Trade – April 5, 2016
So far, my recovery from a March that saw me regress in trading has gone well. Slow, but well. The problem really amounts to rushing into a level that I wasn’t ready for. I wanted to be in on 3-4 trades a day. I just assumed the more I traded the more money I would make. The problem was that I wasn’t working like a sniper on my entries. I just fired away and hoped for the best. I am working to get better at that. Now, there is no way to always nail entries. If someone knew that, they would never lose! The key is to give yourself the best possible chance. Don’t worry about missing out and just taking a price because you want to be part of the action. Sometimes, you gotta wait till it comes around again for you.
I have spent the last few trading days watching charts. Seeing where I would like to get in. Making an honest read of the chart and then looking at the price action and deciding on a good range. I know paper trading means shit. It’s a different ball game when real dollars are on the line. What it does do is get my mind back in good habits. I don’t care about losing. My huge problem was a good chart read and trading so poorly that I turned them into losing trades. On that note, here is EXEL.
That is a looooooong chart. The reason is that I got into this trade early and then rode it out until the end of day. I had some opportunities with other tickers but I just wasn’t feeling the heavy movements. I missed GNCA called in the chat room. The setup was there right off the hop. Even without taking that, there was plenty of support for trades off $7 and then shorts off $7.40’s. Oh well. I missed a few others as well. Chart studies! As for Exel, it was a very slow mover. I mean, this thing hardly did anything. I wanted a weak open, which happened. I thought about going long right around $4.15 and then it popped up to $4.20ish. A part of me figured this was headed to green and wanted to jump in. NO! Wait. Make sure the 2nd movement happens. Of course, it died down to $7.12 and I got long a penny over. I was very happy with this entry. Unfortunately this thing didn’t move the way I hoped it would. It slowly worked it’s way up. I wanted it to go around $7.35 but that never happened. When the late day move to a high failed and dropped back to flirting with red/green I decided it was time to walk away and take my tiny profit. Honestly, I am thrilled with any trade that I nail the entry on. So what that this thing only made me 12 cents a share. I couldn’t have done any better to maximize my chance at profit. It never went against me. I was on the low.
I am hoping this gives another setup like this tomorrow. It may give another chance for a breakout. It held well and closed close to even. So, no real pulls. Regardless, I am going to try to be just as patient tomorrow. Read the chart and then wait for my price. Even if I’m wrong, that is a loss I can live with.