CGC Trade on Oct 22, 2020 09:54 from tjmiller2001: Tradervue User Stock Trades.

Lack of patience on GCG entry. I set this up with a 3:1 RR but HOD needed to break in order to reach my TP and my SL was not below an important level to hold.

My entry was premature, I wanted to be filled and that eagerness overruled my patience to wait for a pullback closer to VWAP. This emotional desire to scale in affected my levels. I needed at least a 3:1 to enter but bc my entry was so high, there were lofty expectations for my TP and a real possibility that a meaningless wick down would make me exit. In a great trade, your exit price should be at a point where your thesis was just proved wrong.

I scaled in better on my third share, waiting for price to get much closer to VWAP before I entered. This is where I should've entered the first lot based on price then waited for a turn to potentially add a second lot.

Once my level broke I was out quickly. The trader I was a few weeks ago would've likely stayed in, justifying reasons to myself that this was just a fakeout and that it would be smart to break my rules and wait for more confirmation. However, I just made a Daily Report Card and the focus for October is, "Exit losing trades quickly." I had this in mind when my level broke and chose to get out fast.

This loss was bigger than all of my winners today. As an effort to change this, I am going to size all positions at roughly $100 to enter. This may not be the right way to allocate even risk across each position, but I will try this and other methods until I find someting right. Then I will move past that and allocate different amounts of risk based on the quality of the setup once I am confident in my abilities to judge the quality of a setup in the first place. Since I'm not confident in my abilities to distinguish setup qualities, I will keep sizing consistent for now.

Lesson Learned: Be patient and let price to you. Don't hop in with unlogical levels (for your SL and TP) drawn just because you're afraid of missing the move.