Trading Review 3/16/15

Trades for March 16, 2015

(Click on charts to see entry/exits easier)

Took 2 trades today. One in the morning and one during the lull. One was for scratch(+5) and the other I lost for an absolute stupid reason and actually shoulda been up nicely on it. 

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MVIS - Short

Took MVIS short at the morning rally at 3.33 and covered mins later at 3.22

I took this trade because it had a parabolic move into the P/M highs and stalled there. Put on my full size(my full size is small). I took it off for scratch because it was just grinding at the highs instead of retracing a little. I was right in this one. I wasn't here for the HOD move but in hindsight one could've gotten short at the sideways action at the top with a a small risk above the highs and a great potential reward. But of course, everything is easy in hindsight

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AMRN - Short

Took AMRN short at 3.04 after the little rally of the G/R was a good concept as it was nearing the 3.10 resistance from earlier. This was my risk and I was hoping for it to wash through to red for a great trade. Covered at 3.08

Wow, where do I start. Bad, bad, bad. This shoulda been a 100 buck winner for me. First off, I completely dishonored my stops completely b/c of emotions. I clearly laid out in my mind that 3.10 is not a bad stop considering the downside potential. Still, it grinded against me a little and a chicken out. I literally top ticked my cover in this little channel. What I should of down is downsized my position to half or 1/3 when it was grinding and just add to the winner if I got into the green. Lost 15 bucks on this one. 

Things to work on:

1. Emotions - I am to emotional and it is turning potential big winners into losers and winners into smaller winners.
2. Honor stops - I always chicken out of small losers and am not allowing myself to take on the full risk I set out when entering the trade. My AMRN trade was a easy winner turned into a loser because of both emotions and failure to honor my stops. 
3. Stay confident - I need to stay confident in trading. I have not made a profitable trade in a week and am starting to get discouraged at times. It's only my first month but I still seem to be in the gutter a lot. I can't let this get to me as I dont want this to snowball into more bad decision making

Thanks for reading.

Jay