it was a overwhelming day , finding out that I make the same mistakes over and over again , I find out that mi overall account is really being hurt by my overtrading thing because commissions add up ,especially if I don't have big %gains , so today a want to miss trades I want to let ``all those opportunities ´´that I see... run away so im going to trade maximum 4 times today and be very picky with my setups , even if I have a pretty good setup but I don't think is great , im not going to trade it .
so today I overtraded soooo badly again , doing 17 trades , waaaaaaay too much , I know its crazy , I really know,
the thing is , if I wasn't doing that overtrading bad trades and just focus on ideal setups that I understand well instead of giving so many tries and chances to non ideal setups to see if they work , I would be being pretty profitable , so , yes , I want to test and find out which setups work and wich don't , but I can't give so many chances to trades for see if they work , because that is expensive... , so maybe one (speculative / non used to) set up trade per day MAX , but other than that , if I don't have a perfect nice and clear setup in front of me , I shouldn't be trading it , especially if im tossing consistently like I am .
Today I had a lot of bad trades but also I have two trades that where awesome execution and setups , they where TRXC and TMDI , BUT ESPECIALLY trace BECAUSE TMDI I have to say that was kinda risky & speculative altho it worked perfectly , both
TRXC was a gun chart with a 33M mkt cap at the intraday b/o leve that was $0.63 had big vol and a gap to fill , ( no news) , I bought when it broke hod at 1:24 PM and held through choppiness Tim Grittani style looking at the chart and not getting out until it is a broken chart ,( altho later testing VWAP at 2:25 PM I was concerned, later I sold into the spike into the close when I felt like it was going too steep an I didn't want to hold o/n or risk being through all that choppiness for missing my opportunity of getting a nice trade ( 22% gain)
NOTE : Next time don't add right away , especially if he breakout happened before 2 or 3 PM because the odds off coming back and testing are there , so wait for the thing to come below the b/o level or near it to add , but if it goes up like at 3:30 PM like TMDI don't expect fo it to test much , jus sell into the strength
The other good trade was TMDI . it was a gun chart that I was watching all afternoon , it was very hot .had a lot of VOLUME and at the b/o level was 297% up on the day , but I saw volume coming in and the thing was looking like it was going straight up decisive to breakout so I bought when it broke out hod so I rode the first legup spike to $1.35 from $1.15 and that's it , vey quick and very nice , this stock had 63M MKT CAP at the b/o level of hod and it did in the day volume of 91M so more than the total float that was 60 M shares , then it consolidated for few minutes at $1.24 and had another leg up all the way to $1.57


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