PLTR Trade on Feb 8, 2021 09:43 from tjmiller2001: Tradervue User Stock Trades.

Two PLTR trades today. If you look at the 1m chart, I got out very close to the lows of the move twice. That tells me three things:

1) Maybe I'm not identifying the key inflection points for a stock
2) Maybe my Stop tends to be where other retail traders put their stops, which is why my stops always break down so quick and my actual exits are much lower than my SL
3) Maybe my stops aren't wide enough. My thesis is right but with such a tight stop, slight movements will shake me out. Ideally, I'm out when my thesis is proved wrong, not before that.

First trade: VWAP bounce strategy, Set entry for my order, the price quickly fell and I got filled on the way down. Ideally, I'd see a slower pullback with low volume. 4:1 RR. Although this is a good RR, my stop should probably not be 0.15c on a name that moved 3.00 today. Not knowing the ATR of this name hurt me. Too tight of a stop.

Didn't exit with an order set to sell at 37.90, instead wanted to see 1m candle close below that level. In my mind, my exit wasn't late because I did see evidence of buyers on the 1m after 38 broke. Looking back at the charts, it's easy to say in hindsight that I should've got out closer to my stop. I really need to work on my exit rules. I don't know whether to exit on the break of my level or the break AND 1m close under my level.

Second Trade: Instead of cutting my position too late, here I cut it too early. Entered with VWAP and PM highs as support. Got in with a 3:1 RR. I was stopped out, sold before the 1m closed, wicked out at the bottom then it immediately ran to my PT. Shows again that I need better exit rules and/or a wider stop. High ATR name and I was trying to time the reversal perfectly.

Also, after I was stopped out, there was an opportunity to reenter once price broke back above VWAP to my entry price. Could've got in with the same levels. This didn't happen bc I was already mentally frustrated by this point, not willing to stay in my chair and acknowledge that the thesis was still intact. Experience and mental strength will fix this.

Lesson Learned: Know the ATR of the stocks you trade to help set realistic SL and TP levels. Be willing to reenter if price rises back to your entry if that means your thesis is still intact. Don't think that just because you lost once, the idea is completely wrong and not worth trying again.