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) 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