A good trade is a combination of multiple items and timing is very important. After the absolutely amazing trading week last week I felt like I should be able to find some amazing trades. Well the result was overtrading both days. In overtrading you can stack up wins, but you also stack up commissions.
Todays frustration was with VRX seeing the evolution of the rise all day and My poor entries and exits on GIII. VRX. I had a good entry both times, however the second time I could have let it develop more for a better gain. On GIII my timing was all off. I started my short and it continued to rise. So I added and I added and then when I say I was in the green I tried to be patient to let the trade develop when I really should have taken the gain. I see the reversal happening right in front of my eyes and then boom in one minute it moved 54 cents and my gain was washed away. I then took the time to no longer fight the trend and go long. Trading is a perfect example of being in the moment and not hoping or living in the past. I was watching GIII and eating lunch with my husband. I saw it come to 15 cents from my exit target and a moment where I was hoping and not trading the action. I was distracted by conversation and didn’t sell with a nice gain. I then left for the gym and saw it retest up by 46 but it did not cross it again. Then it had an afternoon fade. I added one more time when it seemed like it had bottomed at 44.50 and then it collapsed down to 43.80. I feel this week I’m off with my timing and need to be a sniper on entries and exits. I am finding the stocks with the movement and just not executing them correctly. I am still profiting, but I have room for improvement.
At the time of writing this GIII has moved up in after hours trading to 45 and should have a nice spike up at open for shorts covering. I anticipate it will hit 47 before the closing bell on Thursday. Don’t forget a shortened trading week with Good Friday.
My take away from the first two days of the week is be patient for the right stocks. Be a sniper on entries. The right stocks will perform. I feel like with GIII I almost had the deer in headlights watching it hit my targets twice and I did not execute. It’s ok something to work on and get better. Once I do I will be well on my way to making my cool Million ok first my $100K.
I hope you were successful yesterday and today and if not analyze what went wrong to try to correct it. My areas to improve are not to overtrade and wait for ideal setups with indicators on all three charts 1,2,5 min charts when entering a reversal trade. Then allowing the trade to work for me and when I see resistance or support don’t fight it take the profit.
I’ll be back on Thursday and hopefully will open my account tomorrow to see my GIII limit orders executed for a nice profit on my day off from the market.
Don’t forget you can alway check out Trade Ideas Trading Room for free during trading hours and they are allowing you a full free trial Wed and Thurs. Check it out!
This blog is for information purposes I am not a registered securities broker-dealer or an investment advisor. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.