Loss Tracking
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How Much Did I Lose?
Description of LossWhat Can I Learn?How Will I Improve?Mistakes:
Played too Large
Didn't Cut Loss
11/4/2015AVXL-$1,265Tanked hard from almost $15 to $12ish, with one bounce attempt along the way that topped at 13.50. That was the level I wanted to play off of. Shorted at 13.35 into a big bounce off of $12, but really didn't have a clear plan in mind. Knew $13.50 was important but was thinking more about HOD. Got a good pull to mid 12s, but didn't cover, and when $13.50 broke two hours later zoned out and went for a ride choosing to use wider $15 risk. Next morning missed b/e covers on pull, had to cover for conservative loss instead because felt like multiday breakout setting upYou have to go into a trade 100% knowing the risk level you want to use and size in appropriately. There was nothing wrong with my wide risk plan, IF I had chosen to enter smaller. Instead, was risking almost $5k which was far more than I want to risk right now, and that eliminated my ability to add into the layup short spot of high $14sI will work on clearly choosing a risk level to play off of before I enter anything, usually pretty good about this but must remember to stay focused and not get careless, even if having a good day!11
11/4/2015GENE-$515Tried buying an intraday hod break, but it was early afternoon and not the highest of odds. Thought going in was that if it broke, it would speed up and parabolic. Instead, had a huge volume candle and stuffed, I cut loss before it got to my 3.10 risk because it felt so weakIntraday breakouts are rarely powerful. Very few actually speed up and go nuts. It's stupid to guess, even if small/tight risk. Why take a 50/50 trade?Stop trying to guess the intraday breaks that will speed up, it's not like many do. No longing into strength unless it's late afternoon!1
11/9/2015LXRX-$2,650Quadruple bottom at 12.50, I got sucked in and bit short into weakness when that level snapped. It quickly supported and ramped back, and I didn't take off into the one dip chance it gave me because I wanted b/e. Decided to swing and made matters worse when I failed to cut early in the morningPlay the CHART, not unrealized p/l. Also, you hate shorting weakness for a reason. Now you know, no matter how perfect it looks, DON'T. No more shorting weakness on an intraday level at low of day, EVER. Will work on cutting losses into correction moves when it doesn't do what I expect11
11/11/2015SPHS-$5,000Really hard morning flush had me thinking this was toast, was definitely frustrated that I felt I'd missed another backside move. Got started into first rebound and made conscious decision to play larger since so much resistance overhead. I believed that 2.75 area would hold, and if not that, then definitely major 3.08 resistance. I was wrong, odds not as high as I thought, squeezed all the way back and topped out right at 3.09, pulled to 2.80s I didn't take any off and had to stop out later on the break. Kept being afraid to cover on key intraday level breaks because I was worried it might trick me, instead of remembering I could always reshortYou find yourself in this situation a lot. Deep down, you want to use wide risk, but know you have to play smaller then. So you size in based off a lower level, but then refuse to stop out til that major level. It's a huge setup for failure that has to stop. You have to do one of two things, either short SMALL playing off of your wide risk (the major level), or be willing to cut a loss when a key intraday level breaks despite there still being overhead resistance.I think best course of action here is to suck it up and force myself to cut uptrending stocks that haven't hit their major risk level yet. There were (and always are) so many red flag intraday levels that broke, so will start paying more attention to those and remember that I can always reshort higher!11
11/12/2015HART-$1,100Morning spikes had topped in the 1.50 area three times, with very large volume. Decided to buy the intraday break expecting a parabolic move, since volume was so high. We had a few minutes of huge volume candles and got as high as 1.64, but pulls didn't hold and I had to cut into rebounds after it crackedIf you're noticing huge volume and it just isn't running, you probably need to call it quits and just take off into strength. The other lesson might be to stop buying intraday breaks on strength. Multiday levels only. Intraday I feel like just fails too much, if you want in, accumulate dips as long as trend holds instead.I no longer will long a stock breaking an intraday high. Too many stuff. From now on, intraday longs into dips ONLY for tighter/better risk1
11/12/2015SPHS-$3,800Got long the 3.75 multiday breakout level, although the break was midday. Told myself I would play larger because I thought it was a very high odds setup. Tried to stay patient through consolidation and bottom fell out very fast, barely offered any bounces for relief and I wasn't aggressive enough about taking off into them because I was hoping for more of a bounce.Two things to learn here. First is that I should maybe be a bit more mindful of time of day. The second thing is that when you move risk level up to that first dip that holds, you have to be more aggressive about getting out into weakness. These crap companies can fall fast, and it's hard not to panic when you have little confidence that they are capable of coming back
Even though I don't like selling weakness, I will definitely start doing so with these POS stocks that I wind up long because the multiday setup is there. If support breaks, I will absolutely at least downsize from now on instead of giving it a chance to test/support. Will remember I can always buy back if they support.1
11/12/2015SPHS-$3,600This was impulsive and ridiculous. Total toss up trade that you justified off of a gut feeling that wound up being wrong. I bought a dip after a little late day perking, because I was afraid it would rip into close and be set up for a nice gap up and parabolic and I'd have nothing. Total FOMO. I based risk off of the low of day that had held four times, and slipped into gambler mode deciding I should play bigger. Put in stop losses and had to leave for workout early, tanked into close and stops triggeredFirst of all, if it's a gamble, why are you playing it bigger? Larger size is for the best setups only. Secondly, if you're slightly down on the day/week, you need to be VERY aware of your mindset and if you're starting to take trades just to try to get green or salvage a good week. Sometimes, when struggling with a ticker, best to just leave it alone and walk awayIf you're using gut feeling to justify a trade, you need to walk away. Recognize that you're slipping into "gambler mode" and probably will do something dumb. Also will start reminding myself more that it is okay to miss, there is ALWAYS another trade just around the corner11
