I'm still alive.. Passed my Fitness test so I will be regularly posting once again and get back into daytrading. I delved into swing trading big cap companies whose industry i'm somewhat familiar with i've been watching for a few months now.
Begin rant:
BRUTAL FCKIN' DAY.. I did not stick to my mental trailing stops.. Did not stick to the initial plan, adding to the initial plan might be good if the original plan is still in play but once the initial play is broken, I found myself rationalizing a plan gone dead. Made the same mistakes YET AGAIN from last time... the cues were there, and i failed to listen to them and worse--i came up reasons against them.
My AMD Position is still in play and will hold through ER (I know, scary =.=) until Naples in 3Q is released.
NVDA I bought in at 100 seeing a reversal making new higher highs last week. This play I know is only for a short swing, maybe a week or so but prior to ER in may for sure. First profit target is 110-111$ range is what I told myself last week. I re-added on a higher dip when I noticed it spikes after/pre-market and dips down 30mins-1hr into open and ramps up for the rest of the day. It's done this for a few days already and againts the overall market trend so I knew NVDA will be even stronger when the market does go green. I knew I was chasing hard when I added NVDA at 109 at the top of a spike when it moved up 3$ yesterday. It's moved up too much too soon and is going parabolic right into 110-111$ resistance level. I told myself the whole night at work that I WILL get out of the add at 109.50 or break even because I was uncomfortable with it. The whole market bled at open... SOX, DJIA, SPY .. NVDA was holding steady at 109-109.5 range but the market kept bleeding even more... I felt that NVDA will just hold like it has for the past few days but I ended up rationalizing my add that even if it goes red on me.. I will just forget the mental trailing stop and "hope" it'll find a new trend for the leg up back to 120$ in the coming weeks--but that's just it.. I had a plan-- i reached the end of the plan but i scrapped it due to either not wanting to be wrong or just greed... still not sure which one. I closed my platform and just didn't look at it.. I saw it break 108.5 and I knew I had to get out at 108 but i ignored it.. it broke 108 and I KNEW i had to get out since that means more than 3/4 of people yesterday is now under water.. By the time I marketed out.. It was already at 107.
I want to get back in but I just don't see a good entry point other than 104$ or reasons for a good entry at the current price.. Screw it.. I need to be patient and wait for the trade to come back to me instead of me getting in with alot of risk and wanting it to go against me.
I should've just downsized the add and it's possible I might've sold at the bottom again due to being emotional. Yet again It still hasn't kicked in emotionally that it's not about how much you can make that should be my focus but how much risk am I taking and how to limit my losses that should be the primary goal. Gave away 1/2 the unrealized gains.. but it's more of the fact that my actions still doesn't show that I've learned from the past.. Charting the emotional patterns and realizing where I start getting emotional will be the goal for this weekend. If I can pinpoint where it is on slow moving stocks--it'll help me much more when I start daytrading volatility and help me from catastrophic losses like AKAO/PULM.
Buy the dips, sell the pops have been the less risk than buying the spikes/breakouts. I knew I was getting FOMO yesterday--and I let it get to me...
End rant:
I'll clean this post up this weekend cuz it's almst time for me to go to bed, I will re-edit this post this weekend to include a re-assessment of my AMD Swing from last month.
