Trade Plan:
Risk (cents): ------------------ 65
Risk (absolute, USD): ---------- 65
Average Price: ----------------- 69.53
Stop Price: -------------------- 70.13
Target Price: ------------------ 64
Reward to Risk (cents): -------- 550 / 65
Reward to Risk (factor): ------- 7 / 1
Things well done: -------------- Put a hard stop
Mistake(s): --------------------
- Added to a position too soon before locking in profits. So, initial risk doubled later.
- Did not lock the profit around 68ish
Lesson(s): --------------------- If added to a position (in a winner, not looser) and price starts to go against you, put a stop loss at your initial entry to sell/cover the added position in order to come back to the initial risk. Let's split a total trading idea into few: initial one and when we added to a position. So, at first confirm that our second idea is wrong.
So, for the current case, should have put a stop loss at 69.53 to cover 100 shares.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-04-12 11:42:02 | SHOP | sell | $69.530 | short |
2017-04-12 13:53:56 | SHOP | sell | $69.410 | short |
2017-04-13 09:52:59 | SHOP | buy | $70.285 | 0 |
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