After a morning of community volunteer work, I hit the markets around 1:30pm. My first trade was at 1:48 and it was a rocky start. I had losers in 7 of the first 9 trades. The good part is that the losses were mostly small as I was trying to carry forward from last Thursdays effort to "get out quickly" if I felt uneasy about the trade; only three of the nine losses were greater thatn 10 cents per share and only one exceeded 20 cents. After getting a feel for the markets, I hit a stride and went 21 for 27, a 78% win rate on the remaining trades of the day. I had a quick trigger finger on the exit button and perhaps too quick to pull that trigger. But, I was determined to keep ALL losses under 40 cents per share. All but three were under 20 cents per share. I hope to improve on that but I feel that to do so would send my trade count soaring. I took double positions in two of the trades and both were good set-ups and the add-on to the original position was better or very close to the original buy price. No averaging way down for this guy anymore. If Scott at Fear & Greed calls it foolish for day-traders to average a loser, I'll take his word for it! I was scared out unnecessarily from some great moves. Still, I like the new idea of setting these mental stops and making quick exits. Commissions will go up, but losses will be mitigated. I simply (ha) have to manage my winners better by having faith in their continuation. Average loss = 12.5 cents per share, average win = 15 cents per share.
21 for 36 winning trades, a 58% win rate. Gain of $1.26 per share.
