Risk Assessment In Daytrading

A great streak in trading without breaking the rules ..well maybe I broke one rule but it was not too significant since I didn't get too stubborn. ( AFN short trade) . Over all just three tickers today, and stayed very calm after the 2  tries unsuccessful on AFN short. Trading less is  doing more.

In addition, it  is lot easier to write and explain to myself about all  the good reasons for entering only few trades then justifying bunch of boredom trades that make no sense at all, or forcing to find good reasons that in fact make no sense.

RAD short 7.94 tweeted live here  soon after the open , typical daily break down, with risk 8.00  major daily support, now resistance which is same but opposite of break out over daily  major resistance.  Covered EOD 7.70.

My emotions during this trade: Felt uneasy not seeing this thing to drop quickly, was a slow fader, but on the flip side of the coin it gave me tons of opportunities to add to this winner, but I did not.

Important  here was the great risk reward to be noted. Having such great daily set up, with very small risk  of 5 cents to make 5 x the risk is what the day-trading is all about. I don't need to be right more then 50% of the time to keep making money. Susie Orman I love you, but I don't agree with you on this :)) And yes I'll keep spending the $7 every day on Sbuck coffee before I start my trading. It feels great to get out of the house like I'm going to work LOL

RAD

AFN

This was two times loser, I  lost less then what I made on RAD short. Here I did brake the rule shorting a stock that is already very oversold, but I didn't brake the rule for risk management. Tried twice got stopped twice, all within the risk limitation and tolerance. 

ANF

 MBLY short 36.96 live tweet here 

This was great daily set up with very low risk , entered only once. Ideally was gonna be short from the daily swing resistance 38.00 with super great risk reward ratio, although this entry 36.96 was great risk too. Covered 2./3 rds  at LOD  36.52  then made new lows , but since I already got paid I let the leftovers to breath too much , and covered rest at 36.67

MBLY

  Recap: 

• three tickers, 
• four trades , 
• nice green day after two losers  and two winning trades  50:50 accuracy 

Note to remember:

 Keep focusing on the daily set up, limit the risk with using major daily swing , inflection points, and no need to always have confirmation on lower highs with lower lows, but enter the trade based on Time and Sale prints  right at the daily infection point.

And DO NOT BRAKE RULES like ANF trade