One of the important aspects of trading stocks, beyond a day trade perspective especially, is patience. In keeping my normal routine of updating my Trading Journal this week, it became apparent to me that this was a major leak in my day or swing trade execution this week. A major leak.
I have 3 trades to point to, ironically all 3 Knife Catch or support bounce plays, where I was simply in too big of a hurry to exit the trade with gains. In one of the three situations, I did re-enter Long after a minor intraday pullback - so at least my trading execution was improved there (BRCM).
In the case of WHR & SNDK, after assessing why I had such a short leash on the trades, it appears that my lack of patience led me to set weak upside price targets. Once the target was hit, I scaled out as usual, but did not put enough energy into reassessing the trade. A major fail here, given the time for preparation and scaling in to the trades in the first place. I will do further review this weekend, after my head is more clear, to determine where improvements can be made.
I need to find a Doctor that is accepting new patience, uh er I mean patients. LoL
It is Friday, NFP is out, so trade accordingly.
No comments:
Post a Comment