Banner

Banner
Welcome to my blog. A lot has changed since I started this thing. I'm now trading live after about a year of paper trading and studying. Originally I had planned on starting part time and slowly growing my account but life has a funny way of changing your plans. I found myself at a crossroads of sorts and quickly realized that I was being given a once in a lifetime opportunity to pursue my goals. I took the leap and I'm not looking back. Follow me here and see the triumphs and the losses.

Updated (08-10-16)

I tend to look for momentum trades that I can hold for anywhere from a few hours to a few days. I usually take positions of $5k to $10k in size to allow larger gains on smaller percentages (it's easier to hit a 1% to 5% gain vs a 10% to 20%+ gainer) and I like to use a trailing stop.

This blog is a way for me to log my progress and to aid me in learning, I hope that you find it useful. Financial freedom isn't given, it is earned. So plant the seeds of education and grow your pennies!

Wednesday, October 21, 2015

Yeppers $VTL turned into a Loss, but Manageable!

The trade was both a good trade and a bad trade for me. The momentum play with $VTL could have been an easy 10% gainer for me because I hit that within the 1st hour of placing the buy. 

I failed to pull the trigger however and planned on holding through the weekend with my 8% trailing stop in place. I figured that it could breath and do a slight pullback before another leg up.

Here is a breakdown of what I think went wrong and what I think I did right:

1) I really should have taken the 10% to 12% profit as soon as I hit it. Especially since in was into a weekend and I didn't see any hints of new coming news.

2) Holding the ticker over the weekend without news coming out.

3) VTL had already climbed a few days and I was at the tail end of the momentum. 

4) Lot size, with me trading a micro account I need to clear the board and trade only one play a week to maximize my position size and lessen the blow from commissions.

4) I stuck to my 8% trailing stop and limited my losses

My next entry for a trade will be next week likely Tuesday or Wednesday. I'll explain my trading plan in the next post.

No comments:

Post a Comment