Proof once more that one should always strive to make a well thought out and planned trade.
Yet these type of trades are only a small percent of the trade I make.
I really need to work on my discipline and increase that ratio in favour of the planned trades.
I have been stalking $VIMC for a few days now - if you look at the daily you can clearly see how each morning spike is met with a sell off.
The plan was to start shorting into the morning spike with 9.50 risk. And add on subsequent lower highs
* buys/covers are marked on the charts in blue, sells/shorts in red *
And so I did - crucially I didn't panic when it retested the highs, rather waited to see if it would see some more resistance there.
In hindsight I have clearly been too conservative with my covers, however when it drops 25c in my favour I feel compelled to take some profits. I still seem to struggle keeping at least a small portion of my position in case it fades further (with a higher low being my stop)
Nice work. I'm noting your position sizes increasing, how has that affected your trading/approach?
ReplyDeleteAlso, I'm considering moving to IB for the borrows but can't get a sense of what the platform will be like to actively trade. Is this screencap from a separate integrated trade platform?
Thanks - yes, I've been slowly working on increasing my position sizes, doesnt always work, hoping to get more comfortable with it in time.
DeleteI actually really like the IB platform - I'm used to it now so I find it preferable even to DAS Trader. The screenshots are of the IB charts which are an integral part of the platform. It's highly customisable too as you'd expect.
Also they're unbeatable on nasdaq commissions as far as I'm aware.
Thanks, I'm coming off an iffy couple of weeks and think it's time to get busier with the shorts. The AM low float breakouts are drying out a bit to say the least, and not being able to short all these pr pumps is frustrating to watch.
ReplyDelete