-terrible trade to kick off my full-time day trading career.Complete threw the awareness and patience away and chased the stock down shorting into weakness 7 minutes into the market open. And I paid my price on the first trade. The situation could get a whole lot worse if there were more momentum in the day.
-the 2nd trade was good, saw the momentum shift and covered without hesitation.
-Didn't touch it when it reclaimed the VWAP and it was choppy later the day, took it off my watch list.
-trash company up on terrible news but this one is crowded b/c so many tweets were flooding out there so I took the long expecting big squeeze but didn't get it and every breakout was weak.
-Yes I made the money on the first trade but it was a bad trade. When the stock was in play, never take the long position b/c as you can see, the next second a big exhaustion candle appeared and shift the momentum!
-I reduced my holding period for both trades b/c deep in my heart I was scared, afraid of the profit will be gone so I traded it cowardly. A lot have changed these days!! When you start trading full-time and basically go all in with everything you have, you are scared and you do whatever it takes to preserve the capital.
-Time Element play important role on my 2nd trade!!! The right thing would be giving it a little more time to see if it could make a new low!! My cover price target should be anywhere near the VWAP! Not only you should have patience for the entry but also patience determines how much money you are going to make once you take the position!!!!
-This is the explosive trade of the all but I messed it up!the 1st trade was phenomenal and I pretty much caught the entire move!!
-However the 2nd trade was an emotional and lack of time consideration short!!! When the stock was moving downward faster than expected, you don't want to be part of the crowd shorting into weakness!! The fast downward movement was caused I believe not only the early buyers but also aggressive short sellers. These early short sellers eventually got squeezed and that is when I should have started to size in!! This chart is very similar to MNGA on its day 1 movement. It looks like that it is going to do secondary spike b/c it pushed above the VWAP and consolidated near it and actually held above it, any trader that is disciplined and followed the rules would cover!!! But just like what Michail Shakdin said, he didn't cover before 11am. He would short into strength this early. Nice trap but given the respect to the time of the day, it should be a good short!!!! If the VWAP reclaim happened late day like what EYEG did, it would considered a buy b/c all day short sellers would realized they are in trouble and would start running !!
-Again the main problem is my emotional state, psychology and memory. In my deep memory the most traumatic part was in the position and got squeezed to the moon. In this case I was mentally prepared for the reclaim and cutting my position but when it came I was unwilling to do so. The best trade would be cutting everything at $4.60 when it held around VWAP so my damage could be reduced. However I let it went against me and emotionally covered near the top. I knew that it was emotional volatility and I knew that It's got higher chance to go down but somehow I clicked the mouse and got out my position afraid of giving my all day gain away. Bad Bad trade!!!!
