So although my I did manage to have a green day today which was pleasing; once again I left a lot of profits on the table mainly on account of not following my trade management rules!
First trade I took was in $KURA; long the break of pre-market high:
I left at least $30-$40 on the table from this trade as I really should have locked in 1/2 in the $13.40's. Also I should have been quicker to close out the trade at break even instead of 15 cents below my entry.
The second trade I took was short $MRNS on the first 1-minute pullback then doubling up my short position on the second 1-minute pullback:
If I'd have followed my trading rules: my first cover would have been around $4.39ish instead of at $4.59. So that's $50 I left on the tablet there. Then my second cover which I took at $4.61 really should have been around $4.21 instead. Which means that with this cover I left another $100 or so on the table.
In total; poor trade management today resulted in an opportunity cost of roughly $180-$190 in profits! Now don't get me wrong; I am grateful that I'm starting to see more green days than red days which means that I am progressing towards becoming a better trader. However, I know that the potential is there for me to achieve even greater profits.
So going forward; I'm going to try my very best to focus on the process aka stick to my rules as I know that the end result will be bigger profits at the end of the week/month!
No comments:
Post a Comment