Weekly Stats - July 13 to 17th

I worked in some trading when I could this week, faced with the passing of our dog and increased day-job activity. I was able to get into the market for 11.25 hours of the 32.50 available; about 35%. I reduced my position size from 300 shares to 200 shares, initially because I was trading Potash, a relatively expensive stock for me, but decided I liked the smaller position size so I'll stick with it for a while. Eventually, I will end up trading in 1000 share lots. I consider that a benchmark for me so I now refer to 200-share trades as 1/5 of a position. Yes, I am still in practice mode even though I mostly trade my live account. I see big-boy trading in my future, though!
I was a bit sloppy, adding to losing positions on a number of occasions. I will eventually beat this bad habit. I'm sure of it. Discipline, discipline.
My success rate was over 90% this week, a testament to the fact that I was averaging in on losers instead of setting stops. As such, I traded more hours this week compared to last week yet made less money even with a much better win rate. There's the lesson about adding to losers. More show, less "go." (That is: Nice stats, Less take-home). Adding to losers means you are fading in on the wrong side of a winning move and when the reversal takes place (if it takes place in time), the gains are muted by the averaged cost basis.
Smart trading and the real money is in taking the losses on stop-outs and eventually catching a decent percentage of a nice move to offset them. Not to mention, preventing exposure to the disastrous big move from which you cannot recover.
I also need to formulate an exit plan that makes sense. For so long, I have worked on entries and ignored exits. I get out of far too many of my trades too soon. I am tired of leaving money on the table. It is not as easy as flipping a switch to do it, but it is my goal to take a higher percentage of the moves I am in. After all, I cannot live on $300- $500 per week... $300 to $500 per day is more to my liking! Ha!
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30 for 33, a 91% win rate. Gain of $357 in 11.25 hours of live trading this week. Average of $31.73 per hour.