Hey y'all!
Nice week this week except for Friday, for me. Friday I was a bit red though I did hold a couple swings overnight which I think should start me off with a nice gain next week and make up for it! We shall see...just holding some RGDO and ARAY. I had a much better win rate this week, with 15/22 trades being wins for 68.18%. Much better than the previous week's. I think this was mostly due to following my rules better and getting away from stocks that were too illiquid. Gonna take the last two weekly reviews and post up my rules from them and just point out any mistakes I think I can work on for next week:
- Stick to plans with conviction. Adjust slightly if plans change, but don't change too much. Always consider risk.
- Keep exit orders on spready stocks a little looser so I don't end up missing the sell/cover by 1-2 pennies
- Wait to short front side parabolics until they push through a round number, not UNDER a round number. This can be adjusted to through the quarter (.25, .75) if stock is under $10.00
- No front-side parabolics, period on first day momentum
- Keep sizing on front-side parabolics small for now as they are "experimental" trades
- No "quick buck" trades (EPRS, TSEM) and stick with gut on trades that were not in my plan from the night before (PHMD)
- Continue to avoid blatant disregard for planning (e.g. EPRS short at $11.25 when plan was to short $12+). A bit of adjustment may be required but not too much
- WAKE UP ON TIME, DON'T BE A LAZY SHIT (AVEO, CREG)
- Continue to keep morning positions to only 1-2 max, usually only 1 unless I am VERY confident in both trades.
- Focus mostly on my own ideas
Overall I think this week went pretty well. I did still try to sneak in a couple of "quick buck" trades BUT my rules took over and I refused, only to see them fail which was awesome confirmation of why I have that rule! I added a new rule mid-way through the week to focus on more liquid stocks so I plan to keep doing that next week. Also, although this was a fairly smooth week I am going to make some adjustments for next week for a couple reasons:
I am going to start increasing my sizing again. I find that every now and then I start to get stagnant in my sizes and it causes me to be a bit too aggressive on targets. I found that last week there were a bunch of trades I was in and had pretty nice profits and ended up letting half the profit come back or just stopped out flat because I didn't have enough size to make it seem "worth it" to take partial profits. So in my never-ending quest to improve I am going to jack up sizes again like I did a couple weeks ago...No one ever made an omelet without breaking some eggs...so I plan to break some next week and make a big ass omelet lol
I'm also gonna try to reduce hesitation a bit this week. I noticed there were a bunch of times last week where I tried to get into a trade but hesitated too long and because of that ended up getting a partial fill. Gonna try to fix that this week and going forward. This kind of goes back to sticking to plans with conviction. Having that conviction requires no hesitation and any hesitation will affect my ability to get filled
Other than that I think everything was pretty solid. No major mistakes with the exception of misjudging how high CORT was able to go and needing to fix that mid-trade...I talked about that in my daily review on Thursday I think. Anyway, this review is probably a bit all over the place cause my thoughts are a bit scattered but I'm gonna get right into making my plan for next week so I can go into it aggressive and confident!
Feel free to ask any questions below if this seems convoluted or confusing!
Chris
Submitted March 22, 2015 at 06:59PM by greenbartrading http://ift.tt/1N3olL0
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