Shared by
Justice
Tags:
These are the last 2 trades which messed me up today. I was more than a $1,000 down at the ORB and I fought back to be $640 up. Then, I messed up with these last two trades for the day. Leaving me with a loss of $360 for the day.
I need to work more on the bars below and risk management. Because $940 loss on a single trade is too much
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2018-11-16 14:21:28 | LABD | 1000 | $37.560 | 1000 |
| 2018-11-16 14:30:56 | LABD | -1000 | $37.420 | 0 |
| 2018-11-16 14:43:03 | LABD | 1000 | $37.480 | 1000 |
| 2018-11-16 14:45:49 | LABD | -1000 | $37.300 | 0 |
| 2018-11-16 14:58:39 | LABD | 1000 | $36.870 | 1000 |
| 2018-11-16 15:12:30 | LABD | -1000 | $35.940 | 0 |
| 2018-11-16 15:23:41 | LABD | 1000 | $35.870 | 1000 |
| 2018-11-16 15:58:52 | LABD | -1000 | $36.170 | 0 |
Comments
Justice
Hi, Lol. You are spot on with your comments with what I did on this trade. Just like you narrated. I do make lots of gains then I lose it.
On this trade particularly, I think my size was too big, and my stop order was loose.
I am also constantly guilty of over-trading. Am pretty sure, it's boredom or over-confidence. But, I am working at it. There used to times when I refused to go back into the market after a handsome gain over an ORB in the morning.
But, I am only beginning to trade in the afternoons now. So I guess, I need some more education on that, in order to stop the big loses.
Thankx again for your contribution.
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
Hey... first of all I am impressed by the amount of capital that you are able to make and lose! That notwithstanding, I have a few comments about this trade because a similar thing happened to me on PCG. Overall, your risk management seems fair with the tight stops and sticking to you plan. I am not sure if this is because you were going in with too much size though? That is what I did on PCG, and that caused me to tighten my stops. I can see that you had a long bias and you over traded and insisted on this one. I did the exact same thing on PCG. I was down on the day when this was happening and that is what drove me to break my plan and to take too many trades that were actually damaging. My solution is to simply stick to my strategy and over trading is not a part of that. I am not sure what was going on for you in this trade, but it would be interesting to hear about it.