Trade #4

Strategy: Opening range break up and down

Risk-to-Reward: 3:1

Stop-Loss: Break of VWAP

Profit Target:

Recap:

Went long first for an ORBU then had a hotkey error where I sold 1/4 instead of the full positoin when the VWAP broke. I'm not sure what happend but I added another 100 then stopped out when it started breaking.

A few minutes later, I went short again when prices couldn't break the moving averages and VWAP. This time went with 300 shares and got stopped out when it rose above the VWAP.

By far the worst trade of the day. These trades are the reason why I'm not consistent yet. I make good trades throughout the day but have one where I seem to either dig myself in a huge hole or give back profits. It is due to my large position sizing in situations where odds are particularly great (open). I need to dial back the size on the opening ranges. I've gotten in this situation so many times before where the first few trades in the open result in a huge loss due to improper position sizing and it throws me off the rest of the day as I'm revenge trading, over-trading, etc.

Any Mental Errors:
- Jumping the gun
- Unnecessarily large position

Improvements Needed:
- Position sizing

What I did well:
- Getting stopped out (but could do better at the exit price)

Grade:F