Shared by
Markmandy54
1st trade: gapper and ORB, great setup and great entry, but was a little hesitant as gapped INTO R. Stop -.55, Target +1.50, +2.50. MICROMANAGED and missed the +3 run!
2nd trade: Mini flag for redemption entry, great entry, stop -.50, Target +1.25, +2. MICROMANAGED and missed the +2 run.
3rd trade: P/B on low volume to VWAP, waited for confirm as next candle was higher low, stop -.30 (too tight as these tend to shake), Target +1, +2. Stopped on dip.
4th trade: Flag with 9EMA, great setup, stop -.45, target +1 and just missed target, moved stop to +.20 and got hit B/E with slippage!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-12 09:32:45 | TRIP | buy | $88.600 | long |
| 2014-02-12 09:34:25 | TRIP | sell | $88.750 | 0 |
| 2014-02-12 09:45:51 | TRIP | buy | $89.700 | long |
| 2014-02-12 09:48:32 | TRIP | sell | $89.900 | 0 |
| 2014-02-12 10:15:08 | TRIP | buy | $89.700 | long |
| 2014-02-12 10:19:22 | TRIP | buy | $89.700 | long |
| 2014-02-12 10:19:59 | TRIP | sell | $89.250 | 0 |
| 2014-02-12 10:45:23 | TRIP | buy | $89.900 | long |
| 2014-02-12 11:13:01 | TRIP | sell | $89.900 | 0 |
Comments
jco1987_BOWS
I see your issue on the first trade. What time frame was your initial ORB entry? It looks like as an ORB of the first 5 min as it held strong above 89. Did it pop over 89 before or after you bought it on that 2 min chart?
Paper_BOWS
Micromanaging comes from fear of losing. I think you need to let some trades hit your stops a few times so you know that they are there to protect you. Once you build trust in your stops you'll develop a "what's the worst that can happen?" mentality which will then allow you to ride your winners out. Just a thought.
charlesk_BOWS
ah... very good idea. Assuming stops are set appropriately of course hehe.
Markmandy54
Yep, micromanaging is the name of the disease, i'm taking my pills but need to up my dosage.
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Micromanagement is my primary problem as well.
It appears you aren't practicing scaling. I did the same thing for a while.
Without scaling the way I found to let it play out was in Prodigio I could set a auto target and a stop. So as soon as I entered I would set the target and the stop for auto sell, kind of like a heat seeking missile. Fire and Forget. But the problem I ran in to was it would ALMOST get to my target and consolidate for a while, where had I been watching it I would have probably sold and then it dropped back for a smaller gain.... so the point of this is that I have the same problem and haven't figured out how to fix it either. Other than setting more rigid Reason to Sell rules and make sure you don't sell unless one of them are violated...which is easier said than done.
I could see myself playing this stock the exact same way.