MRNA Trade on Jul 17, 2020 11:50 from CapitalMastery: Tradervue User Stock Trades.

Summary

Risked $2,000 to make $53. Do I need to say more?

Came into this trade, fully on-tilt, and looking to "make back", and "get green". While I got into the trade with the right idea, and based on an entry signal; thinking top was in, I didn't actually wait for the entry trigger to fully confirm, and started a position. Rather than stop out above $88.50, where my stop should have been, I made my stop HOD, and considering I was max size already, set myself up for emotional failure. I wasn't yet emotionally mature enough to take that kind of loss on a day I was already down and on-tilt. Especially when I was running on very little sleep. Given that context, it makes perfect sense why I failed to do the right thing, and instead just add add add add to a loser, risking $2,000 to barely make $53. Trading like this will NEVER work, and will almost certainly cause me to blow up, and potentially give up on trading. It's fucking retarded.

Did Right

• At least had good intentions on the initial trade in that I waited for it to break through the 1min 20ma, at least start to make a 1min 20ma cup.
• Covered when I had the second chance at $91, even though I really wanted $90. Had I waited just a little longer, this trade would have blew me up.

Did Wrong

• Didn't wait for entry signal to fully form
• Didn't honor stop
• Sized in to max size on first entry, rather than wait for confirmation that the trade was working
• Ignored my risk manager, and fought with it the entire trade
• Risked $2,000 to make $53
• Add, add, added to a loser
• Didn't go long :)
• Not covering into flushes while still on frontside of trade. Had I fully covered into the flush at $90.50, I could have turned this trade into a really good winner by re-entering at the top for the second short move.

Improvements

• Don't fucking take trades like this; especially when you're emotionally charged/on-tilt.
• Stop out, and simply wait for a re-entry signal. There was a good trade here, but it was waiting for the entry signal at 14:23 (1min 20ma cup), or shorted at the failed re-test of $95. Could have been a really nice $5 short opportunity, but I ruined it by trying to scale into the front side.
• Take these trades LONG when the up trend is so damn clean, and the volume is there. Could have made an easy $8-9 going long, with several opps to exit at the top.

Next Trade

As with NVAX, MRNA is going to have a great short trade coming up Monday/Tuesday, once this thing pulls in. That said, keep your eyes open for the long opportunity.