Today was a tough tape to trade. By the time you've read this, I'm sure you've peaked my P&L. Lousy performance but I still don't think that it's a good reflection of my skill level. Below is how my P&L ticked as the morning passed. There area few things I wanted to notice:
- Market failed at the VWAP. How many times have I seen this? Pay more attention!
- BTU showed extreme weakness at 63, which was a strong level. My adds did not give a good risk/reward. In addition, I threw away $500 by not selling into that level. Had too many chances up here. What was the right trade? Short it into this area with a target near low of day, and only get long once 63 holds.
- ARCO - I gave it too much risk. My stop should've been .94. Once the stock got back to the 23 level, I could've gave it a second try. This was an easy trade. Rather than get upset about stopping out. I should've been more mature about it and set new alerts at that level. Not like me to not even know that the stock coiled back around 23 level. This mistake costed me at least another $500.
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