Oh boy, I should've actively documented my day in my journal with all the mistakes I made today. I had a pretty good read in the market, felt like $SPY would've rallied into the 5 day and fail. I positioned for the short but it just took so long and instead I got chopped around. Although I lost $800+ today, I didn't feel like my trading was disastrous. Overall, I am more hard on myself for missing out on easy opportunities which would've given me a better representation of how my day should've been. The market doesn't give you many easy trades. When it does, I need to take full advantage of it. Here are some of my trades (biggest losers):
This week, I'm looking to evaluate my game more closely. Let's look at some questions:
- Did I trade the right stocks? Yes, JCP, TYC, and MCP were in play stocks. I missed BIDU but did spend a lot of time looking at it. Just couldn't find a spot to get in.
- Did I execute good risk/reward setups? Yes, I'm actually satisfied with some of my trades although I could've been more patient for better prices. Also, the market was choppy so I could've timed some of my shorts better.
- Did I maximize size when the stock gave me a chance to? I felt like certain setups gave me opportunities to add, but I didn't always play it the best way. I need to define my risk prior to the add as if it was just another trade.
- Did I remain composed and objective throughout the intraday? Yes, I didn't let being negative affect me. Everyday, I'm growing more stronger emotionally and psychologically. I feel more confident.
- How could I improve for tomorrow? Be patient and find the best In-Play stocks to trade with the best risk/reward setups. Watch the tape more carefully to get in/out. In addition, work with the market. If it's choppy, avoid trading mediocre setups. This may be difficult but it will save me money.
- What should my P&L be today and why? I should be flat today, or slightly positive. I need to execute my trade ideas if they fit my criteria. From there, just manage risk. Do not talk myself into or out of trades. Trade the charts/tape.
That's it for my entry. I'll get 'em tomorrow. Here's an add to my swing account. 1000sh of COV, 52.93
Monday, April 11, 2011
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2 comments to "Monday Wrap Up - You want some hope with that chopped brisket?"
Eric says:
Great post and great day Jay! Keep that shit up, you are killing it!
Anonymous says:
Must be talking about Tuesday bc Monday (this post) I sucked ASS! lol