Shared by
markmandy54_BOWS
Pre market volume was huge as alert triggered at 2.83. Pulled up chart and bought as felt i missed the Base B/O so chased a bit. Thought this was gonna run hard so put in stop as last several trades i thought the same but didn't keep my stop. Got stopped and it bounced and didn't want to chase as i missed the "perfect" entry. OH BOY!
Mistake: Didn't wait for P/B setup.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-10-17 09:37:35 | RSOL | buy | $2.940 | long |
| 2013-10-17 09:48:25 | RSOL | sell | $2.890 | 0 |
Comments
charlesk_BOWS
make your alert a little before what you actually want it to be so you have time to pull up, check it out, and the pull the trigger if needed. once its missed its hard not to say f it I'm going in anyway cause you think its gonna rip.. I have it when that happens. but I also take it in the pooper sometimes by trying to chase a ripper that turns on me fast. so as delusive said, once that initial entry is missed.. no matter how much you want to get in or how much you think you aregoing to lose on a ripper you have to sit back and let it chill... risking the obvious possibility of watching it go to the moon and everyone else makes money while you sit on the bench.. but better to be on the bench that fumble the snap. ;)
gregr
Two random suggestions, different from those above.
First, if you see something moving and you feel like you need to be in it just in case, but you think maybe it's a little extended, try putting on just a feeler position. Maybe just 100 shares or something, and in this case probably risk to LOD. You'll watch it more closely if you have a position, and in this case it would have told you where you could have added more. And if it just runs straight up without stopping, at least you got a bit of it.
And second, you can do a momentum-style trade - you put on your position, and you shut it down if it ticks against you. This is a really aggressive kind of trade, and you have to be willing to close it immediately if it does move against you AT ALL, but it's a way to get in. In this case you would have closed it somewhere between your entry and 3.00 for roughly a scratch, and at that point you knew it was having trouble at 3, and you could plan your re-entry. But if it had run straight up, you would have been in it.
Anyway, food for thought.
markmandy54_BOWS
I love all the advice and continue to learn daily from on here.
Gregr, love your comments as they are very helpful.
Charles and Delusive, i'm on board with ya 100%.
The problem is that i know what i'm doing wrong as when i look at the chart it's painfully obvious, yet at the moment i'm unable to change that for some reason. Its really sad the gap of disconnect i'm currently experiencing. Fortunately i moved back to paper trading awhile back as i was doing this crap live, and here i am again making the same mistakes. I gotta put it together somehow.
artipak
i am totally new to trading and trying to go to the course book material information and that is why this can sound a little naive. But is it not obvious that on the point of buying it had to go through a resistance (if you look on the daily) at 3 and that was the reason it did not go up in one straight line?
artipak
And that way the alert should have been above the 3?
Artipak, you may not want to listen to me as i've been getting my A$$ kicked lately. That said, I've learned to set the alert below the breakout (which i veiwed as 2.90ish so set alert at 2.83...and i still chased it), so you can view it and watch for a minute before entering, otherwise by the time you get the alert it's too late. However you are 100% correct with $3 being a psychological number of resistance and expectation should be, it'll need to chew away at supply around $3, but once clears, the volume said 'BUY, AND BUY AS MUCH AS POSSIBLE".
yeah I've learned I have to anticipate the breakout and go ahead and buy right before.. selling if it doesn't
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Your entry is at the top of the first rip, it was to extended and failed at 3. You need to wait for a new entry (to be able to figure out where to put a low risk stop and let the stock rest). Another thing, your stop is really tight. Only 5 cents it looks like. Its really tough even with good setups to nail something with only 5 cents (not impossible). Lower your position size to get a bigger stop if you want to keep your risk the same.