July 7, 2023 (4 trades) (-$69.00)

Overall Grade: D-

Day Summary: Traded like shit today. Who could have guessed that. A mix of FOMO, revenge trading and just fuck it trading made for another red day. I know I need to keep my emotions in check, but today just pissed me off. I've been so fucking red recently that it's starting to get to me. I'm glad its the weekend so i can reset.

 

DAILY - SPY

5 MIN - SPY

                                                TRADES

Trade 1 - Long 2 Puts @ No Setup (FOMO)

Grade: D

  • "Following" PM trend
  • Bought puts into support/middle - bad
  • I knew this was a bad chance and I had the chance to get out for a small loss and I only took off 1 of the 2 contracts
  • Don't trade in a wedge like that

FIX: Puts at Resistance, Calls at Support. Don't Trade In a Wedge.

 

Trade 2 - Long 2 Puts @ top of channel + Key Level (PDC)

Grade: C+

  • I'm ok with this trade because it was a multi-factor trade
  • good entry even though we pushed slightly higher
  • trading from the red though so I covered this once in profit after drawdown and this ended up selling off to 438.8 not long after
  • winners are consistantly smaller than my losers
  • stop was a close above trendline which I didn't stick to but after the green candle I was planning on a stop at close above green candle

FIX: Hold Winners. Trade the Plan, stick to "planned" stop

 

Trade 3 - Long 2 Puts (no setup) (revenge trading)

Grade: D-

  • no need to take this trade - no setup
  • no clear stop - led to holding a loser
  • 0-factor trade
  • worst trade of the day (even worse than Trade 4 ... coming soon)

FIX: Do Not Trade A No Setup. Avoid!

 

Trade 4 - Long 3 Puts @ 30min key level

Grade: D

  • At least this had a set up (30min key level) but i knew I was fighting a massive bullish trend
  • full tilt mode on this trade - did not care - took 3 0dte contracts and said I'd let them go to 0 (~$40 premium each)
  • then smartened up and covered 1, then added again at the top (actually a good entry) and then covered 2 into where I bought them lol
  • theta was already eating these contracts so I ended up losing $30 on this trade and by EOD 2 hours later they would have been worth $800 lol
  • That would have been a straight degen thing to do but it would have worked today and I suppose I should be thankful it didn't because that teaches bad habits

FIX: Don't Degen. Don't Fight The Trend

 

TAKEAWAYS: I need to get my emotions under control and be patient for a set up I'm comfortable in that way i can get green early and trade from the green. I also need to hold winners as usual and just not be a Degen lol