the ask at 90 but wasn't getting filled.  

(Mistake #1) Downsized half when the momentum started going back down THINKING that it'll bounce off my entry *ARBITRARY* which was completely stupid since it's not a support level of any sort and my stop will be at 10cent below my entry.  I heard Ross comment then that 4.5 looks like a good mental stop to be at (support?) but i registered it as a good support level.  WT uses mental stop points as exit points and does not necessarily mean as support.  I'm so used to having my mental stops at key levels of support that it's conflicting with how I used to trade.  (Mistake #2) I let Ross's comment change my thinking and (Mistake #3) altered my stop to 4.5 instead of sticking to my original plan.  Ross's entry was at the 3.7 area. Mine? hah.. a full dollar after.. I shouldn't have let other people's comments affect my trade.  Result = x3 the loss I wanted.

** Big NoNo's

1 - I didn't assess my emotional state post trade.

2 - Did not assess the viability of the entry whether I was chasing or not.

3 - Start treating the 10cent stop as a EXIT POINT ONLY and not a support level.

4 - ** Just like my AMD/NDA Swings.  Stop altering the intial plan when your LOSING and just get out.

Things to do:

1 - Set up a POST Trade checklist easily accessible and will catch my attention visually on the table.

2 - Pre-game the trade in my head prior to the trade.

3 - Vocalize what's going on during the trade.