DOCU Trade on Jul 9, 2020 13:55 from CapitalMastery: Tradervue User Stock Trades.

Summary

I really don't like how I handled this trade. The initial trade itself wasn't terrible. I had an idea, and put some risk on. When it didn't work out, I stopped out. I re-entered one more time in case it was just a shake out, but got stopped out again. Had I moved on right then, this would have been a good trade, but this is where one of my current really bad habits came in, which is revenge trading. I was frustrated that I gave back some PNL, and that the trade didn't work out, and so I felt the urge to keep trying to make it work. Worse of all, after telling Naeem I would leave it alone, I jump in one last time for a quick scalp, which did help make back a chunk of my PNL, but honestly it felt super dirty, like it could have easily went against me again, and taken out another chunk of my PNL. I must resolve this bad habit, or it will bite me in the ass.

Two core issues:

1. I have to work on being ok with trades not working out. Trading is a game of probability, and so it's guaranteed some trades will not work out. The problem is that I can often trade out of a trade that didn't work, and at least break even. Unfortunately, I feel this is super dangerous as it's hard to draw the line when in the heat of a trade.
2. I actually mis-judged the entry trigger on this trade. I was supposed to wait until a push through the 1min 20ma was pulled back into, and held, and then enter on a higher high, but that never happened here. Could have saved me the headache of this trade. Will be more aware moving forward.

Did Right

• Had an initial trade plan, and executed it accordingly. Was applying and experimenting with things I'm learning from AllDayHolds course.
• Stayed within my sizing guidelines (huge)
• I at least waited and had a reason for my last re-entry which was that I started seeing volume spikes on the 1min as the close approached, which let me know that buyers were coming in.

Did Wrong

• Revenge traded the stock after being stopped out twice.
• Getting frustrated when a trade idea didn't work out. There's no place for this kind of attitude in trading; grow the fuck up!

Improvements

• If I'm going to play an intraday trend reversal, wait for the actual entry trigger, so that I have a clear place to put my stop, and can feel confident that I put on a good trade, regardless if it works out or not.
• Set tighther stops, and just get back in if I get shaken out. Putting your stops too far out make it that much more likely you're the last guy to sell/cover before the stock finally goes your way. Stop out, and wait for a reason to re-enter.