SPY Trade on Sep 25, 2020 15:44 from tjmiller2001: Tradervue User Stock Trades.

Traded SPY 0DTE Contracts with 15 minutes left of the market being open. Not a trade a should've taken simply because these contracts move too fast for my skill level and account size to handle. I sit out on trading ROKU and BA because I've been burnt too many times. This was the burn I needed to avoid trading 0DTE SPY contracts at the close.

Context: SPY had been strong all day and I was watching for a selloff at the close. My thesis was that institutions would want to take some risk off the table for the weekend because stimulus rumors were starting to swirl. I didn't enter puts while SPY dropped 125 basis points in 12 minutes because I'm not comfortable with momentum trading.

I waited for a lower high to be established so I could build my RR levels off that. Took the trade with a 2:1 RR, strong entry, I was quickly green.

The momentum shifted and buyers stepped in. I knew when I entered that the 12:50 candle would be a big deal because lots of orders get filled there. However, I was not mindful of this as 12:49 rolled around. I wasn't even looking at the time, just my levels. The 1m candle closed above my level, I scrambled to get out, couldn't get filled, panicked and hit the market order button.

Filled at 1.17 then seconds later the contracts were trading for 1.60. This was because of a giant red candle at 12:50, right when I was watching for that. Need to be trading mindfully.

It's a tough balance to avoid getting faked out and avoid staying in the position after your level has been hit.

Lesson Learned: Set your take profit and stop loss levels at areas that have logic behind them. for example. My levels weren't awful but the stop should've been barely higher based on the 1m chart. Maybe moving the stop higher would've prevented me from entering, but that's okay.

I'm more content with missing big plays than I used to be. If a strong RR entry was never present, I shouldn't have been in. I would like to fix my tendency to avoid pulling the trigger on solid opportunities. I've gotten better at this but there is still plenty of room for improvement.