Size: 20,000 ($2,168.94)

Entry: 0.1082

Exit: 0.095

P/L: $276.28 (-12.7%)

Entry Time: 3:55 pm
GOOD TRADE?: no

 

 

Entry Comments: I bought this former runner on a breakout play to all time highs on good volume. End of day it was showing strength and broke a key intraday resistance level. My plan is to sell into a morning spike or gap up tomorrow morning. I took a larger position size than normal because I have the data to support this type of play and I am more confident on this stock because it has been a runner in the past.

 

I was attempting to fix my mistake of using support/resistance lines as strict lines by watching the price action and noticing when a level has been broken with good volume and blah blah blah. As I am typing this I realize that I was full of shit and I got FOMO and was bored in a boring market. This is a very annoying trade due to the nature of the mistake.

 

"Being wrong is one thing, a mistake is a different thing entirely."

"Stay disciplined, it really is the most important thing."

 

What Did I do right?

I bought late day, which was nice and it is a good habit that I am building.

I bought a former runner

 

What Did I do wrong?

I bought in anticipation of a breakout.

I bought meh volume.

I did not cut my losses quick enough

I got FOMO

I lacked discipline

I got bored

I sized up before I proved consistency to myself

 

How do I fix these mistakes?

Do not buy in anticipation of a breakout.

Buy better volume

Cut losses quickly

Stick to the data

If I am bored, play a fucking video game

Continue to use tiny size