This journal will be more of an overall on what my trades have been for the past month or so, and what I've been trying to achieve with my trades.
On Friday 6/2/23, I had another 3 figure loss (my third one so far) while I've been making an average of $4-$10 per trade and I was getting tired of it. Not only was I just trading the big % gainers of that day without any real plan, I was seeing big dollar losses and just getting out while not letting my winners run as well. Two traits that needed to stop. I decided to stop this completely and change my process completely. I was going to make sure to keep past runners on my stock, stick to my stop loss plans and ignore the dollar loss, and the more important choice was to trade very small and make sure my process works until I'm ready to trade bigger size again. My first was to reduce the amount of red trades / days as much as possible. The first week after this loss, I completely ignored what I told myself, resulting in a $70 loss on day and the highest gain was $6. I buckled down starting 6/12/23. I ended up with a loss, but I felt like it was still a good trade, just a loss. Eventually my losses were getting smaller and smaller, and I ended up going red to green on the week, which never happened before. This jump started me into continuing this trend. Since 6/12/23, I ended up with only 3 red days and 8 green days, the biggest ratio I've ever had. I still ended up red on the month, but that's because of the first losses.
For July, I didn't trade the first week because I went to Miami to spend time with family, but that week I watched Jayray_68's videos on buying as close to your stop loss as possible, and videos on cutting losses and learning to get back in a trade whenever it proves itself again. My goal was to keep the green trend, but now try and get above an average of 3-4% on every win. Today was the only day so far that I accomplished that, and I still sold too early. But I know I'm getting there. I'm trying not to chase as much as I used to, and I'm more comfortable missing a trade if it went the way I wanted, but I wasn't quick enough to execute. I would rather be left out than be wrong.
I'm still having trouble letting my winners ride. I see the stock downtrending and immediately want to see to avoid losing any more gains, just to see it bouncing and causing to actually lose more gains. But I think it's safe to say I've been doing better in having more wins than losses. Just taking one step at a time for now
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