11/17/2015KBIO-$300Frustrated from the first small loss I took shorting this, it spiked through daily resistance by .15 before topping perfectly at 2 and fading hard. I wanted to wait for a bounce to enter to risk off of $2, but it really wouldn't bounce. I decided that this meant that it was just going to keep collapsing, so I took a short in the low 1.60s which was a HUGE chase. At least cut it quickly when I realized it was basingIt's always better to miss than to take an impulsive entry! If your goal is to wait for a good bounce, then wait for it. Chasing won't help any, it's a toss-up trade at best and really crappy r/rJust have to be more selective with my entries and do a better job of relaxing when frustrated. Constantly remind yourself - "There will always be another trade!"1
11/17/2015GNC-$7,200Had a stupid FOMO short right after it broke through current bounce high of $26 of 1500 shares, I was afraid it was fake and would slam back down. I didn't want to take another loser on the day, so I got stuborn and decided to just hold my short. I waited until 28 looked like a solid top, and added 3500 more shares in the 27.50 range. The starter bag alone was $3k risk, so it was very stupid to increase risk even more. With 27.07 overall avg, got a 27 crack and I expected more fade into close. Instead, stock squeezed/ripped through 28 fast and I didn't cut (I probably could have). Went on a ride to almost 30, got a dip back under 28 but only covered half hoping it would go even lower. Had to cut rest around 29If you're frustrated and down on the day, under no circumstances should you talk yourself into playing a stock with a bigger $ risk. You're in for the wrong reasons at that point. Even if it's with the goal of trying to manage a small bag - your punishment should be that you miss the trade higher and have to settle for break even on the crappy position you didn't cut. You also need to learn to stop out especially when playing too big already. This really could have gotten out of hand.If I'm in a loser beyond my risk point, NO MORE ADDING. No matter how safe you are. Start forcing yourself to just eat it and restart fresh higher. Also, on thick stocks that are expecting news, put in hard stop losses from now on, can really save you some headaches. 111
11/18/2015HART-$650You've were stalking this for the breakout and decided to start in early on a dip. I don't know when/why I decided I had to take starters on dips, but it hasn't worked out well for me so far! When the stock went red, I had to eat the loss. Stick to your strategy! Don't buy in anticipation, wait for the breakout! You won't miss it, you're quick enough!Just get freakin' disciplined and stop buying in anticipation. Wait for your bread and butter entry. Remember you're a trader, not a gambler1
11/18/2015AVXL-$13,000Had a 10k short that I only cut 7k of, deciding I'd just ride the rest. As usual, the stupid starter came back to bite me in the ass. I started adding to it too early, sizing up huge and accepting much larger risk than I should have. When I had to cut, I again only cut partial, leaving myself with 7k shares this time. Then again tried to add higher before finally having to stop out of the whole position when that risk level broke too.Seems like something I should have learned already - don't add to losing trades when it's outside of your risk level! It's a recipe for disaster and what sets you up for the large losses time and time again. Need to learn to just eat the small bag into a spike and start over higher with no position.If you're carrying a position outside of your original risk level, no longer allow yourself to add to it. Accept your punishment, that you have to miss an opportunity higher because you didn't cut a loss11
11/27/2015EURI-$1,7501.37 had been basing about an hour after a panic, 1.32 was the main low though. I saw 1.37 start to crack and I threw in short orders, instead of waiting for the main snap. I got 10k filled at 1.35, immediately realized mistake and covered 6k around 1.40. Kept the last 4k just in case, it wasn't cracking but I got stubborn and then plane wifi went out so I decided just to hold into next day, despite seeing it back over 1.50 later that afternoon. Had to cover that 4k next day into a dip to 1.65 area after holding through a morning spike.Even though OTC executions into weakness are tough, wait for the main crack and remember you can always add pops too. You bit into weakness in a dumb area, winding up short just above key support. You never want that to happen. Also remember, a partial cut isn't good enough. Eat it all and start fresh, don't worry about how it will hurt your day. Trade the chart not P/LWill wait for MAIN support to crack before shorting weakness on an OTC, otherwise I really risk getting trapped. Also, if I have an "oh shit" moment and know I made a mistake, I'll just eat the trade instead of holding small and hoping it works out11
11/30/2015HART-$2,950Shorted the gap down with 2.34 (Friday's high) as risk thinking that the breakout was failing. The stock went sideways for a while and seemed to be propping with a bid at 2.15. Bidder was getting chewed up, I added in order to take him out and thinking it might crack it. Had 15k shares total from 2.16ish, way too much size given risk level. Didn't really mentally make connection I should move risk down to r/g, wasn't super focused here. When it spiked, had to eat the loss at my risk level, just way too much size given where I was playing off of. On the bright side, great cut still as this ran big.Gotta focus! Even when juggling a few different trades, always remember to ask yourself what your risk is and where you're risking off of. A loss probably wasn't avoidable here, but it never should have been this large. If you want to avoid the bigger losers, you have to manage risk appropriatelyJust continue to make an effort to always calculate out your $ risk based off of your risk level. If you want to add to a winner, remember that means you MUST move risk level down too1
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