EZ trade, no headache.
0 regret taking the short but when it failed to go down in 1 hr should have at least covered half. "Time stop loss" should have been triggered!!!! I kept telling myself it was still acting correct then boom big volume and price surged and I did the right thing by covering.
Here comes my 2nd mistake. I saw consistent volume so I longed it. That wasn't the problem. The problem was when it failed to break above $11.20 and stayed above it I didn't cut my position. Essentially I didn't respect the price action. And my position size was way tooo big!!! I had 4k shares and the avg was $11.10ish. This one is not easy trade for sure. I got me. Those long upwick should be the indicator telling me to get out but I chose to ignore it. Could have taken smaller loss. And I held it thru the bottomless dropping b/c I didn't want to sell it into the weakness but instead it kept getting weaker and lower....Finally I realized...SHIT I was wrong!! but too late that the loss had already been incurred. Glad I didn't panic selling but waited for $11.50 VWAP test to get out and turned $2800 loss into $1800.
Finally the end of this month. I ended up making $18k net this month. But it's not about the number. I felt I started trading better later after taking "relative volume" indicator into consideration. But it doesn't work 100% of the time. Starting tomorrow, just do the basics, one trade at a time, cut the attachment to p&l and really think of all possibilities before each trade. Expect unexpected and made plan for it. Had I done that I could have nailed SAEX on 10/25.
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