Shared by
Doug_Kenline
2nd trade of the month.....first trade since 12/5.....lost 38 cents on 12/5 and lost 15 cents here today......
what i did good on this trade......i had ADIL on my watchlist.....and i had looked at it in my pre-market analysis.....and i had it picked for the one i was going to be watching today......i was awake and ready at the opening bell with my order entered in the sim and ready to buy at a break over 3.........at the bell ross got in, but i was waiting for my 3.05 entry point.......ross got stopped out for a loss......i remained calm and waited for the breakout......it never came.........and then after quite a few one minute candles....like an eternity in day trading years....i'm kind of trying to keep a close eye on it and trying to watch the chat rooms and see what people are talking about........and kind of watching ross screenshare as he makes another trade on some other name.........and then i see in the chat room people talking up my ADIL baby here so i quickly jump back to my charts on ADIL......and today for the first time i'm watching both the 5 and 1 minute candles at the same time in TOS.......and i see sure enough this thing looks like it's going to make a move.......i click on the buy button as it breaks over three......i can't tell if i got filled or not, i'm starting to panic, i try to cancel the order, then i see that id did get filled at like 3.02 i thing......but why isn't it showing up in my positions window.....i log out and log back in to the sim trader.....oh i see, i have a filter for LCI on my positions window somehow...must have typed that in accidentally....ok clear that filter in my positions widget.....ok there's my open position on ADIL......and what the hey! i'm 4 cents green......i'm watching and it goes back down to 4 cents red.........i should have gotten out right there and tried to salvage my 10 cent max loss rule......
here's what i did not so good.......when i saw it go from green to red of course i try to make myself believe it is going to turn around and go green again and make that big move.....so i watch it, and i hold it......and there is a bit of glare on my screen and the print is so small i can see that it is red but can't really tell how far down it is but it looks to still be in the single digits....i'm holding and watching.....hoping.....and i think it must have finally gone down under 10 cent loss and i'm like i'm getting out....and i clicked on the button in the positions widget to close out all open positions and i'm out at 15 cent loss..........
lesson learned...breakout or bailout........need to recognize if it is going to breakout our not......if it breaks out it's easy money......if it does not break out right away, get out fast and wait for the next train.......
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Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2018-12-13 09:47:25 | ADIL | buy | $3.020 | long |
| 2018-12-13 09:51:46 | ADIL | sell | $2.870 | 0 |
Comments
Doug_Kenline
wow now i'm seeing that this thing made quite a move later in the day..............dang......
i should have adjusted my entry to 2.81 for first candle to make a new high after first one minute candle was red..........with profit target of 20 cents or 3.01 and next candle had high of 3.11......that seems like it may have been doable here........
and that would have been if i was looking at the 5 minute candles.....now let's look at the 1 minute candles and see how they look........
ok i think it was a pretty good trade....you could say oh you should have gotten in a lot earlier but fact of the matter is it was still in chop city until it broke that pre-market high........the plan was to buy in at break of pre-market high with profit target of 20 cents and max loss of 10 cents....had i bailed out before losing 10 cents i may have been able to call it a good trade........
but the pre-market high was 2.90 and i didn't get in until 3.02.....so had i gotten in at 2.90 i may have been able to scalp an easy 10 cents there........20 cents may not have been easy as high of that run was 3.10......so would have had to get the exact top to bag 20 cents......maybe start going for 10 cent scalps with 5 cent max loss......i'm thinking i might like that idea........
brandonmaxwell
it got me to on my first trade today ,but traded it again and made my gains back up after hault
how can i see your trade on here? did you share your trade on here?
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wow i held this thing through 3 full one minute candles.........need to learn to recognize false breakouts and bail out before max loss..........breakout or bailout........i think if i had bailed out fast i could have called it a good trade.......i had it on my watchlist....i had picked it as the one i would watch......i was patient and waited for break over premarket high.....