Warrior Trading Blog

Slow and Steady +$1,316.02


Slow and Steady +$1,316.02


All right, everybody. Let’s do a little midday market recap, go over the trades from this morning. So today is, gosh, we’re getting close to the end of the month, only one day left. I’m finishing the morning up $1,316.02. Not bad, 216th day of the year. Locking it up, green. This has been an interesting month because I’ve only had two red days. It’s just that those two red days have been really, really red.

So my goal for obviously this week after that red day on Monday and for the rest of the week, has just been to focus on consistency. Just to try to be green, not to try to push it. Not to try to swing for the fences. Not to do anything crazy. Just be green. This si kind of right now a hit and run type of market where you get your trade, you get your win and you get out because we’re not seeing consistency and we’re not seeing really good continuation.

So SRAX for instance, I’m up $436 on it. On this one, it certainly looked for a breakout but look at what happened. It just got totally reversed off the 7.80 level and dropped a full point, didn’t hold that level. So it’s a good thing that we took profit when we have it. Now again today, I kept my share size restricted at 5,000 shares and that was my max position. I wouldn’t have maybe minded going a little deeper on some of them to 7,500 but really we’re just not in a market that is asking me to be that aggressive. Because a lot of these trades were like really small winners.

So my average gain today was only five cents per share across eight trades and I was a green on seven out of the eight. My biggest loser today was $38.60 loss which is not bad. I love small losses because what they do is they help bring down my average loss. So instead of having an average loss at whatever, $700 per trade, I’m able to tighten up that average loss so instead it’s with the smallest is $38 loser, the average loss comes down so my average might be, I don’t know, whatever, whatever it is right now. I don’t know, 800 bucks per trade. But I love small losses. Just keep them really tight and that was the goal today, not to let myself get into a trade where I would potentially experience a 20, 30, 40 cent draw down.

Now, I actually did on SRAX but I was able to bounce through that and get out on the other side. I got it at sort of right in this area and this was actually my worst trade of the day because the first entry on SRAX, I saw it hitting the scanners and so I jumped right in at 7.44. It hit 7.44, it dropped down to 7.14 and I was kind of like, “Oh, no.” It just dropped 30 cents like that. I had my hand hovering over the bailout button and then it popped right back up and so on that one, I got right out at 7.49, 7.53, 7.58, I was like, “I got to get out of this thing.” That was a close call.

I said to myself, “Why did I get in where I got in?” I got in there because it hit the scanners. I looked at the daily and I thought it looked great and I jumped right in. Well, that’s what I was doing last week and that worked really well. But this week, that’s not what’s working and I really can’t do that. I have to wait for the first pull back. So then I waited for the pull back and I ended taking a couple more scalps on it. But I just can’t, I can’t try to force these and be really aggressive because that is what’s getting me into trouble. So that was my, I guess worst or highest risk trade of the day.

Earlier in the morning, we had a trade on TAIT. This was kind of typical. Typical price action that we’ve seen recently. I got in this with a hotkey and I got filled at, let’s see, my fill is at … I didn’t get filled at 88, I ended up getting filled at 99. So I filled 10 cents higher with 5,000 shares than I really wanted to and that costed me $500 of loss profit. Of course, being positioned higher also increases your risk. I ended up being able to sell some at 2.12, 2.08. Added back at 96 and 99 and sold that 99.

So just really not seeing very good follow through which is tricky. We want to see good follow through in the market.  We wanted to see stocks where we’re getting in at $1.50 that go up to $1.60, $1.75, we sell half. It pulls back and then rallies on the second move. But that’s what we’re not really seeing. We’re not second the second move. So right here on TAIT, this is where I got in for the second move, right here. That didn’t work. It got rejected.

On MARA, this one, small scalp out of the gates, 340 bucks. Go look at it. This thing totally rolled over. I got in before a break of the pre-market high with an entry at 40 and 42. Sold it at as 50 as soon as I saw a hidden seller on the level two. High of day was 50. Now because I saw that hidden seller on the level two, I was immediately recognizing and said, “Okay, I got to put my shares on the ask.” I’m going to try to get out on the ask and if I can’t, I’ll switch to the bid and so I sold three-quarters on the ask and then sold the rest down here on the bid at 38. so I was able to turn that into a winner but just kind of a slow day.

