Trades for April 14th, 2015

Trades for April 14th, 2015

(click on charts to enlarge entries and exits)

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Made some basic mistakes today and learned a bit. A big picture mistake I think I'm doing is trading trying to nail trades a couple minutes into the open, this has lead to a lot of my losses. I'm going to put another restriction on myself on top of my long-only restriction. I'm going to make the first 15 minutes not available for trading. This will help me analyze set ups more I think as I don't know much about pre-market action and the morning choppines in general.

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VLTC Long

Entry: 7.38 Exit 7.35

Tried to take VLTC long once again. I've tried to long this for 3 days now and its gone up 3 days now, so I'm just not recognizing/waiting for the right set ups. This one was slowing down on the daily a little with the big wicks so I should've recognized that. Be cautious of long set ups into these big runs. It's hard to tell when it will it will run out of gas and just have the rug pulled. 

When I longed it, I anticipated the break of the 7.40 highs the day before yesterday. The reason I cut it off so fast was because I knew if this thing turned around it would turn fast and go fast. When it went above .40 and pop right back down, I cut it off thinking it would reject it. It did reject it and lost a buck in a couple minutes. 

I think what I'm doing right is cutting off my loser quickly. I always seem people commenting on how they can't find the courage to cut off losers and move on. And how they just stare at their screen 'hoping' or 'waiting' for it to work for them. I can't really sympathize with their struggles because when a move is going against be and is at my risk, then I take it off right there. 

Lessons

• Morning rush: Stay away from the morning rush, too much fast action that I cannot take advantage of yet.
• Patience: Wait for the right set ups, no trades is better than bad trades! I had the right idea today buy failure to wait for set ups resulted in a loss actually.
• Follow through: On long set ups, watch the price action closely. If there is no follow through soon and it sorts stalls, cut it off. Grinding into it with higher lows is different, but if it goes straight up an stalls with no follow through, cut it off!