Friday was essentially a flat day (down very tiny). The trading was ok but my psychology was affected by a couple of things that ultimately affected by trading. The first thing was hearing how others next to me were doing and feeling inadequate because I was down at the time. This made me cover a trade prematurely that I figured if I was patient with, would go down a lot more (which ended up being correct). The pressure of being hired came into play as well. There was a recent blog post about pressure being a huge deterrent to trading success. There is the pressure I subconsciously put onto my trades that come from expectations, desires, putting my hopes and dreams into this one trade, comparing myself, etc. All of this shouldn't be a factor. There can be no need for money - just to trade and that is it. No performance anxiety.
FIT: It came right into that 8.80 area of resistance very quickly and with bigger volume. I shorted it right when I saw it in the high .70s. It took a bit of retesting the highs and making a new high before coming back off. I was hesitant while it was higher than my entry but I made sure to stick firm and I knew it looked like a good trade overall. I wasn't in huge size so it wasn't really a huge deal so that's what let me stick with it. I thought about adding more at the highs to average in because I really liked the trade but decided to wait for more price action. After it came off and was under vwap I added when it retested and failed vwap. I thought it could have formed a higher low where I was adding and basing at the flush support from before but I told myself thesis>minute price action and that didn't matter. It went below the prior lows by a penny and came back. Again, I didn't give it much thought since of course thesis > price action. I put a breakeven stop and I was debating just getting out of my add if it broke above vwap but decided to just stop out completely as it wasn't acting how I thought it would. Eventually it did go higher and make new highs before coming off again later in the day. Overall good trade even though it didn't work out as planned. There might have been a hint of not wanting to lose money coming into the play at the end and it's hard to say what I would be thinking had I gotten out for flat and it worked in the end but I think I would have gotten back in had it went back under vwap and peaked.
FEYE: A lot of earnings winners have been faded off and the earnings/guidance on this weren't really spectacular so I had it on watch for a fade. I was going to wait for the .40s to peak to start in but when I saw it stuffing a few times at the same spot along with the market/good earnings being faded I started in since it looked good. I shorted it right at vwap but just wanted to get in, in case it just faded right away from the stuffs. It wasn't a big deal and it was low risk. It just couldn't breakdown though and I took it off when it made new highs. I didn't look at it for the rest of the day until later on when it was under vwap and it formed a little consolidation very late in the day and looked like it stuffed. It was a pretty good pattern but I figured at the end of the day what could it do. Had I taken it though and if I take trades like this in the future I have to give it more room (a few extra cents above the stuff highs) because it went higher than the stuff by a few cents and then came off hard quickly but never made new lows. It would have been a decent scalp trade. Only lesson here is about the end of day potential move.
TWLO: I was originally long biased on this in the morning but cautiously so because of the way all the earnings have been faded off. For a long bias I was interested if it could get above the premkt highs and hold. It got above but never really held and got stuffed back pretty hard. Afterwards I saw it was under vwap and I figured it looked pretty weak with a stock people are trying to bounce. What I stupidly did do was just go in and give it a stupid stop when it should have been vwap over/under. I did bigger size with the hopes of making a comeback compared to my peers who I thought were up a decent amount (turns out I misheard and they were down.. woops) and I stopped out prematurely. It went to vwap and for a second it was holding and I thought about going long but I didn't. I was open to going either way but I wanted to see more confirmation for going long. When it came back down to the support, it looked good for a fade so I shorted near support which I know is dangerous and give it a tight stop again because at this point I figured it got shorts out and could just go lower. This time it broke the support and went lower. My target was at r/g level because I figured it would just hold there for the rest of the day. It didn't go exactly to my bid so when it looked like it was rebounding I didn't want to lose the profit I had already and my chance to go green on the day so I covered in a haste (which made me still red but essentially flat). However, I had the inkling that if it goes lower then it can go red and I should be patient. But my haste me cover right away. It retested the support and failed and was consolidating lower. I put in a stop sell to get short when it went red again as it looked pretty weak but didn't get filled and it went another point lower. This could have been a much bigger trade had I been patient, added in, and wait. Lesson: Work on the things mentioned above. Don't be so haste in taking profits (this comes from the stuff mentioned above). Look to add into the trade for a bigger trade.
Things to work on:
1. Give things enough room.
2. Psychological stuff in the intro.
3. Look for spots to add - don't always think something will be a scalp. Look for bigger picture idea.
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