August 3, 2023 (2 Trades) (+$21.00)

Overall Grade: B

Day Summary: After not taking any trades 4 out of the last 5 days, I'm not gonna lie, I was a bit anxious to take a trade today. I know that is not the best mind set to be in, and i did force it on Trade 1. Luckily, i was able to get out of that trade with a small win and then recompoze myself and take a much better Trade 2. The only problem was .... I don't even need to say it :(

 

DAILY - SPY

5 MIn - SPY

                                                TRADES

Trade 1 - Long 2 Calls @ Pullback to Open Demand

Grade: C+

  • single-factor trade - no key level
  • entry at support (demand) - good
  • We had not established a proper trend at this point but i was trading it like we had
  • felt very uncomfortable in this trade so immediately took off 1 contract for small green and set remaining contract at breakeven
  • ^^ happy about this decision, although since I was uncomfortable I should have just taken off both with profit

FIX: Only trade at Key Levels. Don't rush a trade at the open, no matter how many days you haven't traded for.

 

Trade 2 - Long 2 Calls @ Double Bottom / PM Low (Key Level) Hold

Grade: B+

  • This was a good trade but I managed it poorly - common mistake - hold the fucking winners
  • calls entry at support - good
  • waited for multiple closes above PM Low - good
  • entered on the bid, had small drawdown, and felt slightly uncomfortable (even though stop was a candle close below PM Low / LOD)
  • I think that made me take off both contracts too early (although VWAP was not a bad spot to take off one, it should have been the first one)
  • Target was the PM line above (blue) which ended up hitting (not shown but I would have gotten out at 5c rule)

FIX: Hold Winners. Wait for a green candle close above PM Low to avoid drawdown.

 

TAKEAWAYS: I am consistently making it harder on myself to be profitable than it needs to be simply because I do not hold my winners. I know this is something I struggle with so I need to find a way to fight that urge, whether that be an OCO order or simple as setting a stop and walking away. Something has to be done.