I Was Right...But At The Wrong TIME! - 05/14/20 RECAPHi traders,
What a day! I took a record of 7 trades (my average is about 3) and all of them were beautiful setups. But most of the time the market went immediately against me and pushed the stocks I traded the other way!
Key point here is not to give in and blame the market - it doesn't care at all and you can't sue it :D
Reduce the size so you don't exceed your maximal daily loss but stay in the game if you are mentally in a good state (for beginners I'd suggest switching to DEMO after 2 consecutive losses, though!).
Yes, being down for the week again sucks, but thanks to good risk management it's just over 1 percent - a single winning trade away from turning green. This is why RM is your priority. It's much harder, if not almost impossible digging yourself up from 10, 20 or 30% Drawdown
My Trades:
1) CODX - LONG @28.39, -0.95%
2) Z - LONG @46.53, +1.18%
3) MRNA - SHORT @61.95, -0.75%
4) AMD - LONG @53.03, -0.93%
5) UNFI - SHORT @18.89, -0.04%
6) DDOG - SHORT @62.78, -1.08%
7) SYF - LONG @17.02, -0.65%
*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: -3.22%
Total PnL for the week: -1.37%
Good trades,
Tom | FINEIGHT
