So yesterday I was on back-to-back meetings for pretty much the entire day and I could not prepare a trading plan. I finished my meetings around 4:30 PM so at market open (Yes I trade from a foreign country, and the US market opens at 4.30 local time)
I could only prepare for $GLUU, it had morning panicked down to 3.60 at multi-day support ... I bought the dip at 3.66 expecting it to bounce back. I got scared out at 3.67 (as usual this is the trend lately - getting too scared too soon :) ) so I got out for puny gains. It spiked back to the 3.80s retesting the day highs.
This is a recurrent theme lately, where I plan my trade and enter it, but get scared out too soon. Only practice makes perfect. This reminds me of when I first started driving: I would always hit the brakes abruptly if I suspected danger. Eventually with time I started sensing and assessing danger much better. I'm sure I will get better with my entries and exits with time.
What I will do better next time:
- Stick to the plan when it is still on track. My risk was @ 3.63 (the day low) it never got there, so there was not need to get out.
Join now or log in to leave a comment