Today I had too many tickers (4) on my watches. I usually have 3 or less solid ideas. I added a 4th ticker off Twitter that I had initially passed on after reviewing it previously since it had popped up in my gappers scan. So I ended up with 4 tickers on watch and was switching between them like a headless chicken without a solid high conviction plan for none of them. This caused me to make some rash trades and to lose money on a day that though some what tough I honestly should have been hitting my daily goal!
Trade#1:
The idea and 5-minute set-up behind this trade wasn't the worst in the world. However, the mistake I made here was not waiting for the confirmed break of the $65 level which was a major level of support on the daily chart.
Trade #2:
Really, really solid set-up that I should have made money on but instead botched up due to getting overly aggressive.
Trade #3 & #4:
My 3rd and 4th trades on the day are explained above. The third trade wasn't the worse but after being down on the after 3 trades; I probably should have let the forth one go especially with the stock being so extended to the downside on multiple time frames.
LESSONS LEARNED: Keep no more than 3 high conviction ideas on watch with clear plans for how I will trade each one. Then once the market opens; I need to zero in one of the three. Further if I've already placed a trade in one of them in pre-market; that should in most instances be the stock that gets all of my attention on the open given my limitations of screen real estate and buying power at the moment. Focus on trading one stock really really well!!
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