- Peewee Paper Hands.
- Trading off 1m instead of 5m.
- Inappropriate trade style; Did not plan trade style.
- Did not familiarize yourself with price action & employ appropriate trade style accordingly.
- Did not ensure liquidity in contracts prior to trade.
- Did not protect 50% of profit.
- Chasing trade
- Followed external trade suggestion. Never do this.
Overview: Made nearly every mistake in the book on the X trades I made and this was largely a result of foregoing the usual discipline I’ve been employing in each trade I’ve taken since beginning this process of review on the site & the process of game planning before trades. Some of the mistakes were those of insecurity & peewee paper hands but ultimately they may have been avoided had I entered the trade with the same thorough awareness & thus confidence I distill on completing such thorough game plans before. I am like a sniper, and an early stage sniper, having to pour the gun powder into the one shot rifle, then load the ammunition, then aim and fire. As I improve I’ll get faster at this process, and as I build & refine more tools to help me in my trading journal it will be akin to the creation of ready made ammunition that I can load and fire more quickly. But for now, I have a process that has been working when I follow it and I must adhere to what is working for me: executing meticulously thorough plans & procedures before my trades and following those plans to the letter. The only acceptable losses are those that have been executed to my plan to the the letter. The mistake that shines through as one that I’ve been working on, not one that was made foolishly, is my watching the 1m instead of 5m candles. I must begin trading with the 5m candles. I can use 1m for some anticipatory tactics, but by in large I must begin trusting the slightly larger horizon of the 5m candles. On the X trade, you neglected planning out & committing to whether you were going to scalp or day trade and proverbially shit the bed as a result. You got greedy then fearful on holding onto the trade. You are a scalper and scalping is the skill you’re looking to master for now. If you are going to attempt a day trade then you must PLAN for doing so BEFORE entry into the trade. There is no other appropriate way to execute trades. Finally, be cautious of trading after the open & later in the day. You have been and are refining the skillset of trading in high volatility periods, Master this before beginning to move on to later in the day trading. There may not even be reason to move onto mastering later in the day trading as there is abundant opportunity in the beginning for you to reach your goals and serve your ultimate end of the creation of ollo. Master one strategy, one edge. And if you should choose to move onto another, to trade later in the day, you MUST do so with the same discipline you employed on your trades in the beginning.
You’re coming back to this now seeing activity log. DO NOT FOLLOW some one else EVER. You entered your X trade on fomo & at behest of JR. While he was right, you did not have the strength of conviction necessary to hold through the deliberation of the price action largely because you did not make the decision to enter on your own, you were FOLLOWING the advice of someone else. NEVER FOLLOW SOMEONE ELSE INTO A TRADE. DO NOT FOLLOW. This is a mistake you need to add to your matrix. The appeal and the goal of learning to trade is INDEPENDANCE. You undermine the potential for reaching that goal by following others. Studying others is fine but at the moment of execution you must rely solely on yourself.
–Trade 1 Mistakes: This was a clean trade. You traded the levels you planned
-Trade 2 Mistakes: This was a solid trade.
-Trade 3 Mistakes: Hesitated on Entry, Didn’t Trust Analysis, Ignored significance of larger trend, Bought Top Sold Bottom, PEEWEE PAPER HANDS, did not familiarize yourself with price action before trade, inappropriate trade style (Tried scalping what should have been day trade), Got shaken out watching 1m candles instead of 5m. Ignored 1m Volume Spike Did not check for Option Liquidity. Should not have been watching 1m candles. they should be for reference not for action. You hesitated on entry to this and waited until the push past what you knew was a significant supply level before entering, You should have entered BEFORE the break of the level. But even so, you could have anticipated that a pull back was likely considering the significance of the level that had just been overcome. Ignored significance of larger timeline pattern. this was a perfect flag on the hourly and you didn’t trust your analysis. You did not conduct thorough enough research of the stock before hand to familiarize yourself with how it moved & the time in which expected moves took to unfold. You went in on edge & not thoroughly prepared. Bought at a supper extended spot, not before major key level break. Also there had just been OBSCENE volume & you ignored this, this could have been indicative of a likely pullback imminent. In retrospect at every 50 cent level there was OBSCENE, 500% greater than average volume. Could have anticipated the significance of this level and had patience. Tried to scalp something that should have been day trade. Got IV crushed for sure on entry. Not sufficiently liquid contract market
–Trade 4 Mistakes: Trading off 1 minute instead of 5 minute. Inappropriate Trade Style. Not taking profit, not going in with adequate time horizon plan, not comfortable with price action of underlying. Not prepared to hold. When has it ever done me good to trade off 1 min. need to consider eliminating 1 min entirely.
-Trade 5 Mistakes: chasing trade. Did not protect 50% of profits. holding & hoping, FOMO. Should have been at least 30-40 profit. expected too much out of the move. got greedy & didn’t protect profits. -Trade 5 Successes: Protected “Profits” Did not let winner become loser at the very least.