Pretty frustrating day, but I find it imperative that I layout all of my faults today. I ended the day realizing about -$175, when I knew I was fully capable of being up at least $500 today. Let certain things retrace too much (RIMM, IBM). Other times, okay let's stop the bitching. Here we go. Here are some of the things I did well, poorly, and stuff I'm going to focus on for tomorrow.
A review of my performance today:
- I arrived in the office at 7:10am and prepared thoroughly for the first time in a long while. Refer to the previous post. However, I need an addition 10+ minutes. Tomorrow, I will wake up 10 minutes earlier to get into the office before 7am.
- I was able to focus on the price level/action and entered in the stocks at decent/good prices. However, I still need to be better at timing my entry. If something isn't ready to go, don't push too much size! Start with a small position just to be in, and add as it becomes appropriate.
- I like the fact that I am able to hold my large sized positions, but sometimes I allowed it to come back. The only way to make money is to sell at a higher price than I bought. Take profits as the market gives them to you and buy the stock back at lower prices if it still makes sense to. For example, I allowed IBM to run .60+ back to my stop. Don't get cute and hope the stock will go a little higher. Just take the bid/offer.
- I avoided a lot of random stocks and mediocre setups. However, I also missed some really great opportunities. I need to always be ripping through the charts and finding what's In Play. This is where the money, clean trending, favorable price action, and opportunities are at.
- I didn't do a good enough job setting alerts on the intraday movers at levels that mattered to me. Working hard means you're following up with In Play stocks and always setting alerts. I need to dedicate a boardview for these stocks.
- Do a better job on sizing up on high quality plays and use more feeler positions. I'm taking some unnecessary losers. Prioritize where you want to allocate capital.
- At the end of the day, I need to have Economic Events, Spy Levels, and some stocks ready to go for the next morning. Everynight, I should spend at least 30 minutes looking through news and checking to see what may be In Play.
- Overall, I know I'm getting better. It's a little frustrating but until I start doing all the right things more often and eliminating my mistakes more quickly, I am the only one to blame. Study.
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