When i break my rules, i pay dearly. Today was no exception. I broke my #1 rule and got in a terrible setup with no stop. I wasn't sure where to place it so had no business being in the trade. As it fell -4 i added to a loser (which if wasn't part of strategy, which it wasn't, then breaks another rule) and prayed if i just get within a small loss i'll exit. I GOT LUCKY! Got out for small loss only to remember i do not have permission to trade if i don't know the R:R AND have a hard stop.
I did much better today. I completed the following:
1. I forced myself to have conviction (faked it to pull the trigger)
2. I traded with bigger size on the better setups (and really had to breathe to stay in trade)
3. I hit the bid on entries not worrying about pennies.
4. Had stops written down before entering
5. Did much better at staying in trade until stop or target was hit (still need to work on it)
FIRE - Huge gap and looked primed to roll over, fakeout
FSLR - Great bounce play entry, still working and not selling the pullback
CELG - Perfect flag with the volume confirm
CZR - Great volume pattern
AMZN - Short on lows breaching lows and got shaken out. FRUSTRATING
1. Having conviction on alert setups, and pulling trigger the SECOND the setup hits 2. On my A+ setups taking with SIZE and don't look at P&L, work solely off of the pattern, Stops, and Targets. 3. Not worrying about splitting Bid/Ask on good setup, JUST GET IN. 4. Do NOT take trade if don't know the stop BEFORE I ENTER! 5. Stay in the trade AS LONG AS POSSIBLE, don't micro manage. Let the trade work to ensure the Target gets hit. I've noticed i get stopped quick when wrong, but if right, as long as i don't micro manage i can realize SIZABLE GAINS!
BRY - Great huge gap up that sold immediately.
GOOG - Great short into previous day consol resistance
GOOG - Flag B/O on volume and fake out
NFLX - Took long off pennant but screwed myself by user error