Had to review yesterday's sloppy execution and come to some sort of conclusion on how to proceed next.
I kept 750 shares of TNA overnight and found myself with a nice gain after a gap up at open. Sold for gain of $259.59. I covered 2000 shares of TNA last night at the close even though I believed I had a good price: I could not responsibly carry 2750 shares long overnight. So, had I kept the lot, I would have a very nice gain today instead of taking the big loss yesterday. But, that's trading. Bigger players often drive price down at the close knowing that weaker hands are looking to get even or put some gains on the board if price climbs. They force those of us with small accounts into losses EOD. As I said, that's trading. And, it is my fault for carrying the loss in the first place. My instincts for price level and chart reading were good, but risk management would not let me carry nearly 3000 shares overnight; it is that simple.
I tried another trade today, a short at 11:14 am, 500 shares of TNA at 42.36. I exited at 11:38 after price did not break down as I had hoped; Gain $5.65 (breakeven). Wise choice: price reversed up shortly thereafter.
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Today, I did some paper trading and actually did fine; three stop outs and three winners. Winners exceeded the stop losses.
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Looking forward to tomorrow. Being more selective, not as busy and eager to be trading. Instead, focusing on the top quality entries as I did last month when I first started trading live.
