DKNG Trade on Jun 19, 2020 09:42 from CapitalMastery: Tradervue User Stock Trades.

Summary

Clean downtrend off the open, which made it easy to see where to get in. I knew DKNG had announced a very large offering at $40/share, and so I wasn't trying to overstay; ended up taking profits at T1, on the initial bounce measured move. This ended up being the right call as the stock went sideways after this, and then cracked with the market later in the day.

Did Right

• Acknowledged that DKNG is a stock like TSLA with rabid fans, who would likely buy it up on a sell off.
• Most importantly though, I stayed conscious of the large offering, and understood it would likely prevent the stock from having a breakout/bullish day.

Did Wrong

• Given this is a $40, my initial size should have been 50 shares with maybe another 1-2 adds. I didn't over do it, but I was in too big, and if the stock would have gone against me, the losses would have been outsized compared to my other trades.

Improvements

• Focus and emphasize keeping my sizing in check, as this is the #1 thing that will mess up my results, and screw with my consistency. Outsized losses from outsized positions are a major problem for me. I have a setup with edge that's has a high probability, but it can't protect me from outsized losses. Need to keep my trades normalized in regards to size across the board in order to maintain my consistency.