Warrior Trading Blog

3rd Green Day In a Row! Up +$2,600!

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What’s up, everyone? Another green day. Third green day of April, my 59th trading day of 2018, finishing the morning up 2,600 bucks. Not the biggest green day ever, but not bad. Today’s one of those days where the market is humbling me a little bit because I was up $5,600 dollars, which was awesome, and then I took a $3,000 loss. My last trade of the day, $3,000 haircut. A little disappointing, but I’m still green on the day.

 

That’s kind of the thing, I would feel better if I just made 2,600, and that was it, but when the market gives you 5,600 and then takes 3,000 of it back, you’re like, “Hey, wait a second.” That’s the thing. It’s a good day, but it’s also kind of a little annoying, I also missed a really good opportunity on RXII with an entry at 3.50. It squeezed all the way up to, I don’t know, it was like 4.50, 4.70. Bummer on that, but this is the luck of the draw.

As you guys know, Deadliest Catch, the season is about to start. I think it’s a week away. I love the show because when I see things like they, they have mechanical problems all the time. I think that’s just the life of owning a boat. A mechanical problem happens, and it’s like, “Oh, man. Now we can’t fish. We can’t do what we gotta do to make money. We gotta fix this problem, and this problem’s going to cost $5,000, plus we have the missed opportunity cost of not being able to work.”

I kind of associate that a little bit with trading. When you have a screw-up, you mess up your hotkeys, and you lose three, four thousand, that’s kind of an equipment failure. I mean, it’s not actually literally equipment. It’s just, I associate it as being similar. It’s just a tech failure. When you have the missed opportunity cost because your Internet goes out, it’s frustrating, but it’s just part of the cost of doing business.

If you think of day trading as this is your business, you’re self-employed, or you own this business, and you’re a day trader, that’s what you do, then it kind of helps maybe create a little detachment between really personalizing the losses and feeling like, “Oh, man. It’s my fault,” or getting really bent out of shape. It’s like, “No. I cannot run this business of day trading without having losses. It’s literally impossible.” Losses are going to happen.

For me, the last month, I was right 75% of the time. 25% of the time, one out of every four trades is going to be a loser. I gotta get good at handling the losses, compartmentalizing it or whatever. I encourage you guys to spend a little time thinking about that just so you don’t get bent out of shape and get all frustrated when you do have a loss because it happens. It’s just part of trading. Anyways, we’ll break it all down in today’s Mid-Day Market Recap.

All right, everyone. We’re going to break down our trades from this morning. Finishing the morning here with $2,621.88. Seems good on the surface, but I was up $5,600, and I gave back about 3,000 on my last trade on TENX, which is obviously a little disappointing. The market keeps us humble because you’ve been having a $2,000 day, feels a little bit like, eh, not as good as it could’ve been because I got a little too aggressive.

Now, I’ll break down the trades on TENX. I’ll also pull back up my Interactive Brokers account here. Interactive Brokers, disappointing today. Two trades that I tried to take at, let’s see, I had this trade here at 3.56. For whatever reason, it didn’t go through. This was on RXII, and then tried to trade it again at 5, and then I was rejected for buying power, which was really disappointing because I would’ve loved to have had that $5,000 winner in this account. Ah, but it’s the luck of the draw. I’ll go over that trade as well.

First trade of the day, TENX. This one on our watch list, if I get the gap scanner, it was gapping up pre-market like, I don’t know, 80%, something like that. I was watching it for a scalp. Now, I recorded all of the trades. Those are going to be uploaded for Warrior Pro students. Some of the trades, I will upload and put them on YouTube, but a lot of them I just save for our Warrior Pro students. This one I did record, and I’ll upload it for you guys.

Pre-market high was 10.39. As soon as the bell rang, I was thinking, this is certainly worth watching for a scale over the highs of 10.40, whatever it is, 10.40. The bell rings. Let’s look at the first one-minute candle. First one-minute candle, you see it squeezing up. Now the thing is, it opened up at $10 and dipped to 9.71, and as soon as it started to pop back up, boom, I press the order for 5,000 shares at $10. I only filled 2,500, but I took it and sold half up 70 cents at 10.70, 1,250 shares. I sold the rest, break even. I mean, that’s in a matter of 22 seconds. I was up 800 bucks, but it was quick. It popped right out, and then it came right back down, so it didn’t hold up very well. That was in the first candle.

Then I kept it on watch, and you see my next entry was at 10.27 and 10.48. I was anticipating a retest of high of day, which was right inside this candle if I actually bring this down into a 10-second candle. I don’t trade with 10-second candles, but I’ll do this just for you guys so you’re able to see what I was thinking inside that minute. When these trades are that fast, it’s helpful for you guys to see what happens.

We pop up in the first 10 seconds. I take my profit and stop out. It then starts to curl right here, and this is where I got back in. It started to curl, so I jumped in here thinking if it broke over 10.80, we would squeeze. I added at 10.80 and started selling at 10.94, 11, 11.18, 11.16. We hit a high of 11.19, and then with that, I made around $4,000, eh, right around actually $3,200. I was up $4,000 on the day with TENX, which I was pumped about.

