I highly recommend watching @Investorslive Textboook Trading to beginners and intermediates as well to educate yourself about momentum trading
And the obvious disclaimer - I am not a trading/investment adviser so please be smart and consult a certified financial adviser before making any investment decisions
Summary of Trading:
Just one of those days, with some patience on my trades in pre this could have been a much more straightforward and profitable day; had I respected rules/stops too... however I should always remember that patience doesn't always work. So while I left a tonne on the table % wise on $RDHL $AXPW, you never know in advance what kind of a move a stock would pull...
On gappers I was just sloppy on Friday, $MOBI was so over extended and I took it over the weekend pretty much at hods avg ... recipe for disaster. Set me up for a poor start for the day after those small gains in pre; I then was in the wrong mindset, trading less than perfect setups trying to go green on the day. Sometimes it works, but not on slow days like today.
Also need to start adjusting to Summer Trading - trades I made today based on pre-planned trades ($KZ $INPH $AOI $ONTY) rather than reactionary ones ($BLFS $NURO $SYMX) worked much better, as the latter ones, when there's not enough volume behind them they will not act as they have done in the past few weeks
Some very poor trading in general today, need to brush it off and be better prepared for tomorrow. Not take unnecessary trades.
$USD P&L: -$1100
Lessons:
- Gappers - only take Day1 runners, not day3+ ($MOBI)
Trades:
$RDHL bought 100 in pre on news; in 17.5 out 19ish, could go higher but have to leave my machine for now; not annoyed at all now it's hitting 23; sometimes patience works for you, sometimes against you, in premarket i still believe in quick profits
$AXPW right in the kisser ... bought .038 sold .04 in pre ... another one i took pennies on ended moving to... .14 last time I checked. oh well
$APT had some over the w/e., and got a lucky fill at the 8am jiggle (2.82 from 2.62 entry)
$CBLI had some over the w/e, sold half for profit Friday a/h and this am for a loss
$MOBI painful painful loss there - held over the w/e poor avg and relative big size (1500sh) sold at the open for a hefty loss and didnt quite recover
$NURO took some long premarket; hadnt realised it was "artificial" volume by some chat room; still, it was the only stock "in play" for me out the gate so I took a position when it showed strength, but didnt cut it quickly enough; couldnt have traded it any poorer - top tick buy, and bottom tick sell
$ONTY finally cracked, I was there for it, not as big position as I would have wanted, but at least I didnt miss it
$AOI had some over the w/e short, added a little at the open and covered some into pulls and some into strength as it does have a tendency to recover from sharp pulls
$INPH was my no.1 watch today, again didn't get quite the size I wanted, shorted the open, added on the low vol climb and covered a little at 1 and most lower (had some 1.15s which dont show on the chart); overall disappointed with this trade as I wanted to nail it with big size
$BLFS had the right idea, I panic covered some into a pop to ruin an otherwise good trade, but had to stay safe there
$RTNB nibbled a little on pumpstopper negative report
$OGEN chase here on hod break, should squeeze; good read on this one, good add too
$SYRX initial reaction was to short, then flipped it for an almost top tick long ... finally later in the day i shorted again and made some of the losses back
$KZ was on my w/l but it gapped down so I ignored it; provided perfect entry which I've missed, shorted when it dropped under vwap and covered for a small profit, reshorted on a little pop
$ORPN another shocking trade, bad chase to begin with, then poor s/s entry; the add was decent, but got out on a pop instead of respecting 7.50 as a stop; and how it faded from there. Just one of those days.
P&L: (Please note amounts are in GBP)
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