FI I finally get Mike Bellafiore saying of " If you miss the entry you missed the trade "
I missed ROKU of the open, watching other things, then when I finally saw it chased in , worried it would go to 160 without me and me missing out on potential upside. Even worse didnt set a stop as i was convinced it would run to 160. Even worse took it of screen again to look at other stocks, when i finally looked at it again it was at 346, past my stop . I kept watching it in the hopes it would bounce and then when a Vol spike came in and I was deep in the red finally hit out at the low. It immediately bounced $ 4, not that that matters, as I shouldn`t have been in the trade in the first place or should have stopped out at my stop, if for some dumb reason I was in the trade .So if I listened to Bella and just let the trade go without me, since I clearly missed the entry, or at least treated it as a scalp when I entered where i did and actually watched it I wouldnt have lost any $.
Takeaways : If you miss the entry you missed the trade
If you chase dont take the trade of your screen, treat it as a scalp and have a tight stop .
What will I do to fix this ?
The next 10 days Im only allowed to buy on the bid and every trade will be required to have a hard stop in place. That will force me to think the trade thru prior to pushing buttons.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-08-19 10:13:40 | ROKU | buy | $350.300 | long |
2021-08-19 10:40:25 | ROKU | sell | $344.620 | 0 |
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