Shared by
Doug_Kenline
ok i succeeded today where i failed yesterday, so that is a good improvement there....
today i had my order all ready to go and was ready at the open......not quite as ready as i should have been as that market open can come up on you fast and it did today....
and johnl10 and ross had not called out ADIL yet and it was already after 0925......
and i had my order ready for another name....but it became kind of obvious there at the last second that ADIL was the one so i had to change my order to ADIL and i was almost just a little late on the open......
however, i did get in there.......now here's something that i did not like about the trade........it did not go my way right away....and i held through i think over a 20 cent drop.......so that was breaking a rule, by holding through that big loss........
so in that regard i would have to honestly say that this was not a good trade, even though i lucked out and came out green........i can see how that could become challenging to sell out when it could turn around and go back green..........
so in fact it may have been a better trade if i had sold out fast and kept a nice small loss......i could then have said i stuck to my rules.......holding through a big loss like i did here i don't think is a habit that will have you hanging around very long.....
what i liked about the trade...
i liked that i was ready at the bell
i like that i go a good clean entry...didn't push the buy button twice or anything
got in i think at a good price right at the bell...
also liked that i stopped after the first in and out......
i was tempted to try to hit it again when i say it going up higher and saw ross staying with it for the big bucks...
so i was tempted....was getting the FOMO.....but i was able to just sit tight and say, doug, your plan was one single trade, one nice little clean trade, in and out and call it a day........trade less, review more.....so i liked that aspect of this trade...
what i didn't like about this trade....
i don't like that i held through the big 20 cent drop.....or at least it seems that i think i remember it going down below 20 cent loss.....but it may not have......so now i'm thinking maybe i was ok holding through the red numbers.........by having quit trading after my one single in and out trade, per my plan, like i did, i am now able to review more, and trade less, and now be sitting here reviewing my one single trade instead of still being in there throwing wild punches around and blocking punches with my head, instead i am over here in tradervue, out of the market, nice and calm, reviewing the one single trade that i did make.....
so i really like that aspect about my trading day today.......make one single clean in and out trade and then review the hell out of it..........i think this is the way to go....
so in fact i may have been ok holding through those red numbers.....definitely will now be more cognizant of just how far down those red numbers are going and if i am holding too long or if i am still ok.....this will be a big factor in whether or not i will be able to be consistently profitable i believe.....
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2018-11-30 09:30:26 | ADIL | buy | $3.980 | long |
| 2018-11-30 09:32:35 | ADIL | sell | $4.170 | 0 |
Comments
Doug_Kenline
ok so i can see that if i had my eye on this thing in the pre-market and i made the command decision to pull the trigger on it at the bell, which is the gap and go strategy so that is exactly what i would be doing....
so if i had my order all ready to where all i had to do was to press BUY when market opens.........
if i had been good there, i wold have gotten in a lot quicker on that first 1 minute candle.........so i'll need to work on disabling the order confirmation window.....and see how much time i can shave off of my entry there.....
because that is the strategy.....break out or bail out.....if it breaks out, you want to be in that sucker at 1 second in to the opening bell.......
because if it breaks your way, that first one minute candle will be a green candle......if that first one minute candle is not a green candle but is a red candle, that means that the thing did not go your way and you need to be gone........
so that is the game.....so let's see if i can get a better score on my next trade come monday morning......i've got the weekend to study the course and watch ross videos..........
by the time that i got in at 3.98 i had already lost 44 cents of the move on the first 1 minute candle that opened at 3.54 and shot straight up.........
if i could have gotten in at sa 3.60 instead, i could have planned on taking profits ant 20 cents or in other words gotten out at 3.80 with plenty of room to spare..........
so now i am thinking cap loss at 10 cents and take profits at 20 cents and that is my 2 to 1 ratio and that is the name of the game......let's see how it goes.....
now i see that if i had gotten in at 3.60 and rode the thing out all the way into the 6th one minute candle, that i could have gotten out at as far up as 4.60.......a freakin' 1 dollar gain eh?!.......i got to think about this for a minute.......now it's time for me to go back and watch ross talk about this one in his mid-day market recap because he traded this one right out of the gate too and now i'll be able to soak in what he's saying about his trade on it.......
ross got in at 3.82.....vs me at 3.98....so he got in 16 cents ahead of me.....good job ross......i'll see you on main street at high noon.........
so he grabbed two 3,000 share orders at 3.82 and another 3,000 share order at 3.99......
ross was in the trade at 09:30:02....i was in at 09:30:26......so he beat me by 24 seconds.............i need to shave off some seconds there.....
that was ross' only trade to day.....he made quite a few executions but when the dust all settled he was up $2,500 and done for the day at 09:40......pretty good.....
13th Green Day in a Row! +$2,558! | Ross' Trade Recap
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!
ok i see that i held through a low of 3.78 on the 2nd 1 minute candle........and i had gotten in at 3.98......so i held through a 20 cent drop..........so i don't think i want to be holding through that deep of a drop anymore......i think i'm going to try to get out at 10 cent drop max.....if i see that thing dropping down to -7 cents i click on close and get the hell out.........that would mean that i never want to see any trade where i held through more than a 10 cent drop.......if i have a trade where i held through more than a 10 cent drop then i broke the rules.........
now the next question is what if it drops so fast i can't close out the order.........well we'll have to ask around and keep readingt and keep studying,.....because obviously, i need to know my max loss before i enter the trade........to be continued.......