Shared by
Markmandy54
Missed my sell, and was too fearful to add to double position on the breach under $8.
STICK TO SCALING PLAN.
Got extremely lucky on the end of day rip.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-09-24 09:46:25 | JRJC | buy | $8.650 | long |
| 2014-09-24 09:47:21 | JRJC | buy | $8.500 | long |
| 2014-09-24 10:07:14 | JRJC | buy | $8.250 | long |
| 2014-09-24 15:22:41 | JRJC | sell | $8.460 | 0 |
Comments
Markmandy54
It depends. On this trade i took an 1/8th of position to start to see if it'd break over resistance and threw a bid out at 8.50 for another 1/8th position more to see if it'd fill (which it did quickly which told me it was going lower). I noticed there was support around the 8.20 level so threw another limit out for another 1/2 position so a total of 3/4 size with average now around 8.30. There was really no bounce so as it approached 8 i figured they'd do a quick flush to run the stops at 7.99 so i put a bid out to reach full size which would bring my average to 8.17ish. My emotions took over and i pulled my limit only to watch it bounce and would have filled me and instantly given me profits. I had to go to work so set my stop at low of day for -.20 max loss and a target of +.20 gain. Because i didn't add on the flush, this trade exit was lucky where if i had scaled correctly, the stop would have been closer to -.10 risk for +.20 reward and i'd have been in with size.
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Gotta have balls to trade like that! Do you scale in thirds and set your max loss before the trade?