Trades for April 21th, 2015

Trades for April 21th, 2015

(click to enlarge entries/exits 

 I think I'm going to cut trading for a couple days so I can get in real life sorted out. It's just too hard devoted so much to work/other stuff and give time to the markets. It is starting to really cloud my judgement as seen in today's only trade. 

NYMX Long 

Entry: 1.70 Exit 1.64

Entry: 1.57 Exit 1.54

Tried to take NYMX long today. It had a big run up on Monday after a steady downtrend from it's initial run earlier this month. I thought we would maybe get a VLTC like secondary run that would squeeze some short chasers. Just didn't happen and learned some bits from this trade.

My first mistake was chasing this up. I didn't anticipate the move. I saw it happen and tried to join in on it. I literally re-entered my order probably 5 or 6 times on the way up which is just ridiculous. At that point, I became the person that wanted it, the smarter trades were selling longs when I was trying to get in.

My second mistake on my second trade was in addition to repeating the same mistake in the first one. I first off chased it again and pretty much top ticked that run. What I should have done is wait for the higher low. This will help you with the conviction and gives you a better base for your stop. I made this mistake in my AMCN long a couple days ago. It kept going straight up and I longed it, it pulled back for the higher low and I got shaken out...it followed with a .50c r/g rip. Wait for the higher low to base off of. 

Lessons: 

• ANTICIPATE: I don't know why I keep making this mistake. I always chase. Anticipate the move, don't chase it. Buy when no one wants it and sell when everyone needs it. 
• CONFIRMATION: Wait for that lower high or higher low, doing this helps you with conviction