The biggest win today for anyone on the team was ADSK, the short on Autodesk right out of the gates. I mean, this was a really nice move. It’s outside my wheelhouse in terms of price range but I saw Mike traded it and John. A bunch of you guys also traded it, short around 114. So as the bell rang and boom, there’s a drop down to 11. Mike held. I don’t know if he added but he held and then ended up covering the rest on this move down below 110. So beautiful price action there. Obviously higher priced, slightly different strategy. But it seems today that’s where the opportunities really were, on these higher priced stocks.

You can see [Nvidia 00:07:01], higher priced tech stock. Big drop, really big drop today. Facebook, a bunch of tech stocks getting beaten up a little bit. Verizon, strong. I tried to short it on the first candle to make a new low which was a good set up. That was right in here but it just ended up kind of bouncing back and going higher. So I stopped out, respected my max loss on it, 40 bucks and live to trade another day. So $1,300 is I’m totally happy with that. It’s a good day. Green is good. Anything over $1,000 is the daily goal. So we have about 250 trading days in a year. So I figured 250 trading days, $1,000 a day average. That gets me to around 200, 250,000, depending on how many red days I have.

As of right now, I’m sitting at 286,000. So I broke 300,000 and then pulled back a little bit. I’m making my way back over. The goal is to get back over 300K by the end of the year. I really like to close over 300. So we’ll see if that’s going to happen. I think we’ve got a pretty, pretty good chance at it. So I mean really, it’s only $14,000 away, 13,000 away. We’ve got a full month left. So one good day and I could break it. But I don’t want to go swinging for the fences. Stay focused, one trade at a time. That’s what’s going to get me there.

So anyways, here’s our November 100K challenge. Just to give you guys the update of where we’re at on this. So let’s see. All right. So I’m going to update my PnL. John, another 2,000 bucks today. Beautiful. 1,316.02 for me so that’s right there. Not bad. Very good. So let’s see. We’ll wait for the other folks to update it. But we’re sitting right now 212,000 for the month of November, these 10 traders. Really quite something. All right, so we’re going to be doing this again in December. There will be a December challenge. I’ve already talked about it a little bit. I’ll talk about it more with members in a few minutes. But yeah, this is where we’re sitting here for the month of November.

So we’ve got one day left and I’m just going to try to finish the month strong. I’m not going to try to get myself back over 100K. I don’t want to do anything crazy like that. I’m just going to try to have a good finish and start December strong. One of the things that I’ll remind you guys is if you have a big red day, like obviously I had a $15,000 losing day. That’s a big red day. It’s easy to feel like, “Oh geez, these $900, $1,300 days, they don’t even make a dent in it. What’s the point? Why do you even bother?” But the reality is if you’re making $1,000 a day average, that’s $250,000 a year and you will recover from any of the losses that you’ve had, even huge losses. It just might take a little longer.

But it’s kind of a really nice reassuring though to remind yourself that as soon as you’re consistently making $1,000 a day, whatever, $500 a day, you’ll recover all of the losses. Now, obviously you want to do everything possible to prevent big days like this from happening again in the future. I think we all know that it’s impossible to be green 100% of the time, it’s just not going to happen but if you can get into the habit of minimizing those losses, really exercising your discipline and staying focused on those small goals, you’ll get yourself out of the hole, if you ever find yourself in one.

I know I found myself in the hole more than once this year where I had a really great hot streak and then a bit of a set back, low pull back and then I’ve got kind of adjust the strategy and get myself focused so I can get myself back into the green. That’s what I’m doing right now, getting focused, rebuilding, making my way back up towards 300K. Hopefully we’ll see that crossover sometime in early December. All right. So anyways, that’s about it for me here today. Hope you guys all had a good morning and made some money and we’ll be back at it of course first thing tomorrow, bright and early, pre-market watch list and hopefully we’ll have another great day of trading to finish up the month of November.

All right, everybody. So I hope you guys have a great afternoon. Those of you on Facebook and YouTube, feel free to leave comments below. I’ll come back and answer those later this afternoon. All right. I’ll see you guys later. Let’s be honest, if you made it this far, you must have really enjoyed that video. So what’s stopping you. Subscribe right here and get email alerts anytime I upload new content. Until then happy surfing.