Quick review of the 3 stocks I was monitoring this AM off the gap list. My plan was all shorts and with market tanking should of been a great start to the week - wrong. Just missed some nice trades and 2 stupid trade's - made a little day trading but brutal Monday as Ive got to stick to the script.
Added mga for a swing trade but jumped at JBL for a gap/go swing while ignoring my rule of don't take breakouts when the market is tanking which compounded the tough Monday with a loss on the trade. As they say only the game can teach you the game, follow the damn rules and don't be a dick for a tick - which occurred with OLED. Losses and missed money happen but a loss due to stupidity is the ultimate punishment.
- HRTX: Liked the fade but didn't get a setup so passed
- FB: took at the open -sold half then stop to entry and just taken out missing a larger winner. Is what it is.
- OLED: took 5 minute low - just missed first scale out spot -my plan called for trailing the stop above the VWAP - I tried to save a little and placed it right before, taken out and rolled over - don't be a dick for tick!!!!!!
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.