Thursday, September 14, 2017

3rd straight red day of the week and shutting it down till Monday...

So after a solid start to the month; I've now hit a red streak with my 3rd consecutive red day this week. I started the month of September with around $1,100 in equity in my SureTrader account and by the close of the 6th; I'd managed to grow my account by about 25%. 

However, ever since then (with the exception of Monday this week) its been pretty much all down hill...all red days. With a loss of -$96.12 today; this now marks my 5th red day in the last 6 trading sessions. 

Today my sole focus was on $HALO and boy was this one tough trader. See the trades I took below:


I took 3 trades in total in it; and in earnest the first 2 were solid trades. I rightly got out promptly after the games just before the open. Then I waited patiently for the pullback after the stock made the push higher at the moment and after the move was clearly not going to follow through; I got out quickly instead of letting price hit my initial stop. 

However, my 3rd trades is where I made the big mistake. This was a forced trade as the stock had clearly been showing that it couldn't go higher and odds of a sell off was high after it put in a lower high and had formed 3 topping tails in the last 4 candle before my stop out. After already making the mistake of entering long with no solid set-up and several bearish signals cropping up; I really need to exit this trade earlier instead of letting it hit my hard stop. 

Since my max stop with my broker is exactly $100 and it I hadn't exactly hit $100 in realized losses on the day (although I was close); I could have continued trading. I was so frustrated by my poor decisions making and losing money for yet another day that I was tempted to continue trading in attempt to make back my losses even though I was pretty much at my max daily stop. 

However, I dug deep; reminded myself that I'm in it for the long haul and did the right thing. I shut it down and walked away. I will use the weekend to study my trades; re-focus and come back fresh and better prepared on Monday. I am in this game for the long haul and not going to let a few bad days derail me. I will become consistently profitable and eventually I will become a full time day trader!!!

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