Warrior Trading Blog

The Hot Streak Ends -$3K | Ross’ Trade Recap

hot streak

What’s up everyone? All right, well the hot streak had to end at some point. Today would have been my 13th consecutive green day, but I’m finishing red. Down $3,000, had three consecutive losers. So I’m maxed out both in the dollar loss and in the three losers in a row.

 

Market just wasn’t on my side today. Had five trades total or five stocks I traded, two green, three red. So is this the day I should go for trade number six, number seven? The answer is no. It’s just not worth it. So the most important thing is keeping those losses minimal because being down three grand, reality is last Tuesday, a week ago today, I think I was up about 5,000, $6,000. So yeah, I’m red but I’m not down more than I could make back in one solid day.

So the last 12 days, made about 21,000. A little step back here, but will be back at it first thing tomorrow morning looking for hopefully another green day to start the next hot streak. All right, any questions? Any comments? Leave them below. I’ll be back at it first thing tomorrow morning.

All right everyone. So today is sadly a red day recap. It would’ve been my 13th consecutive green day and I started to have hopes of having a no red October like I did last year, but today I’m dipping into the red and so I’ll go over my trades from this morning. Overall, I’m definitely frustrated. I’ll talk about why. I’m disappointed today. I’m really kind of just frustrated. So here’s $857 in losses in my Lightspeed account. Let me log back into Sterling here. As you guys know, I’ve been testing out Sterling Trader, which is connected to my Lightspeed account as well. So both of these are based on the same account. They’re just different front end trading platforms. I wanted to test out Sterling to kind of learn a new platform. I’d heard some people talking about it and I know some of you guys were using it with the CME Group.

So I was like, “All right, I want to test it out and get familiar with it.” That’s not why I’m red today. Today was just a bad day, but this is the breakdown. So, actually five stocks I traded today, not four, five and green on only two of them and those winners are tiny and then three good size losses. So is today the day that I should go on and continue with trade number six or trade number seven? No. The writing’s on the wall. The two winners I had were both tiny. So today is not the day that I should go for trade six, seven, eight and just keep trading. Today is the day where I should say, “You know what, market’s not on my side. I got a little slap, took a little loss. Let’s step back, readjust. Come back tomorrow.”

So, I did have three consecutive losing trades. I started with two winters on AGRX and then on AMTX and then I had my first loser on FNJN, second loser on Escon. This put me down below $2,000. Shouldn’t have taken another trade as per the rules, but I kind of felt like this was partly because of new platform jitters and so I was like, “You know what, I’ll take another trade on YGYI,” and I lost on a third trade. So I did break a rule today. I took a trade beyond my $2,000 max loss. So I’m frustrated with that and of course this is what happens. This was I could have done without that. This is a day where I shouldn’t have taken the fifth trade and I did. BUt I at least have the presence of mind not to keep going. I’ve got my three consecutive losers trade rule and so I said, “You know what, that’s it.”

So, you can see, let’s see, let me pull up the scanners here. Scanners this morning, let me pull this up, timeframe, historical date. So 9:15 AM leading gapper this morning, AGRX, gapping up 73%. You could see I made $82 on it. This was the one I was watching right out of the gates. For me, I really wasn’t that into it because it’s such a cheap stock, but I decided to take a stab. Obviously it was moving quickly. I jumped in at 99 cents and sold it as it broke over a dollar. So a small win, $82. Really, nothing to be that excited about there. Just a small scalp on the gap and go. AMTX was also a gap and go trade. This one I jumped in for a break of pre-market highs. I was in at 67. Pre-market high was 68. It pops up to 73 and then comes back down. Only made 120 bucks on that. So another kind of small win.

All right, next trade FNJN. This one was on the watch list this morning for possible continuation. Looking for a break over the pre-market pivot of around 25. Target was a break of a 5.39. So on this one I jumped in. It sold off out of the gates and then as it curled back up right here, I got in. So I’m in 29, it dips down. It surges back up, hits a high of 32. I’m up three cents, whatever. No big deal. I ended up stopping out down here around 22 or something like that. So lost 209 bucks on that with a 5,000-share position, 5,120 shares to be exact. I got a partial fill on my second order so whatever. Nothing to be super excited about there again. So that puts me break even on the day. Okay. Those were on the watch list.

