General:
This was the first month of live trading, there were so many little things that I had to learn about trading and myself. When overwhelmed, take a day off and try to direct my attention to why I am trading. ex. I want to be a consistent and discipline.
Stats:
From my monthly stats:
- Overtrading!!
- the commisions are hurting my small account. I did have a handful of good trades. Forcing non ideal trades are bringing my win loss ratio down. If I eliminate the random and revengful trades, and focus on ideal trades the ratio would go up.
- Losses are attacking
- If I can cut my losses quicker once the stock is not in my favour, I can elimate huge % loss that wipe out previous gains
- Focus on position size
- Wanting to have an average position size of 400ish
Lessons:
- Cut losses quicker
- max 2% rule
- feeling unconfortable
- Dont need to trade everyday
- Cut off of 8:30 am PDT if a trade isnt made by then log off, I seem to force trades out of furstation after that time
- Trying to be patient on entry levels
- I often get into a trade prematurely and get shaken out
- let the chart form, rather me late and profitable then early and lose
Next Month Improvements:
Wanting to prove consistency in July with a constant position size, taking 3-5% gains. Really focusing on morning panics or breakout plays in the first 2 hours of the market. And cut losses quickly.!!
Really focus on patients and being okay with missing plays.
Overall:
Overall, this was a great first month of trading. I am very emtional when there arent any set rules. I will conutinue to refine and improve.