1. So my stock selection continues to be on point. I definitely traded the best stock there was to trade today.
2. My risk management and position sizing for the most part are also on point. Despite my poor entries and exits; I still haven't blown my account up yet...lol
3. My struggle now is with trusting my entry selection strategy. As a result of this I missed really good opportunities today and ended up once again forcing poor trades:
Solution:
I must commit to a single stock after the open; a single time frame; entry strategy and exit strategy. So:
a) Going forward; I will focus on trading one stock after the open. I may keep an eye on 1-3 in pre-market but at then open I will drill down to a single ticker. I will wait for the open before place any trades. Further I will focus on the 1-minute chart from the open till around 10/10:30am. Then switch focus to the 5-minute chart from then on.
b) I will wait for pullbacks to the 9/20 ema before looking for long/short entries. Risk/reward based on the next level of resistance/support (on daily, 30 minute, 5 minute and 1 minute charts) must be greater than 2:1.
c) I will exit 1/2 of the position when unrealized profits are equal to 2x intial risk taken on the trade; no questions asked. Then I will hold the remainder of the position until the price confirms a trend reversal using the 9/20 ema's, pivot highs/lows and trend lines as guides.
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