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EliBrown
No set-up, chased the entry, to much risk, completely impulsive. After JUNO was making its run I was thinking CEMP would see a continuation from yesterday after it had pulled back to the VWAP. JUNO was lagging behind the others and the run in CEMP had already happened. I needed to wait for a more valid set-up before thinking of entering. I went in with a full position and also chased my entry. I went long 300 shares at 35.40 and had a mental stop at 35.17. I broke the rule I talked about yesterday by doing this. If I go in with a full position I must place a hard stop. The stock was only bouncing off the VWAP. I was foolish to think it would make another run. It broke the VWAP and I held on way to long before flattening the trade. I got out of the trade at 35.06. Too much emotions in this trade after banking on JUNO and wanting to repeat it again with CEMP.
Execution detail:
Comments
EliBrown
Completely agree. One of my bigger struggles with my trading right now is being aware when I am about to make an impulsive trade and catch it before the fact. The market rewards patience.
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I personally have to reign myself in all the time, I tend to find myself entering these impulsive type trades instead of waiting for the setup and I always lose. I'm learning it's cheaper to just wait and not take any trades until the setups come along with some really good probability.