Back to new account lows. I have lost all the money I made from selling the watch. I may stop trading because there is no point in trading with a sub-$700 account, I think. I may just wait for another possible squeezer to go long. If I have to wait a few months for another, then so be it. It is odd because yesterday I felt good about actually going long ITEK (even though I stupidly stopped out but at least I got some of the action towards the top). After today though, I'm not sure what to think. I need to figure out what I am doing wrong. Sure, having a "normal" sized account would have kept me in some of the trades (including ITEK) that I ditched for a loss or breakeven when they really were right all along. But overall though, the trades I take are just wrong and truth be told I would have had more success doing the opposite of whatever I do. Maybe it is because I just solely trade price action and look at the nitty gritty 1min chart. Maybe it is because I trade the wrong stocks. Maybe I just don't have that intuition that others seem to have that goes beyond just trading the price action. I know I suck but I really don't know why I suck. I have studied all the material and have written several pages of notes I have memorized but through it all I can't seem to do it and I don't know why. The most basic stuff like add to winners and cut losers I do (probably too well), I don't overtrade, and I know the basics and a bit more. Like my account, I am at a loss and don't know what to do. It seems futile to keep fighting at this point and to be honest I just feel a lot better when I don't trade and don't lose money like my usual daily ritual of losing. Sure when I get a win it feels great since they don't come often for me (out of the 24 names I have traded, 5 are winners including commissions - pretty sad) but at the end of the day I just think well it'll probably be gone tomorrow or the next time I trade. I have never had a two day streak and I never had any of the beginning success others have. If I had some success and pissed it away at least I know I could do it again but I have nothing at all.
Anyway, that felt good to get off my chest.
White arrows are entries followed by exits.
ITEK: I went long for a potential breakout that failed. It was having higher lows and I thought it flushed and reclaimed. It ended up going lower before going higher and making new highs. Right idea, wrong timing. I wanted to short later on and good thing I couldn't due to bp on suretrader being restricted since it came back and ripped. My idea was it was consolidating lower below the prior resistance after breaking out, which is usually a good sign to short.
EXEL: Not sure if this was a random name to play but I went short after it looked like it had a failed breakout. It ended up going higher before going lower and making new lows.
Here are some of the names I wanted to trade but didn't get filled on (again the ones I don't trade I would have made money) - I really don't get it.
CALA: I wanted to short this since it went up on what was supposed to be an upgrade but actually was a downgrade. It had nice lower highs and looking back to a few days it did a similar thing before fading lower. So I wanted to get in in anticipation of the 10 break and then add in when 10 peaks. I didn't get filled and tried again when 10 was peaking and also didn't get filled. I ended up going to my $9 target.
FTK: I thought this was a random name and didn't want to play it but a short on the base break would have worked nicely. Base break shorts like this lamost always work but I didn't want to play a "random" name like I have been working on. I'm not even sure what constitutes as being something with momentum/something I should play anymore.
Things to work on
1. Not sure at this point.
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