Today was my first losing Friday ever. I fell asleep while holding GOOG and TSLA with no stops. Won't happen again!
Monday, I will begin logging trades again. I was up 1% my first month. Yesterday's IPO crapshoots and today's loss puts my profit back at ~0% so it's like starting over. It was also my first time losing two days in a row. I've had three two day winning streaks and my longest win streak being five days, so I'm still confident I can turn things around.
Didn't take today too seriously. I was working on a new freelance project so I was only watching the charts every 15-30 minutes. I've only been 20% successful on Mondays so I was wary of trading. I didn't want a 3 day losing streak. Trading 1 share today.
10:32AM LONG AMZN $322.70
10:37AM EXIT AMZN $323.29
Entry on 5m engulfing candle. I got out early. My profit target was $1 at $223.70, but I was busy and didn't want it to run against me because I wasn't paying attention.
10:49AM LONG BABA $90.90
10:54AM EXIT BABA $90.30
Was watching BABA for a signal to move back up to the $91-92s. I got in a bit higher than I wanted. Was looking to get in around the .60-.70 level but I got distracted. Turns out it was just a stop run for lower lows.
12:30PM LONG ALXN $158.26
1:32PM EXIT ALXN $158.57
Engulfing candle on the 15 minute. This will likely be my last trade of the day. Profit target is $1.00/share but anything above $0.50/share will be a win for me. I was reaching on $0.50/share profit and started watching it. Didn't like the gap nor the Level II so I took my profits early.
1:00PM LONG GOOG $585.50
1:29PM EXIT GOOG $886.63
GOOG was long on both 15 and 30 minute charts. Planned to sell around $1/share profit.
I'm done for today. Didn't even pay attention to the market that much. Much less emotion involving the longer intraday time frames. +$1.39 NET PnL. That's $1,390/1,000shares. Glad to have a winning Monday. It's only my second. Will bump up my share size if I can continue to make $1/share a day on my new strategy.
I was 75% successful but I'm a bit disappointed I didn't hold until my initial profit target on a few trades.
I've been developing a higher risk reward method these past few days. I had 2 large losers which skews my current R:R statistic, but I've been overall pleased with the results.
I am 45.70% successful on my trades. I've been trading 2 shares per trade on 1 minute chart movements. My average win is $0.79 and my average loss is -$0.91. However if I ignore those two losses, my average loss would be -$0.16, making my R:R ratio 4.9375.
I'm going to continue trading this way throughout the end of the year. If I'm still >40% successful with a >3 R:R ratio, I will start trading 100 share sizes.
This week, I had 15 winning trades and 16 losses. My average winning trade was for $0.95 profit and my average losing trade was for $0.50, making my R:R ratio 1.9. I had one trade that was a loss of $5.40 due to technical difficulties within my platform (clearing firm went offline). If only that trade was nulled, I would have been 50% at a 5.6 R:R ratio this week. Monday, I lost $1.50. Tuesday I made $0.33. Wednesday I made $3.13. Yesterday I made $0.40. Today I made $2.59. Keep in mind I am only trading 2 share sizes. This week would have been $247.50 for a 100 share size trader or $2,475 for a 1,000 share size trader.