This Is HOW You Get Back to GREENS - Daytrading RECAP 04/22/20
Hi traders,
Another small but solid up day for me. Let's take this opportunity to talk about HOW you should be trading after a drawdown!
- You take only the best opportunities. This prevents you from blaming yourself even more when you lose yet another trade while already down.
- You trade LESS. If you typically trade 3-4 trades a day, stick to just 1 or 2. FOMO is biiiig when in a drawdown and more often than not you are only digging yourself a bigger hole. Don't try to wipe week's losses in one profitable day. Your plan works, stick to it. The rest is just statistics.
- If you REALLY "NEED" to take more trades, just switch to DEMO account!
Two trades today:
1) NYSE:CLR LONG @12.57, great pattern, didn't have the strength to continue. -1.02%
2)
PINS LONG @18.15, beautiful gap, was a little nervous with the volume drying out, but with a support of the SPY I held on and it paid off. +2.27%
*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: +1.25%
Total PnL for the week: +2.44%
Good trades,
Tom | FINEIGHT
Another small but solid up day for me. Let's take this opportunity to talk about HOW you should be trading after a drawdown!
- You take only the best opportunities. This prevents you from blaming yourself even more when you lose yet another trade while already down.
- You trade LESS. If you typically trade 3-4 trades a day, stick to just 1 or 2. FOMO is biiiig when in a drawdown and more often than not you are only digging yourself a bigger hole. Don't try to wipe week's losses in one profitable day. Your plan works, stick to it. The rest is just statistics.
- If you REALLY "NEED" to take more trades, just switch to DEMO account!
Two trades today:
1) NYSE:CLR LONG @12.57, great pattern, didn't have the strength to continue. -1.02%
2)
PINS LONG @18.15, beautiful gap, was a little nervous with the volume drying out, but with a support of the SPY I held on and it paid off. +2.27%*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: +1.25%
Total PnL for the week: +2.44%
Good trades,
Tom | FINEIGHT
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