Trade Review April 13th, 2015

Trades for April 13th, 2015.

(click on charts to enlarge entries and exits)

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A little preface: I didn't do a review for Friday's session but only took 2 trades and both flat. I told myself after Thursday's winner that I'm not going to get too excited and that's exactly what I did unfortunately. I got a piece of the market pie and thursday and I came into friday 'expecting' another. I longed VLTC in the morning because of the massive run thursday. It was a good concept but I fudged up the entries. I think it just moves too fast for me. On Thursday, I won on the long because it was still slow and I didn't expect such a big move.

Now for today: 

The first trade just didn't work. I think it was a good concept but the market just wasn't there to fill my expectation. Took that one off for flat. The second I'm disappointed because I had warnings from 2 experienced traders against my long idea before entering but I still decided to go for it. I had this rule in a lesson before that I should listen to commentary from better traders because, well, they're hell of a lot better than I am, haha. Going to pretty much follow that one sharply, if a trader I look up to is against the idea, just get it out of my head

GE Long

Entry: 28.09 Exit: 28.02

Like in my intro, I think this was a good concept. Big run on buyback announcement the day before. I thought it would maybe run some and Nate had the same idea. I watched the opening candle and it dipped and that dip was bought right up so I took it long. It dipped again and came back and I was confident this was going to go. But it didn't happen unfortunately so I took it off. Don't know why it didn't work but that's ok, on to the next one.

BLDR Long

Entry: 11 Exit: 10.90

This is the one I ignored the warning signs. Big traders were against any long because of the all cash deal, the buyee didn't want anything to do with the buyer, which makes perfect sense. Looking back, I really don't know why I took this one, even a bad chart picture. Didn't have anything that I look for in a long. Also, I think I had too much size in this one because I had sort of a panic watching the PnL as I can remember. A lot to learn from this one

Lessons:

• Don't bring yesterday into tomorrow: I know this sounds dumb if you're longing but don't bring yesterday's emotions into the next trading day. (good or bad) This is what lead me to mess up on VLTC on Friday. I wanted more of what I got on Thursday
• Listen: listen to commentary by big traders. They are big traders for a reason. 
• Set ups, don't take a position just because of the big picture unless swinging, find price action that correlates to the wanted position!
• Size: I was too much size on the BLDR position. If you are worried about your size and watching PnL religiously, then you are simply too sized in. Keep sized to the point where you can comfortable let a position work.