Two days of no exits as I managed a multi day swing trade in TNA and TZA. This came about as I chose to not stop out and rather hold for a market reversal. One which did not materialize to any significant degree, despite the fact that the two trades netted a gain today.
-
Improvements:
1. Decide whether I want to day trade or swing trade. I am too new at this to be mixing swing and day trades. I really need to focus and specialize... branching out comes after experience.
2. Set stops and honor them.
3. Trust my skills and trust the common and reliable signals of direction change.
4. Start keeping a trade log. My thoughts this week have been on whether I am getting in on losing trades in an area where if I simply stopped them out and reversed, I could realize net gains. This is a hallmark of a capable day trader: skill competency that one is not entering such that he or she would be getting chopped up by successive entries/stop outs trying to reverse and trade the other way in a consolidation area.
* This is a critical one for me to discern. Over the weekend, I will put together a log to track my entry spots in relation to the trend that follows.
No comments:
Post a Comment
Thanks for taking the time to comment. I'll review your remarks and post on the site assuming they are respectful.