+ $106
No complaints other than undertrading. A big help was my system was stable all day, no crashes.
10:32 a.m.: Short GS @ 116.70, overbought, SPY overbought. This trade I tried to pick a top, in retrospect not the best setup. Stop @ 117.50 hit for a $160 loss. Then true to form I watch GS for a while then ignore it while it later forms a double top, and falls very nicely. Focus! Ironically, had I held the position all day, it wouldâve ended the day profitable. Ha! (Donât worry, I wonât let that thought negatively influence my risk management!)
Watching COCO and APOL hitting lows. Looking for either a hammer to bottom pick or a higher low.
12:12 p.m.: APOL formed a beautiful hammer on high buying volume off 62.56 and Iâm long @ 63.04. Closed @ 63.90 overbought for a $172 gain, just .02 cents from the top of that move based on L2 price action. Great setup, great trade! In fact, the setup was so solid to me that my palms DID NOT even attempt to sweat despite me going long in a down market.
1:48 p.m.: Totally forgot about my remaining HANS from the unintentional short position the other day when my system crashed. Suddenly noticed HANS in the 35.50âs where I covered for a $50 gain just to be rid of it. I never meant to short it at that price in the first place.
Watching APOL for retest of 63.00 area. It was taking its time, so I grabbed a bite to eat and came back to find it bouncing hard off 63.05. I absolutely did not chase. Iâm pleased to say I havenât chased a position since early last summer. Learned a hard lesson back then and that lesson actually stuck!
3:18 p.m.: On a pullback, bought APOL May $65 calls @ 4.50, closed near end of day @ 4.70 for a $100 gain.
GEOY swing trade working very nicely, still in a very overbought condition, yet ending the day quite profitable. It looks like my target area should be met within a few days.
SNDA puts not doing so well. I will take a hit on this one if no 50% retracement occurs before expiration.
NFLX calls holding up well; my goal is to earn the entire $970 premium at expiration.
HOTT daily chart is uglier than heck now, so Iâm hanging tight. I told my husband to short 5000 shares @ 12.24 the other day, but he wasnât at his desk, so he put off the trade. Oh, lordy, lordy that wouldâve covered my unrealized loss a few times over.
I was discussing this HOTT trade with my friend who is also in the trade at a similar price. I was basically trying to pinpoint the psychology of why we held this loser through such a drawdown (especially after I vowed never to do that again after IDCC, CECO and ORLY). I entered the position on a setup that shouldâve dictated total intraday stop management, yet I did what Iâd been doing many times before with this one: Put on the trade, set a target and forget about it. My friend and I both agreed that we didnât really bother worrying about it until it started on a trajectory straight up, reaching what we considered ridiculous prices.
NEW TRADERS, TAKE NOTE: There are NO ridiculous prices as long as demand continues to exceed supply, or vice versa.
Then, when the price was insane, all I could think was, âI would never buy it at THIS price, I would short it!â And so I held on until the unrealized LOSS was ridiculous. At that point, I put in a stop (fortunately not hit). Ha! Insane trader behavior, right in front of you, documented in this journal designed to remove all ego from my trading.
