White arrows are entries.
WBAI: I wanted to take a contrarian trade on this by going long while everybody else is going short. I know it is a 0 revenue company and a potential fraud, but when everyone is shorting something and it just doesn't go down, it tends to be a good long. Originally I wanted to get in when it was around 16.5 before going green on Thursday but I chickened out but when I saw it go up and then dip around 3-330PM later in the day I decided to swing some long which obviously is not a great entry especially considering I only wanted to have a 20 cent stop to the afternoon lows, which didn't give it enough room if it wanted to do a weak open r/g. I sort of just had to hope that it would just go up from the open and I was trying to make the trade work when my entry just wasn't good and I should have just stayed away. Anyway, I was up a small amount by EOD Thursday but then I saw it gapping down Friday morning and wanted to get out but didn't fill on the ask. I put a stop below the afternoon lows around 15.7 and after the few minutes after the open it just tanked and I didn't fill so I was down more than I wanted to be and I waited in case it was just a washout but it wasn't and it kept going lower so I just took it off which turned a small gain into a fat loss. This sort of speculative trade is what I have to avoid doing for now if I want to save my account.
PSTR: This is the sort of trade I need to take from now. I waited until it looked like the backside of the move to get short and for a while it worked and I put a breakeven stop, but unfortunately it came all the way back to my stop turning my nice win into breakeven. I waited until 6 peaked and started in and then 5.80s were holding so I waited until that peaked to add more, which I did and I wanted to add more when 5.50s peaked for full size and hopefully ride it down to 5 or less. It got down to 5.50s but it just came right back and triggered my stop and went back to 6 and peaked and continued to head back down later in the day, which is frustrating for sure. I'm not sure whether I should have taken profits or been more patient since I know this is a POS company and it looked like the backside where I can add in as it fades lower. I do not want to just burn commission going in and out at this stage. I just want to add in and then cover all when I think the move lower is mostly over, ideally.
Things to work on:
1. Play less risky plays for now so I can build my account back up slightly.
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