Shared by
Jonathan_Horiel_BOWS
-$75.00. I bought in as it flagged and broke over the resistance at $15.00. I was really surprised this stock went against me and some input on this would be very nice because I thought my entry was rather good.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-09 10:00:25 | RDN | buy | $15.050 | long |
| 2014-01-09 10:00:25 | RDN | buy | $15.050 | long |
| 2014-01-09 10:22:59 | RDN | sell | $14.920 | long |
| 2014-01-09 10:22:59 | RDN | sell | $14.920 | long |
| 2014-01-09 10:23:17 | RDN | sell | $14.930 | long |
| 2014-01-09 10:23:19 | RDN | sell | $14.930 | 0 |
Comments
Nape_BOWS
Always consider previous day action as well. This stock had a parabolic move with no pullback so the stock needs to consolidate and build up more strength for the next move higher.
Jonathan_Horiel_BOWS
That's really good to know and a great observation. I did not think about that. Why do you say that I shouldn't worry about dollars gained or lost? Shouldn't I keep track to follow my risk to reward ratio?
LPeriman_BOWS
Well, in my view, $$ isn't relevant in training. Clearly, that's the bottom line ultimately. But If I trade 2000 shares of something and make 500 bucks, I feel pretty good. But, if I trade 100 shares and make 25 bucks, I wonder if I even paid my commissions. Never mind the "whatif" had the trade gone against me!! "Oh crap!! I just lost 500 bucks in 10 minutes!!" My suggestion is to measure the all import R/R in the amount of cents that your stock could move based on entry and exit strategy. Trading smaller and paying attention to the process is the number one thing I'd do different in my training if I could go back.
Again.. my view based on a GREAT papertrading career that started a not-so-good real trade life (but got better). But others may have a different view.
Interesting. I'll try and do that as well. Why do you think your great papertrading career ended up starting a not so good real life one?
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A couple thoughts (opinions, really) ... first is not to worry about the $$ value you won or lost. It really affects the psychology of trading training. But, that's a soap box that I've learned to speak from. :)
I think your entry was awesome given that you saw the resistance on the daily and placed your order accordingly. But.. that that was a pretty big parabolic pattern to get there. This stock needs rest. Gotta have new buyers, that will possibly now come, now that the supply is virtually exhausted.