Then we had Escon and I jumped into it. It pops up on the scanners, boom, boom, right there. I pull it up and I look at it and I’m like, “All right, this thing is moving higher. It’s really taking off. I’m going to jump in. It looks like it’s got some potential. Decent daily chart curling up off the bottom.” I jumped in at 2.20 and I add it 2.30. I add at high of day. Got a 2.25, average 9,000 shares. Target half dollar. No, that doesn’t happen. It drops down on this candle 2.01. I ended up stopping out like one, I don’t know, 1.90. I had a hard time on unwinding the position. You can see it took me a bunch of sell orders. I finally was able to sell it, but I was just having a hard time with my order.

So I realized that I was having an issue because of the way I set up my hot keys. There was a routing issue and so that’s where I was like, “You know what, this was my own fault. I wasn’t able to sell it as fast as I wanted to because I messed up.” I screwed up the ways I program my hotkeys. So that’s why I was like, “You know what, all right. Yeah, you took the loss, but let’s look. If something else looks good, I’m willing to take another trade even though I’m down more than X amount just because that was kind of just a little mistake.” So I pull up Lightspeed. I was like, “Until I got my hotkeys figured out, I’m just gonna use Lightspeed, whatever.” So switch back to Lightspeed.

YGYI, it was curling up and I saw some of you guys were trading it and so I jumped in on a micro pullback right here thinking that we would get back over nine. I got into 8.95, 8.96, 3000 shares and then stopped out promptly about a minute later as it dropped back down. So that was a quick $847 loss. With that I was like, “You know what, three red trades. That’s it. I’m done. I’m feeling annoyed and feeling frustrated. Market’s not on my side. Know when to walk away.” So today, a little bit of setback. Sure. If I pull up my, let’s see, my trade blogs and this is something that I always really encourage you guys to do, track your trades. [Lico 00:08:16], yeah, you got your cap locks on, but yeah, I can help you for sure. I just got to get my hotkeys figured out, but then I’ll help you.

So let’s see. So finishing the day down right around three grand, whatever. Looking at my hot streak here over the last … I’m just trying to see, from my last red day, so I made about $21,000 in 12 green days. So up 21, let’s say every step is a thousand bucks. So I took 21 steps up, boom, boom, boom and today I took three steps back. I’m okay with that. When you kind of think about the journey that we’re all on, trying to be successful traders, learning how to trade, it’s bound to happen. So, we’ve got of these steps up. I’m not going to do all 21, but whatever, we’ll just … This is the last 12 days and this is today. So I’m experiencing a little bit of a bull flag in my equity curve and now I got to consolidate, a little bit of a pullback, adjust.

Hopefully tomorrow things pick back up, I get my hotkeys fixed and then I’ll start moving back up and that’s what every equity curve looks like for every successful trader. It’s up and down and up and down. Sometimes you have periods, there are sideways and then you break back up and sometimes you do have periods where you give back. But, if you’ve been doing this for a while, this is all pretty much trending. This is to be expected. So I’m not going to be bent out of shape. I’m just a little bit bummed, a little annoyed, but live to trade another day. The hole that I’ve dug here today is not that deep.

I’m down three grand. Last Tuesday I made $5,000 so I’m not losing more in one day then I could make back in one day and that’s important in my mind. If I took a $7,000, $10,000 loss, that would get me frustrated because I know then it’s going to take me several days to dig myself out, but this is a manageable loss. One good day and I’ll be right back out, back to all time highs. So, if you’re red today or you’re red on the week, whatever the case may be, it’s an opportunity to sit back, reflect, look at your trading metrics for the last couple of weeks, last couple months. One of the things that I used to do a lot of is I’d have a period of whatever, five, six steps up and I’d have a red day where I would give it almost all back and then I’d make my way back up and then have another red day where I give it almost all back.

