July was an absolute disaster. I overtraded, I traded with size I am uncomfortable with and I chased a few stocks outside my plan. I will say the only thing I am starting to get the hang of is panic dip buying. This was a strategy that I know works well but I just have not been great at getting good fills on these setups because I wait too long instead of anticipating where the bottom will be with level two. That being said I finished July red on the month and am officially red on the year. This is by far the lowest I have felt on myself with this trading journey and have been doing a lot of self reflecting (it is now middle of August and I am just getting around to writing my recap for the month of July) So what did I do right—I was looking at the right tickers (for the most part). That’s really all. I overtraded though. Plain and simple. I Went after my setups but way after I missed the play and had poor risk to reward setups. I also did not cut losses quickly on all bad trades. I let too many ride ESPECIALLY on two big losses where I saw volume dying out and I just knew it was done. STILL DIDN’T CUT IN BOTH CASES AND LOST BIG… I think I have set up goals to truly trade a lot less and I honestly end up entering too many trades and lost more. My goal for the month of August was not to trade at all unless the setup was a great setup (multi-day breakout with news on a former runner; FGD afternoon HOD break with news and panic dip buys on multi-day runners really are the only three setups I am watching…) I mean A+ setups. So far in the month of August I broke that mindset today (Aug 16th) and overtraded… What do you know I ended up red on the day after two solid risk to reward plays on $GMER and $ASTA overnight…Anyway. That is the only goal I have for August and it is to not trade and if I do only on A+ setups with great risk to reward. Less is more mentality. With what is going on at work I really can only look first hour and a half and the last hour of the session. July -1,075.49 on the month with $266.62 in commissions on 34 trades (all long) at a 52.9% win rate. Too many big losses. No winning more than losing, not cutting losses quickly, not the standard goals. Instead I am going to focus on not trading at all. Change my mindset up a bit and see what happens. I am also going to start the 30 day bootcamp again and get back to the basics. I think I have gotten away from the little things as well. Thinking I know how to trade and I really don’t. I know how to find stocks and what not, just struggling trading them. So I will just focus on not trading anything instead. Oh did I mention, I am going to focus on not trading at all?
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