I started off the day down about $424 after my first few trades, but then one decent trade got me +$16.00. Next I was in a trade with PRGO, the same name I was up 444 on. About that time my wife started asking me questions and I took my eyes off my current PRGO trade for about 10 seconds, the next thing I know I am down $450 again, and closed out.

Finally I identify a good long trade setup in SRPT and get long, but when price starts moving against me, I jump out early and SRPT rallies $1.50 from where I had exited. My mind was weighing my recent trades with a much higher weighting then what I perceived y edge to be. At this point my mind is not in good working order, and I should have stopped trading for the day. 

While this was bad day, I got some very good insights at the bottom of it all. I had viewed a video by AverageJoeTradr within which he had talked about reading his written trade plan over and over while having a hard time staying in a trade. I will make that part of my own trading process. I also need to go back to not seeing my P&L on the screen, as I am able to stay much cooler with out of view.

Another lesson I learned, or I should say relearned, was to have confidence in your own analysis, no matter what other people say or think. My original plan was to get long on SRPT at the open, why would this:

1. Price had popped up from it's gap low and pulled back to very nice support on the VWAP(the blue dotted line in the chart). It found support there for 1 hour before the open, as you can see in the 15 minute chart below. It seemed as if someone was accumulating at that level, so price seemed ready to move higher.

2. The short float on the stock was over 40%, the stock had gapped down about 50%, which meant 4 out of 10 traders were possibly sitting with huge profits from earlier shorts and might be easily scared out of the trade once price started moving up and shorts were covering.

3. The price had pulled back quite a bit after a large drop down on the 21st,so it seemed possible, that longs might be watching for the same move again.

 

Unfortunately, I asked in the chat room I was in if anyone thought this was a good trade, people said things like SRPT is over etc. I was a dumb ass an let that influence my decision. Price did exactly what I expected and I sat there and watched it. I had a very red day, almost 7% in one day, but I feel like I know what to do now, which might be worth the money.

 

Lessons Learned:

THINK FOR YOURSELF

TRADE WITH A PLAN

BE PATIENT

DON'T TRADE IN A COMPROMISED MENTAL STATE

HAVE A MAX LOSS PER DAY

HAVE A MAX LOSS PER TRADE

NEVER LET YOURSELF BE INTERRUPTED WHILE IN A TRADE!!!!