So, that was my problem for a long time, was the red days would get really big. Now today’s a day where I could say, “Look, you know what, I don’t want to close the day red. I want to go for the 13th consecutive green day. I’m down 3K, but you know what, I’m going to keep trading. I’m going to go. I’m going to find something to trade. There’s got to be something moving.” I just keep watching the scanners and anything that hits the scanners. There’s AMGP. I see it hit the scanners and boom, I jump into that. Maybe I make back a thousand bucks. I’m down only two grand on the day. Another one hits the scanner, jump into that. Maybe I make my way back up a little bit more. Another one hits the scanner, maybe then I go all the way back down to minus 3K, minus 4K or maybe even worse.

So I’m not going to play that game. That’s revenge trading. That’s emotional trading. Anytime that you’re like, “Well, I don’t usually trade $18 stocks, but I’d really like to get out of the hole. So today I’m going to.” You’re trading with emotion, not with reason. So, yes, I did trade past my max loss. I’m a little disappointed in myself for doing that. There was a reason for it, like I said, but I still probably should’ve just walked away. So took that last train, another loss, but it wasn’t a blow out by any means and it didn’t go with … I only took 3000 shares. I knew I was at a point where I was like, “You know what, this trade has to be a winner and I’m not trying to make $2,000 on it. I’m just trying to get a winner and if it works then maybe I’ll be able to keep trading today. But if it doesn’t, then that’s it. I’m done. Absolutely.”

So, I’m done completely, absolutely and forever, at least until tomorrow morning. So I’ll be back at it first thing tomorrow morning, Wednesday morning, and hopefully we’ll see a couple of stocks on the scanners that look good. Today kind of started with a rough scan. We didn’t have a lot that looked really good. It was these low, low price stocks which I don’t really like. Those don’t work really well for my strategy. So I should’ve just been like, “You know, what, 200 bucks is good.” Of course, FNJN, it was a decent idea and then I saw that one hit the scanner. I jumped into it. So, it is what it is. Survive till you thrive. This is something we all go through.

You think about other jobs that you could be doing and the hardest part of this job no doubt is dealing with the fact that once every, once a week, maybe more often or not, I don’t know, but roughly once a week you’re going to get smoked. You’re going to have a day where you just … You close red. You’ll learn to try to bounce back, take it with stride, not get too bent out of shape, not let it get to a point where you’re just crazy red and you’re super frustrated. Just keep the stops as tight as possible and know that as long as the whole isn’t deep, you can get back out of it. So really right now, with one good trade, no doubt I could be right back to all time highs and I’ll be like, “Oh, who cares about yesterday? I’m back. I’m back on top.”

So we will be looking for that trade tomorrow. Maybe we get it, maybe we don’t. Maybe tomorrow I’m only making a couple of hundred bucks. It doesn’t matter. Just really, the goal tomorrow will be to be green and try to get back, get back on the horse. All right. So anyways, that’s it for me. Yeah, I will definitely share my layout with you guys. Students, once I’ve got these settings all configured, I just need to go back in and play around with it this afternoon. Like I said yesterday, changing platforms. I’m doing it, honestly, I’m not doing it for my benefit, I’m doing it for your benefit. I’m happy with Lightspeed. I’ve been using this for years. I’m learning a new platform because I see a lot of you guys are using it and I want to be able to give you the layouts, the hotkeys and be able to say, “Yeah, this is a good platform to use.”

So, if I lose a little bit of money on the adjustment, it’s not a big deal. I’ll get through it. I’m okay with that. So that’s where I’m at and I’ll probably be doing it the rest of the week as long as I get these little things figured out today or tomorrow. But if I run into a stumbling block, maybe I’ll be on Lightspeed tomorrow. I don’t know. We’ll see. But anyways, that’s it for me. I hope you guys have a good afternoon. Look back at it first thing tomorrow morning, bright and early. All right, see you guys in the morning. If you’re still watching, you must’ve really enjoyed that video. So why not subscribe and get email alerts anytime I upload new content. Remember, when you subscribe, you become a member of the Warrior Trading family.