BLDP gapped up and almost all gains from short swing trade 2.87 were wiped out. I kept watching it for good exit which I did ok , covered it at 2.67 with 20 c gain. Not bad and I cant say I did anything wrong, since I can not predict if a news may be announced. However that was enough to to throw me out of focus and missed great set ups/like HZNP long , BIOC long CLDX long. ARIA long. Was not mentally focused on enough tickers. Did only two trades:
CRMD short
I shorted twice first time got hit with 29c loss, more then planned , so I did crappy on that THINKING my idea to drop 50 cents or a whole $1.00 must work, since it is so overextended. Nothing MUST work. No matter how overextended stock is, it can go twice or triple or more the "wrong way".
So I did not cut my loss as I normally do which is :
- either I am instantly in green or
- if I am not in green I give it very short time to prove me wrong and if it does, I am out with the thought in mind I CAN ALWAYS RE-ENTER, at same or even better price if squeezes higher.Which it did, and got stopped from my entry 5.13 all the way 5.42 , with 29 c loss.
I forgot to ASK MYSELF THE 2 QUESTIONS... LOL I forgot ?? Who da' crack am I lying to ?!?
I did ask myself but the "something else" made me not execute as I suppose to.
After the loss I took another short 5.35 saying to myself:
"I do not need to make up for the 29c loss on one trade. I can do it in few trades as long as I can stay focused and execute few good entries on so many great set ups today".
I even tweeted it, so my friends can learn what I preach to myself
It is the most powerful rule I've heard from @modern_rock
I covered 5.20 into the first wash , then re-entered 5.30 again .. Or I didnt ?
I WISH IF I DID THAT but I did not!!!
Hoped to have the big short trade the home run , all the opposite as I was saying to myfrign'self.
Luckily it worked out and made 14 cents back on the second drop to 5.20.
The point here is: I'm writing my thoughts , my alter ego conning me and lying to me, my second me , my enemy withing , that tries to keep me at my corporate job by doing this dumb mistakes over and over again. But now that I write it all , and after I read it later before I go to sleep, I hope that one day I will be a perfect trader.
This is not the first time I've written this, the same mistakes, and the truth of the matter is: writing my entire trades , not only the entries and the exits , but the whole process of what I was thinking, doing, and how I was feeling, is of absolute help in my trading.
I have improved a lot , far from perfect, and more I write and more I read what I wrote, including reading the journals of other traders like Ed Martin's for example is the best weapon against the "force" that is there watching, and waiting for me to screw up.
It is the same thing over and over again;
The same two set ups that I trade, the same mistakes, the same charts, but different tickers,the same emotions, feelings, it is all the same and there is no reason for not becoming a perfect trader once I clearly know what the challenge is. There is no better way (for me) to identify the challenge then to constantly write about it, and read it over and over again. There is no shrink that can help you better then you can help yourself, simply by identifying the problems by yourself in anyway you can.
- For me is: to write it and then read it.
There is nothing and nobody that can stop me except myself. And thanx to all the good traders there that share without expecting anything in return like @modern_rock @johnwelshtrades that in way confirm that everything is possible if you put enough hard work in it .
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| CRMD 5.13 short |
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| CRMD stopped with 29 cent loss 5.42 |
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| CRMD second time short 5.35 |
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| CRMD took profit on second drop to 5.21 |
The other trade was short STXS , 2.80 , luckily I got filled on small size , was very iliquid and got out at break even. It was just on my watch list , happen to be on my monitor, but hey it did not do what expected and got out. Not bad I am happy with it.
Now I will take a one day brake and will trade again on Wednesday/
Salute
Reflection is the key to success!
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