Quick review of the 4 stocks I was monitoring this AM off the gap list. Took 3 trades - and got hammered on nete with placing a double order. Didn't see the board well today - a solid trade is the Daily Chart and Intra Day chart agreeing and proper order entry and risk management. Taking a loss is part of the game - taking a loss due to human error or concentration happens but its vital to minimize these as its just money out of your pocket.
- nete: jumped in pre-market high and got my head ripped off as it tanked and to compound this loss hit a double order - Took a 3R loss! The loss wasn't the problem it was hitting my order twice!
- burl: Took bear flag at candle 8 for a loss - daily chart showed support as the stock had its run and not hitting - don't fight the daily chart
- esrx: passed on taking 5 minute low
- kr: 5 minute short low - nice win
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.