MIST Trade on Jul 27, 2020 10:31 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: Failed Follow through and Fade vs VWAP
*Entry: 8.40 (100)
*Risk: 1:3

Catalyst and News:

None. Expected further fade off from run last week.

Fundamentals:

The same Biotech that went for a gap fill last week, expected it to start its fade into oblivion this week.

Technicals:

Low volume and action today. Floated up past the 8.70s (key level 8.80s from Friday), expected action down past VWAP around 8.50 today.

Summation:

Awful mistake, shorted the bottom of the trend expecting a breakdown, instead of waiting for another pop and taking out from that point.
Meandered around for a bit, still bouncing around the 8.40 level, then squeezed up and out to the 8.90s. Panic exit around 8.80s, until there was a pullback and it went right back to its range of 30 cents for the rest of the day.

Takeaways:

It's better to be wrong on a plan than right on a whim.
Every other trade I meant to take today I got cold feet on. Let my heated mood get the better of me and took something I shouldn't have when my other plans fell through. Trade smarter, more robotic, sharper. I figure this will come with practice, and I know it takes time, but coming from other arenas where keeping a cool head is key, I had imagined I might be a bit more proficient at it. But being humbled is not necessarily bad.

-Made a plan? Stick with it. Trust your research and judgment.
-Even with small size, set the stop. Don't trust yourself to be ready in the moment.
-Fight to win, not to not lose. There's a reason you've written this to yourself before.
-**You can always make more money**. There's always another chance. Getting stopped out is not bad, mistakes are inevitable, keep growing and they'll come less.