Made a list, counted twice, this is what last week looked like:
Trading with only $1,000. Was +$56 at end of week. Looking to make 10% on successful trades with automatic cuts at 10%. Getting out quickly on wins and losses.
Successful trades fell into these categories: 2 first green days, 2 first red days, 1 contract morning breakout.
Bad trades with no patterns: 3 trades, all losses.
Losses of a good earnings winner but got out at wrong times at EOD and had to get out 3 times at small losses that added up. - Going over better entries.
2 Revenge trades, both losses, though one is a good pattern.
Conclusions:
1. Do not trade a none pattern.
2. Never revenge trade (adding size after loss and/or trying to get money back).
Had I abided by those conclusions, I would have been +$300 on the week, which is 30%.
3. I get out quickly very well, even when it hurts, but could improve.
4. Doing SEC research on stocks helps.
Goal is to do no 'no pattern' trades, never revenge trades, improve getting out quickly, and keep on doing research. Just reducing the first two would create amazing results.
Join now or log in to leave a comment