Not something to be proud of. Saw a series of higher lows near support on a small time frame and tried to call it a reversal. In reality, this was one green day after a string of red days. That level had only been tested one other time, it wasn't that strong. This was me wanting to be in a position and shifting the narrative to see what I wanted to.
Instead of looking at a chart and trying to convince myself why I should make a directional bet, my approach should involve looking at a chart and listing the reasons I shouldn't buy calls or puts. If I can't find compelling reasons, it's a trade I should enter.
Must avoid wanting to be in on market moves, FOMO. Instead, take a few A+ setups. It's not about the money at this point in my journey. It's about developing good habits/practices.
Proud of myself for cutting this loser as soon as support broke.
Lesson Learned: After exiting a loss, ask yourseslf, "Is now a good time to take this short?" Being able to flip my bias here would've made sense. Also, don't force trades, entering positions on weak setups.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-01-13 15:12:22 | 16 APR 21 75 CALL | buy | $1.850 | long |
2021-01-14 10:07:27 | 16 APR 21 75 CALL | sell | $1.600 | 0 |
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