Set-up : 5min ORB
Symbol Name: ANF
Side : Short
Size : 40
Entry : 19.360
Takes : 19.07
Exit : 19.56
P/R : Ciao ciao
Comments: I have started with a small size with the aim of adding through the move, but with no move there is nothing to do! The practice of adding scaling in (I don't add if price goes against me NEVER!!!) has this particular side effect. The number of times you will be stopped is considerable. For as much as your losses are quiet small, your psychological stability will be tested. Frustration can come out easily cause perhaps only 1 trade will make your month. Let's say I have faced this today! I have been trading without shares adds until the end of April (my best month ever) or at least adding not to build up a position but just to reinsert the same number of shares and taking out at targets. Since May I have started due to a course I have followed to consider the day trading in a different way. In this course they were explaining that what makes a 7 figure trader rather then a 6 and 5 figure is the ability to spot the best out of the move stocks provide each day and take out at the end of the day basically if price was still in your favor thus adding tiers on your position through the day. Taking out all my targets within 60 cents move is something I have never done! I know I am even not a 1 figure trader and perhaps I should first make some consistent profits, raising up my size and being more decisive, just applying what I have learned up to today but I am scared that once into a comfort stable income I will not aim for anything better! I trade not for the money even if I need it but cause I have passion in life and I extremely need to go deeper into things as I did in the past when I was a musician for instance. I have given half of my life to music and now I wanna give it to trading! That's why now in my learning process I want to aim and learn as much as I can rather then stay just on 1$ move. It's like I am learning how to play just rock and leave aside all the music we could learn and experience.
Perhaps the wisest thing to do is being patience and build up consistency and capital to then go forward in my trading practice.
I have missed GOOS cause I haven't seen it at first but I have to admit myself that what kept me far at the open was the 52 weeks low at 39.15 plus pivot at 38.41. Perhaps also I am following too many stocks at the open and it results tricky to spot then a good entry!!
BTW my entry sucks. The only way the trade would have worked was shorting the 19.63 with a stop at 19.77 and loaded position to get 3 takes. Risk in my case like 20$ for 14cents move on a stock with ATR today at 2$. I will practice on low ATR stocks.
Another entry would have been the fade at VWAP at 09:48 but paying attention to don't fall into the trap just 3 min before with a move from 19.59 to 19.23 and doji after that.
Frustration away, tomorrow it's a new day!!
Surely something happened this period cause I don't recognize myself in any of May trades! Perhaps the fear of losing came across considering that in May I have started raised my risk level!