Wednesday, August 24, 2016

Take a Knee, Bastard

"With a steel sword like that, you can't even add a scratch to this ultimate shield." - Greed

Earlier this week, I had a conversation with my mentor.


And with a fellow bastard.


But despite the motivations, the guidance, I was too stubborn, too greedy, too foolish.

Friday.
I was all in on MCP at 4.18.

Monday.
I sold a few minutes after the open.
My cutpoint has not been hit yet. I just sold.
Why? Because I wanted to daytrade again.
"I can just make a quick profit from here and roll it over to there. EZ panizi."
So I daytraded WEB and IMI thinking I could replicate what I did last week.
But I was wrong. The situation has changed. The chart has changed. The market has changed.
I lost in both trades. MCP went up. Told myself that it's fine.

Tuesday.
This time, I was all in on ARA from yesterday's close.
After a few minutes, I sold 2/3 and daytraded, you've guessed it. WEB. F*cking WEB.
Lost again. At closing, I bought TECH because it broke out of 24.00, a really significant resistance.
I also bought CAL at 3.55.

Wednesday.
I sold half of CAL at 4.00.
"Good work. That somehow covered our losses in ARA and WEB." I told myself.
"Maybe I can make more." So instead of waiting for the breakout of 4.15
I averaged up at 4.03. Then at 4.06. 4.02 Until I was all in. It didn't break out. It broke down.
I sold when it went below the opening price. I gave back what I made. And then some.

But I didn't stop there. "It just takes one trade to get it all back."
I was revenge trading. I was f*cking revenge f*cking trading!
I bought IMP at 22.40. "This stock is capable of making big upmoves." I'm good with this.
Then I saw ARA. It was back to 3.20 levels. "At 3.45 this will be a borg." I said.
I sold IMP at 22.25 and bought ARA at 3.25.
I bought TECH at 24.90 and went on commute to work.
When I got to the office, ARA was 3.05. I sold.
TECH was 24.80. I sold.

It has only been three days and I have already made 15 trades.
That's right. Fifteen f*cking trades.
Out of fifteen f*cking trades, only two were winners. Only two.



Please bear with me.
Because now I'm going to delve deeper into myself.
I need to know the reasons why I made these terrible decisions.
What got me thinking the way I was.
Sometimes, the only way out is through.

MCP
Bought 4:18, Sold 4.10
Error: Fear of Missing Out on ARA.

WEB
Bought 6:22, Sold 6.16, 5.88
Error: The urge to daytrade even if the set-ups are not that good.

ARA
Bought 3.02, Sold 2.98 (bottom, whipsawed)
Error: No conviction. Sold after 18 minutes even if daytrading was not the plan.

MCP
Bought 4.25, Sold 4.25, 4.28
Error: Fear of Missing out on ARA. (ARA closed 3.18, I was right. Need to go all in.)

IMI
Bought 6.89, Sold 6.85
Error: NONE

ARA
Bought 3.18, Sold 3.18, 3.10
Error: The urge to daytrade WEB even if there was nothing good with the chart.

WEB
Bought 4.85, Sold 4.71
Error: This shouldn't have been traded. There was nothing in it.

TECH
Bought 24.20, Sold 24.35
Error: Breakout of 24.00 but still sold so I can buy more CAL for daytrading.

CAL
Bought 3.55, Sold 4.08
Error: Should have sold everything. It was supposed to be a quick trade.

CAL
Bought 4.03, 4.06, 4.02, Sold 3.85, 3.81
Error: Did not wait for the best entry. A breakout to 4.14. Hope.

JAS
Bought 4.10, Sold 3.94
Error: Chased

IMP
Bought 22.40, Sold 22.25
Error: Revenge trade.

ARA
Bought 3.25, Sold 3.05
Error: Fear of Missing Out. Chased. Best entry was a breakout of 3.29.

TECH
Bought 24.90, Sold 24.80
Error: Fear of Missing Out. Just wanting to have something where I was right in hindsight.

____________________________________________________________________________________________________

I lost money.
And I was lost.


____________________________________________________________________________________________________

Sir Lance and Ms Akio, they were right. But I was too stubborn. I thought I was invincible. I thought I could just make money that fast. And when I lost, I felt I had to gain it all back faster and make more than I lost. How stupid could I be?

I'm sorry Sir Lance.
I know you never failed to remind me of my past mistakes and what I should do.
I broke the rules.
I ignored the lessons.
I jumped from stock to stock.
I traded without plans.
I'm probably one, if not, the worst student the tribe has ever had.





Friday, August 19, 2016

Testing Daytrading

I kind of lack motivation to write lately so forgive me for this post will be quite short.

I've been in a trading yoyo and I want to focus my energy on studying my errors.

Here are my trades for the last ten days four days of which were spent on purging.











And that's it.