Next trade, and I sold the rest there. I took a little scalp on BDR. This one hit our high day momentum scanner, so I jumped in it at 1.27, or 1.24, and then added at 1.33. It didn’t hold up very well as you can see here. It tapped a high of .52, but didn’t hold that level. It came all the way back down at .23, and I sold it right in this area as it was right around break-even. I got out at .31, .26. Tried to sell a couple times on the ask, sold the rest at .27 and .25. Wasn’t a very big winner.

Next trade, TENX at $10. Let’s go back to TENX. TENX at $10. That was the first five-minute candle to make a new high right here. We have the first five-minute candle to make a new high. I was in at 10. Only got a partial fill of 1,500 shares. It pops up to a high of, on that first candle, it popped up to like 10.50, but I saw just a flash of this big seller, like a 25,000-share seller, and so I stopped out right in this area. It then gets up over that level and goes up to 11, so I was like, ah, hindsight’s 20/20, whatever.

Then it’s consolidating right here. Consolidating, consolidating. We hit a high of .89, and I got in, let’s see, it was right there for the break over $12. I was in at, let’s see, I added at 11.48, 11.49, and let’s see, I guess, oh, and there might be a couple of trades here. There would’ve been a little scalp in here. Then I had another trade on it where I got back in at 11.40, sorry, 9.49. That was right here. Let’s zoom forward a little bit. A little scalp right here. That was profitable. Then I got back in right here. This is where things went the wrong direction for me.

I got back in at 9.49 in the morning for a break over 12. I thought that we were coming up here for the double tap, we would break over that level. I’m in at .80 and .88, basically 7,500 shares with an average of 11.85. It didn’t … I gave it a chance. It dropped down to 11.35. I held. It came back up to a high of 11.85. I was like, all right, let’s go look for the break. It didn’t break, and on this candle, I stopped out. It dropped down to 11.30. On that one, I stopped out mostly 11.50 and 11.36 for a $3,000 loss.

That was the right move because it ended up dropping down here all the way to 10.50. In fact, high of day is 11.92. It wasn’t able to get up over that level. It was a nice idea. It made sense, but it just couldn’t hold. I was probably being a little too aggressive on my share size, but I was also feeling pretty confident. I’ve had like five trades on it, five winners. I was like, “I’m going to go for the next one,” and gave back a little bit more than half my profit on it, so at that point, I was like, “I gotta ease up.”

Meanwhile, RXII is hitting the scanners. We see RXII hitting the scans. I’m like, “I can afford this one in my Interactive Brokers account, and it looks pretty decent.” I see it hitting the scans. I saw that it had news, and so I tried to jump in right here when we were at .50. I pressed the … Let’s just look at the actual timestamp just so everyone sees.

9.47 in six seconds. 9.47 in six seconds. This was right in the inside of this candle. I pressed the buy button right around here. The order is sitting, the order is sitting. It squeezes up to .79 and .75, and I’m not filled. I’ve got no fill, so I canceled my order. I don’t think the order was actually rejected. I think that I canceled it. Can’t remember if there’s a way to see … Event log. I don’t remember if there’s way to see what the message was now in hindsight, but in any case … Yeah, I don’t know. Trade log. It’s not going to have anything, I don’t think. Anyways, for whatever reason, the order didn’t get filled, and then I canceled it. I canceled it myself.

Then I’m like, “This thing is ridiculous. It’s squeezing up.” I put the order to buy 5,000 shares at $4, but of course, 5,000 shares times … I don’t know what’s going on here. Whatever. 5,000 shares times $4 is $20,000, and I only have 18,000 on the account, so on that one, it was rejected on insufficient buying power, which was my own, that was my own fault.

The first one, though, I don’t know. I’m not really sure why that order didn’t go through. Event log. Yeah, I don’t know. It’s not saying anything here, so. Error, systems, message. Yeah, I don’t know, but I think it’s just bad luck. For whatever reason, I didn’t get filled, but filling 5,300 shares right there, then going up to 4, then going up to 4.50, that’s a $5,000 winner. Ugh. So frustrating to miss that opportunity because you know how important that is in my IRA. That would’ve put me at $23,000 tomorrow, only $2,000 away from that big line in the sand with the PDT level, but it is what it is.

I felt FOMO on that. I felt frustrated. Because I was fumbling over on this account … Normally, what I would do is I would take the trade to my IRA, and then I would go take it in my main account. I take it in the IRA first because I want to have a better entry. I normally would take it here, and then I would go over here and jump in. Then I would’ve had a trade on both accounts, but I was fumbling over here trying to figure out what was going on. Missed it on this side, and then I felt like, at this point, my last attempt was at 4. I press the buy button. It rejects, and immediately said 4.15, and it’s halting. I’m like, “Well, I missed it. I’m not giving into FOMO.”

Give myself a pat on the back for not giving into FOMO and chasing something and then getting myself into trouble. Closing the day green. Green is good, and I’m happy with that. That’ll put me up about $28,000 or $27,000 on the month, which is awesome. This is only the third day in. Let’s put that in the calendar here. It’s the 59th trading day of 2018 for me. Day 59, plus $2,621.88. Very good. That’s a great start to the month, and let’s just try to continue it Thursday and Friday. Be green all week. That’d be really nice. That’s the game plan, and I’ll let you guys enjoy the rest of the afternoon, and we’ll be back at it first thing tomorrow morning, Pre-Market Analysis around 9:15, 9:30. All right, see you guys in the morning.

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