Another amazing day, I am having the best month of trading that I've ever had, which means I have to be extra careful in the coming days, because all my big losses in the past have come after a 1-2 week "hot streak", and I don't want to do that and have to "restart the cycle" again, like I've been doing over and over again the last 6 months. Gotta not size in too big, keep trading well, and keep this consistency going.
In the first 10 minutes, I tried catching the washout on CUR, I was trying to manage it while still in ACAD, couldn't focus very much on it, and had no more room to add into the 2.70's, my entry wasn't very good and I didn't expect that much of a washout, so I just sold for a small loss into the bounce to play it safe.
I traded LL too big and add, add, added and only covered HALF into a quick washout and it had that secondary squeeze candle for 2 more minutes and I readded my cover at a bad spot, eventually it worked out, but wasn't very patient with it because I didn't have a very good average and more size than I intended, was basically down $500 unrealized to end up making $500. Traded it later on, but jumped in with a bad initial entry just because someone made a comment in chat, "(Mar 12-12:14) d4ytrad3: sounds like LL bash coming up cnbc". Ended up adding a bit higher and making some on it, but wasn't very patient because my entry wasn't very good.
MELA, I shorted into the initial pop at 3.39 and tried to cover for at 3.34 when it was still holding and got a 2 share fill (which will be a $25 charge if more doesn't fill), shorted more higher and covered everything for a total of 8 cents (letting the rest of that order fill was one of my covers). It was just too low volume and I wasn't that comfortable, but I should try to work on being more patient with a winner even if it's light volume and just slowly fading, could have held 1-2k shares for the fade back to low 3's like I thought might happen. I want to eventually be able to hold onto winning shorts for a least a few hours, like the "pros" do, lx21, Elkwood, OzarkTrades, ECNC1, Dvprek, Nikkorico, etc. (They are looking for the big picture trade and holding their position most of the day or possible swings). I mean that's for them, taking quick profits may be for me, but I would still like to improve on patience with winners, especially shorts with conviction like this, it never retested my average after it went below 3.40, and it slowly faded to the low 3's by the end of the day.
FOR NEW READERS ONLY: If I am scaling in and out of a position, that is considered one trade until I am completely out of the position and then it becomes a new trade, that's why some trades have a lot of shares, even if I never had that much at once, if I cover half and then re-add my cover, it's still considered one trade until I am completely out. The entry is the average of the entries and the exit is the average of all the exits. The entries/exits are rounded to 2 decimal places, but the exact number is calculated for the PnL, so that's why the dollar amount may look different than what you see. (it may be 7.165 instead of 7.17, etc). Also, you can click on the charts if you want to make them bigger to be able to better see the entries/exits.
ACAD
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short |
36.38 |
35.62 |
400 |
$0.77 |
$306.00 |
2.10% |
- Lessons:
- As I've said before, have to always cover into quick washouts in the first 15 minutes, especially when shorting parabolic's and with SSR on, if you "just miss an order", can take the ask, usually ramps right back up after a washout
- Don't be too greedy on covers, I had an order in a few times at 35.56-35.62 (just above VWAP), when it finally came down I had it changed to 35.46, it touched 35.52 and then ramped all the way back almost to my entry in a few candles
- Can be more patient with a winning short once it falls below VWAP and fails to reclaim above it (missed another $2 fade had I timed it perfectly)
CUR
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Long |
3.03 |
2.99 |
2500 |
-$0.04 |
-$97.50 |
-1.29% |
| Long |
2.37 |
2.47 |
1000 |
$0.10 |
$100.00 |
4.22% |
- Lessons:
- Be careful on morning washouts on red charts, sometimes they will just fade all day and never come back
- Just because this hit 4.60 premarket doesn't mean it's a "buy" at 3 (as lots of people found out considering it closed in the 2.30's, I'm sure there are a ton of bagholders)
- I have a tough time trading slow action/flatlines, but this would have been a great "short and hold" anywhere 2.85-3.20 once it was slowly fading off and went back under VWAP, and make sure to hold into the last hour where the panic really sets in for the longs
BONT
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short |
6.20 |
6.06 |
1000 |
$0.14 |
$141.97 |
2.29% |
LL
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short |
36.90 |
36.56 |
1500 |
$0.34 |
$510.00 |
0.92% |
| Short |
37.23 |
36.90 |
700 |
$0.33 |
$231.00 |
0.89% |
- Lessons:
- Avoid doing the "add, add, add thing" into way too much size, scaling in with a few entries with smaller size is okay, but add, add, adding to a loser into max size with no plan is not
- When shorting moves like this, have an order for ALL into a quick washout (or make sure to cover all even if it means taking the ask), often they will have one big red candle and then squeeze all the way back in 1-2 candles before starting the actual fade (happened on ACAD earlier this week and other times)
- Don't be too quick to re-add covers, don't jump back in just because it's higher than where you covered some or because you wished you'd covered all, always make "smart" adds and re-adds (I re-added way too early, so my average still wasn't very good, so I wasn't very patient with it once it came back to profit)
- Don't just jump in a trade just because someone says something in chat or on twitter, I jumped into LL short with a bad initial entry, thus making me not very patient with it when it started working, because my entry was bad and I was originally down on the trade
MELA
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short |
3.44 |
3.36 |
4000 |
$0.08 |
$311.58 |
2.28% |
- Lessons:
- Try to get better at holding onto a winner, even if it's fairly low volume and slowly fading, don't need to hold onto the full size, but could easily hold onto 1/4 or 1/2 the position for a few more hours
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