Warrior Trading Blog

Red Day Recap -2.8k for the 17th Day of 2018

17th day

Red Day Recap -2.8k for the 17th Day of 2018

 

Well guys, today is one of those days where it’s nice that I’ve got someone I can talk to about closing the day red. Second red day of the month. Not what I wanted. Not what I was hoping for today. Finished in the morning down 2,800 bucks, and I’m still holding a position in my IRA, because I don’t want to close it out today, and lock up one of my day trades.

So, overall not a great day. Little bit frustrating, and you know what’s interesting is it was a little bit of a swing, because I started the day with a 1,000 dollar winner, and I was actually up 2,500 bucks. I went from being up 2,500 to being down about 1,000. It was a quick swing, and then I went down another 1,800 dollars. Finished in the morning down 2,800, so a little bit disappointing, but one of the things I try to remind myself is to keep it in perspective.

Yesterday I made 5,800 dollars. Today giving back 2,800, I mean, I’m still green between the last two days. In terms of how many steps forward you take, and how many steps back you take, this is really only a small step back. The last 15 days I’ve been green, so that’s 15 steps forward and then, if my daily average has been 5,000 dollars a day, losing 2,800 it’s only about a half step back.

So, when you try to keep it in perspective, it does help, I think, and I encourage you guys to remember that as well. You might be having a day where you’re averaging 500 dollars, and then you lose 250. You lose 300. Feels like a big loss. You don’t like it, but at the end of the day, it’s really not that bad. One of the really challenging things with trading is the emotional side, reminding yourself that, hey, it’s all right, because when we come in and we make 4 or 5,000 dollars, it’s not like a big celebration. It’s just like, yeah, that’s what I was supposed to do. I was supposed to not screw up. I was supposed to have a good day where I made money.

So a day where you come in and you lose money, you feel like you screwed up. So basically your two emotions are flat line, normal and bummed out because you screwed up. It doesn’t really go to the extreme, like yeah, I get excited that I had a hot streak, but even right now, I’ve just today at this moment am feeling more focused on the 2,800 dollar loss than the fact that I’m up 82,000 dollars on the month. It’s just the way the mind works, so anyways, a little bit of a challenge there with trading, but tomorrow we’ll be back at it first thing Friday morning.

You know what? Hopefully, we see some good opportunities. We can finish up the week strong. Yeah, I’d love to make back the loss. As of last night, this was the best month I’ve ever had. I was up 86,000 dollars. Now I’m back to up only, whatever, 82, 83,000 dollars. So 83,500 dollars or whatever. So, it doesn’t matter if I break the 100K mark this month. It’s about staying on the other side of it.

The bummer is that now I only have four days left. I think it’s four days to try to make 18,000 dollars to break over 100K, so we’re coming here to the end of the month, and well, will I be able to do it? We’ll see. We’ve got four days left. I think I can, but we need the momentum to come back into the market, and today it was a little choppy.

All right, so let’s get into it. Let’s break down the trades from today. June and I wanted to have a little bit of a walk, chill out a little bit, and I think she’s feeling a little camera shy, so I’ll throw that intro, and then break down today’s trades.

Ross Cameron:                  What’s up everyone. All right, so we’re going to do this a second time. We did our mid-day recap live on Facebook, but the recording didn’t turn out very well, so we’re going to do this again and upload it for you guys on YouTube.

So, today, a little bit of a disappointing day, not finishing in the green. This is my second red day of the month. But you know what? It’s been a really great month, and a really great hot streak, so I’ll drag up my P & L, my account, so you can see where we’re at today. So finishing the day down $2,807.83. Obviously, not how I want to finish the day, but at the same time, I made 5,800 dollars yesterday, so and in the last 15 days in my hot streak, I made 89,000 dollars.

So making 89,000 dollars and then having a 2,800 dollar loss is not a big deal. I’m not going to sweat it. I’m not going to get stressed out. It’s still been a great week, great month and today just happened to be a red day. Now, what’s a little bit disappointing about today is that I was up 2,500 bucks, and then I had three losses in a row, and those three losses put me red on the day, and as you can see down 2,800 bucks.

So let’s go over the trades from this morning. First trade, LTBR. All right, so LTBR was a gapper this morning, gapping up with news, and my entry was as soon as the bell rang, anticipating a break of pre-market highs. This popped up and tapped a high of 4.80. I got in at 4.70, anticipating the break of 4.80, but right at 4.80 there was a big seller trying to unload shares. I tried to sneak in underneath that seller at .79. I only filled 500 shares, and immediately had to sell the rest on the bid as it started dropping. Only made 230 bucks on it, not a big winner, not what I was hoping for, but it was a green trade and it put me on the board.

Next trade was ITUS. This was also on our watchlist, because yesterday it had a very strong day, and we were watching it for a continuation over yesterday’s high, which was 5.66. Now, when the bell rang, this actually started squeezing up right away. I jumped in at 5.91, 5.94 and 5.95. It popped all the way up to a high of 6.35. I sold between 6.09, 6.14 and I tried to fill 6.27 and it didn’t get filled. Sold the rest at 6.04. So on that trade I made about 1,100 dollars, although you’ll see I’m red on ITUS today because I ended up giving back that profit on my second trade on the name.

