BABA Trade on Oct 7, 2020 09:58 from tjmiller2001: Tradervue User Stock Trades.

Big Loss for a day trade. Frustrated me psychologically. When I noticed this, I decided to size down for the rest of the day and told myself a few times to avoid revenge trading. I'm glad that I'm mindful of this, the trader I was a few months ago would've sized up to try and make the losses back. Although my account value has gone down since then, I do believe I have become a better trader. I understand myself better. The process is being fixed and the results will eventually follow (if the process continues to improve).

Strong entry, this has been a strength of mine recently. Bought on a red 1m candle near VWAP and was immediately green. Entered with a 4:1 RR, that's great for me, better than I used to enter with.

BABA came within $0.15 of my Take Profit price, then reversed quickly. Two giant red 1m candles took this name under VWAP and my stop loss. I did a great job getting out quick, sticking to my rules.

However, that was the short term bottom and price started moving up right after my exit. This is a common theme. Instead of complaining about that, I want to fix it.

Is this the problem: My levels are too obvious and other retail traders set their levels in the same spot. Then institutional traders pick off our dumb money by playing off our predictable levels and getting long when we "panic sell"

It's possible that's the reason. If it is, I need to brainstorm ways to solve that. Going to look up solutions to this on YouTube and online trading blogs tonight.

Proud of my RR here, wise entry, and timely exit.

To prevent future loser from being this large, I will set a stop loss order when my trade is green. this level will be at breakeven or slighly profitable. I shouldn't be green and near my TP level, then lose a lot because of a quick move down.

Lesson Learned: I will set stop loss orders after I am profitable to avoid giving back my gains and then more