Note: If anyone has tips on exiting overnight positions, please let me know! I'm all ears, I'm still very much a student of the markets.

- - - -

I let fear lead me to bad decisions / get the better of me today

but also... I wanted to lock in small profits, seems to be a battle between do I lock in profits because I've let some go before or do I wait and risk losing those profits but maybe get more? Keeping 'small gains add up' and 'believe in your thesis' in mind. The problem was I didn't go in with a whole lot of the right confidence/conviction. The only conviction I had was that the first overnight trade I ever did turned into a nasty morning panic and I lost a lot. So the big conviction I see to have is 'these things can crash HARD.' I'll need to rewatch that trade video and see if it had even gapped up and if it was obvious in the L2 and if it had news and as much going for it. I'm hoping it didn't so that I can let go of the fear of total disaster and give it a little more time.

I should have trusted myself though. I knew it had held above VWAP the whole day before, it had volume, it was a first green day, and it had good news. Yesterday it also broke a multiday/month breakout level and I kept thinking 'if I'm more patient this looks like it could pass it and this time really run in the morning.' That should have been enough conviction for me. Also, the market was up, everything was gapping up... what more conviction do I need?

Solution: have a very very clear plan before emotions get in the way of trading and follow it. If I would have risked breakeven I would have still been in the trade... and also I should have not an 'ideal' goal to take profits but maybe a minimum goal. So it either reaches that minimum or my risk for me to get out. And trust my plan, don't get scared out if it doesn't touch either of those points. Also knowing how I may think in the future and what may make me take profits before reaching my cut losses in the morning mania, I need to have a 'trigger' point to put in a limit order at my max loss. For example today: trigger if it touches .0665 and order at .0661 (breakeven). If I would have gone in with a plan like that I would still be in the game...

I need to rewatch more market open videos to get a better feel for how L2 vs results are since the first 5 mins especially are so fast. I need more experience and study to up my conviction on these exits. After my 1st overnight trade, all of my overnights (5) have been profitable and could have been a lot more profitable had I not let fear take over and get me to sell within seconds of the market open. Today I told myself that I'd wait and look at L2 and not make any decisions until after 3mins unless it was a clear panic. I did do that 'learning from before' but 3 mins and then get scared out isn't a plan.... Also re-watching my trade... I let L2 scare me out BEFORE 3 mins. BAHHHHH. TOTAL FAIL today. I know I locked in some profits but I didn't follow my plan which = FAIL.

But also 'trade scared so you're not afraid to trade' and also 'don't be greedy' I need to really think about what is being greedy vs smart on these exits and also what is 'trading scared' vs 'trading TOO scared.'

Okay, rant over. Another important lesson learned. If anything it makes me happy to know that if I would have trusted myself I could have locked in $700+ vs $84. Very thankful for this crazy market. Because of it, I know that I'll have another opportunity soon.

Today:

Yesterday: