Today I just did one stupid trade that I was about cancel just as I was about to get filled but I took it off quickly for a small loss. I have learned a lot from the past week and I believe I will have to change my strategy going forward for now on this small account. I believe that I will have to start small into a position but then using the small profits as a buffer, size in big with a very tight stop and sell/cover into any decent move quickly. Looking at the charts over the past week that I have played, this would have been a winning strategy. I believe that I am playing like I have a $10k+ acct and not using the whole acct on one thing. Since I have a very small account, I will have to go in big on margin in a winner with a tight stop so that even if I get stopped out, I can live to fight another day. As long as one or two of these work, that will provide me the cushions needed going forward. This isn't an attempt to be a one-night wonder, but rather a necessity due to being otherwise nickle and dimed on commission and small losers where I don't give the stock enough room on the entry to go and therefore get stopped out when all along I was right. I believe this can work and I know this isn't a long term thing, but something that I believe has to be done in order to get to where I want. If I blow up, well it will suck but I believe I would have been headed down that road anyway except on a much slower pace due to death by a thousand paper cuts. At least with this, I can size into a winner and if it fails experience a very small loss compared to the size on the account that I have currently.
LL: I missed the higher low out of the gate and after it ramped and sat back I thought I saw an ABCD but really it just me trying to get long on something that wasn't really an ABCD. I cut it off pretty quick when I realized my mistake and like I said above, I was going to take it off but then I got filled just as I was about to hit cancel.
Things to work on:
1. Work on my new method of sizing into a winner and putting an extremely tight stop.
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