??? What Kind of Trader will I Become ???

2nd yr

March 24

 

MY DREAM.  MY GOAL.  Playing 2 / 4 / 6 trades between 6:00am and 10:30 and calling it a day.  With studying plays for the next day starting at 2:30 til 4:00pm.  Now I realize that there will not be this kind of action everyday.  I also realize that not all or any of the "said" trades will even be winners.  So how am I doing you ask?  Well I am proud to say that I am where I need to be.  I am CONTINUING to LEARN.  I have blown up, and saved up, and GROWN UP.  I CONTINUE TO PRACTICE NOT MAKING THE SAME MISTAKES TWICE.  I CONTINUE TO PRACTICE MY RULES and CONTINUE TO LEARN NEW ONES.

However, far different from my GOAL as a trader, I am currently in a trade that is nothing of the sorts that I discribed above. $AMRN, I of course missed the big drop from 3.40's to the 3.00's which happedned on Mon March 16th, and the next morning Tues March 17th the stock made its 2nd drop from the 3.00's to the 2.50's. Now as I write this I am seeing how I did not pay attention to the fact that I have been looking for a 3rd drop in a row without the consideration of this stock needing to take time and consolidate here in the .50 cent or HALF DOLLAR RANGE. Sooo That is however, where I entered this trade Short at 2.55. The stock had just touched a low of 2.25 on the prior days big drop.  Also the Prior days high was could only get back to the 2.60ish range after the big drop that morning.  So there I was on Wednessday morning watching $AMRN ramp up towards that 2.60ish high of the day before.  I let it seem too top out and show a couple of red candles and bang I get short.  2.55 entry, I told myself seeing as how I did not know 100% that this was the top I would use a .10 cent risk (2.65 stop out). I did not enter this stop in for fear of it being so tight that the market would see it and just come up and grab it.  Sooo I used a mental stop.   Did I need it? Did it work?  Well that is my quetion that I am stuggleing with myself.  The straight forward answere is Yes, the stock hit my mental stop out at 2.65, No I did not pull the trigger and get out.  I had been studying this chart, and I saw that it actually had the room to run to the 2.80's maybe even 3.00 again.  So I did not panic.  I watched with a new "bigger picture" plan.  By doing this I really killed my risk vs. reward, but what I was seeing was happening.  I looked to add to my short as the stock now was in fact turly topping out in the 2.80's.  Unfortuneatly I was unable to do so because I am at this point early in my trading career, and pretty much a complete joke.  Thats right I don't have enough in this account to add another 50 shares.  Anyway, I am still learning and not giveing up even if I have to nickel and dime my way to the top.  So there I am in this short that has now gone .25 cents away from me, but I was ok with that because I had a plan. That plan was as long as 2.80's held as rsistance, and the stock continued to hold its now begun downward trend, than I was going to let this trade play out.  Now here I am a full week later still holding that same short.  It is going my way, if you will.  It is just doing so at a snails pace.  This swing / trend style trading may be where I end up gettitng a better start going for myself.  Only determination, disapline, persistance, and practice will bring oneself to where one wishies to be.