PENN Trade on Jun 19, 2020 10:39 from CapitalMastery: Tradervue User Stock Trades.

Summary

Very clean down trend, but the stock did feel kind of weak, and so I was hesitant on the trade. Didn't stay very long, which ended up being the wrong move as it did give up $1.25, and so I would have hit T1. But, didn't feel super strong about the stock, so maybe I shouldn't have even taken the trade.

Did Right

• Saw a very clean downtrend, and once the trendline broke, entered a position. I took a playbook trade when it setup.
• Waited for the bounce to confirm before entering a position, which was great since I didn't feel super strong about PENN.
• Had very tight stop/risk on this trade, which would have been a nice R/R trade if I had been patient on the exits.

Did Wrong

• Should probably have avoided if I didn't feel super confident about the stock, as I'm not going to have conviction to stay in it.
• Once I was in the trade however, I minimized it a bit by taking profits so quickly.
• Started in double the size I should have on my position. It's ok to scal into 100-200 shares, but starting off with 100 was outside my size guidelines.

Improvements

• Maybe avoid trades that I don't feel good about, even if they technically meet my setup criteria.
• Really make it a point to stay within my sizing guidelines! I literally broke my sizing guidelines on almost every trade today. The bad thing about sizing is that once you start with a specific size for the day, you're almost stuck with that size in order to make sure your winners and losers balance out into a green day.