PTON Trade on Jul 10, 2020 11:47 from CapitalMastery: Tradervue User Stock Trades.

Summary

Initially entered PTON for a scalp when I noticed a parabolic like push up above $66, and then covered into the subsequent flush; this was a good trade. But then for some odd reason I decided to get back in, thinking that maybe PTON was about to roll over, although I had zero evidence of that, and price action certainly wasn't indiciating that. Although I didn't know it yet, once PTON broke $66.50, I was stuck, and would end up digging my heels in and fighting the trend all the way into the close.

By the end of the day I had broken my sizing guidelines by double, given back my $210 gains for the day, and loss another $200 putting me at -$200 for the day. Worst of all, I was completely consumed with this trade and distracted from the amazing moves that were happening on ROKU and FSLY. What a freaking waste :-/

Did Right

• Had the right idea on the initial entry and cover; solid trade.
• While I did break my sizing guidelines, I didn't let it get too much out of a hand, which was a big improvement over past trades like this

Did Wrong

• Got stubborn and fought the trend rather than just stopping out, and waiting for a new trade to setup, if any (no other trade setup on PTON for remainder of day)
• Broke my sizing guidelines which put me at increased risks
• Didn't stop out when the stock firmed up, put in a base, and started grinding higher. That was a sign that the stock had put in a new level, and was going to make a move higher, and that my hopes of it going lower were over. aka GTFO!

Improvements

• Under no circumstances will I exceed my 5 lot maximum on a trade. If I can't make a short scalp work with 5 lots then I either got in too early, or the trade isn't ever going to work out, and in the long run I'm much better off just stopping out.
• Be more aware, and receptive to what the price action/chart is saying. When looking back over this chart, it's so damn clear that this stock is going higher. It was not a coincidence that $0.78s were never breached, algos were not letting short scalpers, with bids at $0.77-$0.75, take any profits (thanks to BigMeech for this insight).