So, we’ll go over that one. Might as well just go over it right here. My second trade on ITUS, you see it started to curl back up, so I got back in at 6.15 right here, thinking it would retest high of day, 6.35, so target was 20 cents. It dropped down. I stopped out for a 15 cent loss at 6 dollars, but I had 10,000 shares. 10,000 shares x 15 cents is 1,500 bucks, and so that gave back the 1,100 of profit that I had on the name, and puts me down 259 on that stock. So a little disappointing there.

Second trade, or third trade of the day was CANF. This one hit the scanners. It popped up to a high of 2.75. I jumped in at 2.55. Basically, as soon as I saw it breaking the half-dollar, I got in. Typically, I want to be getting in these at the half-dollar. I pressed my hotkey right at 2.50, and I filled at the top of my order at 2.56 and 2.55. So a little disappointing there that I got a high fill. I sold a quarter at .72, a little more at .71, and the rest as it came back down. It didn’t really hold up that well, and I only made 507 dollars on it. So at this point in the day, I think I was up around 2,000 dollars or something like that, and then I had a trade on OGEN.

So, OGEN hits the scanners, and gets halted on a circuit breaker. I was not in before the halt, although I tried to get in before the halt in my IRA account. I tried to buy 3,000 shares. 3,000 shares at 3.33 is 9,990 dollars. I have 9,902 dollars in that account, which means my order was rejected. It did not get filled. So, no fill before the halt. It then resumes higher. I got in at 3.50 in my main account. I got in at 3.75 in my IRA, and I sold at 3.58 … or added at 3.58, sold at 3.83, 3.55, as it started to come back down. It tapped a high of 4.10, but I wasn’t able to get out of there, unfortunately.

What I did on this one, which was a mistake … well, maybe not a mistake, but I added here for the first one minute candle to make a new high, and I stopped out as it dropped back down, stopping out at 3.73 … or adding at 3.73 and then stopping out on this drop back down to like 3.06. So I gave back … I made about 500, and then gave back 1,600, and I’m finishing down 1,100 on that stock.

Now what’s really annoying is that in my IRA account, I … let me just drag this up so you can see it. I did get filled, but I only filled 150 shares, and this put me into a predicament, because I only have three day trades per week. So I had to ask myself do I sell the 150 shares right now and just get out, knowing it’ll cost me one day trade, and I only have three per week? Or do I just hold it, and I’ll sell it tomorrow? And I made the decision that I would just hold it and sell it tomorrow, because losing 150 bucks is not really that big of a deal, and I think that that 150 dollars is less than the opportunity I would lose by not being able to take that third day trade, because I use it up on this stock.

So, I’m holding 150 shares into tomorrow. If I had gotten filled here at 3.75, I would have sold it at 4 dollars. It probably would not have been that big of a winner, unfortunately, because this just didn’t really hold up. But whatever, so that’s a little bit annoying. I don’t like having to do that, but really not a lot that I feel like I can do about that, so I’ll just hold that till tomorrow and take the loss. If it’s 200 bucks or whatever, it’s fine, but it’ll just be good that it doesn’t cost me a day trade.

And then the last trade was CCCL, and this one, as soon as I got into it, I regretted it. I didn’t even announce it into the chatroom. I was like, oh, this was a mistake. I was being impulsive, I got to get right back out, and I got right back out. So I got in it. It popped up to 3.17, came right back down. I stopped out of that, unfortunately, for a 2,000 dollar loss. I lost like 30 cents. It was 7,500 shares. I tried to sell at .58. I had to cancel my order, sell again at .46. Just an ugly drop here, all the way down to a low of .43, so kind of disappointing.

Today’s a day where I’ve got five stocks I traded. I’m red on three out of the five. Accuracy not very good today. Total trades, let’s see, I took seven trades today and I’m red on three out of seven. Accuracy just not really on point, and the best thing to do on a day like this is just throw in the towel, not over-trade and just say, you know what, that’s it, I’m done. I’ll come back tomorrow.

Because here’s the thing, even if I saw an A-quality setup today, it’s not actually going to be an A-quality setup, because the market is very difficult today. Part of an A-quality setup is what’s the overall market doing today? Is it a strong market? So when you have a day like today where you’re red, and the stocks just feel like they’re … the trades aren’t really working, and you’re getting stopped out, then by default, the standard is changing, and so every trade, even if it’s an A-quality in a day like today is really at best a B. And I don’t want to trade B’s. I only want to trade A-quality stocks.

So, anyways, that’s about it for me today. Just doing this quick update for you guys on YouTube. 17th day of the year, finishing the day down 2,800 bucks, and we’ll be back at it first thing tomorrow morning, 9:00, 9:15 for pre-market analysis, and hopefully we see a couple of really good stocks to trade so we can finish the week with a couple of green trades, and go into the weekend feeling good.

All right, so that’s it for me. I’ll see all you guys in the chat room, or on YouTube hopefully first thing tomorrow morning. All right. We’ll see you guys then.

Ross Cameron:                  If you’re still watching, you must have really enjoyed that video. So why not subscribe and get email alerts any time I upload new content. Remember, when you subscribe, you become a member of the Warrior Trading family.