Trade Review April 9th, 2015

Trades for April 9th, 2015

(Click on charts to enlarge entries and exits)

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Today we made a great trade, almost perfect. I say almost perfect because when I saw my profits increasing so quickly, I got emotional and sort of didn't know what to do. I'll go into it later.

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VLTC Long

Entry: 4.44 Exit(s): 4.55, 4.80

Finally had a good nail on a trade. I was really starting to get discourage the past few days. Getting up at 5 am just to lose money, haha. As I mentioned a few days ago, I've been looking for longs exclusively. So, I've been on the hunt for ABCDers for some pops. This was not only a ABCDer but also a nice short squeeze.

VLTC had a big pop a couple days ago and consolidated the past few days. This means alotta people are maybe swing short and are not getting the downside they are looking for. I think this is what lead to the big squeeze today. 

Had a pop in the morning, stalled, and pulled back. Had a nice consolidation and began the perk up. I must say that I was considering this trade during the perking action and Nate's idea in chat just confirmed my idea. I hit the offer and took a long. It was going while I got long so I think I got lucky with the fill at 4.44. From here, it just shot up, which is why I got emotional like I mentioned in the intro. I sort of didn't know what to do and after the fact I now realize that I havent even been setting exit targets for myself.

I sold half at 4.55 and was content with my gain and was going to let the rest ride. However, the momo was just insane and I didn't want it to slam back on me so I took the rest at 4.80. As you can see, it had quite of bit more upside but green is green.

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Really happy with today and thankful to the big guy for giving me this pick-up. I'd be lying if I said I wasn't ecsatic after this trade but I am trying to act like I've been here like @lx21 always says you should do 

Here's to tomorrow.

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Lessons:

• Exits: Having a risk level in mind is important but having a price target is just as important. I didn't have the latter so I sort of panicked in this situation. It turned out good, but it could have not been so good. 
• Watch consolidations: Runners that have a big pop and have consolidation on the daily can really lead to this type of actions. The bagholders in conjunction with shorts getting squeezed fueled this one. 
• Emotions: Control your emotions. Though I wasn't use to this situation where unrealized gains are going up so fast, I still need to work on being a robot. A robot doesn't have emotions, it just has rules that it follows. Be like a robot.