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Friday, September 9, 2011

Monster down day, almost walked away, put in a stop loss and target and walked away, ended day +3% daily target

After 9 losses in a row, frustration matured into full blown rage.  Saw a great setup, put on the trade and set the stop and target and walked away.  I've been butchering my trades.  I may be onto something here.  Will try monday, to set up stop and target and walk away.  Let the final trade work out itself and erased 9 losers.  Perfect example of cut losers quickly and let winners run.  I finally followed my own advice.  Will review my own blog over weekend and learn from past mistakes.  Terrible win:loss ratio of only 28% winners.  Huge swing from -500% daily loss limit to +3% daily target.  Still controllable sizing but just terrible win ratio which the lesson of the day for me is WAIT FOR IDEAL SETUPS.

Here are the losers and winner:

FSLR - Huge fakeout on open, took intial loss, then shorted it and forgot LESSON: WAIT FOR 1ST BOUNCE TO SHORT THE LOWER HIGH IN WEAK MARKETS

NFLX - Great short fakeout.  1st short FAIL, 2nd was right idea, just took off prematurely for B/E instead of LETTING TRADE WORK OUT.

AAPL - Long of giant flag breakout fakeout.

WPRT - Finally had time to take an "entry" screenshot and an "exit" screenshot to remind myself of what to look for....just glad it worked out.  Here's the side by side:

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