Intro & Recap 12/24/14

Hey,

My name is Vincent and as you can see from the title of the blog, I love both golf and trading. Like the description says, working on being patient and nailing trades the first time is key for becoming a better trader, and is something I have to work on. Every day that I get to trade, I will post a recap of the day's events for me and what I can improve on as well as a watchlist for the next day (if I can trade the next day).

Note: For now I am only paper trading since I don't have much money to trade with. I try to take it as seriously as possible and to be honest I am good at fooling myself during the actual trades. Hopefully, I can get enough money soon to actually trade with. I am learning a lot through paper trading though so I can only consider it free tuition to the market for my early mistakes.

On to today's action...

OCN: On the daily chart, there was huge volume for the prior day and it got bought back up towards the end of the day. For this morning, I looked for higher lows to start into and to wait for the r/g push.

When I saw it failing to establish a higher low, I took it off and it never did much for the rest of the day.

ISIS: My winner for the day.

I saw the flag forming and thought it had a clear r/r as seen by the two lines. I went in and sold half at around 60 and let the rest ride to 61. I was eyeing it for a short when it rejected the 61.50 level but I was looking at another play, which was a huge mistake as you'll see in a bit.. plus it gave plenty of opportunities to short into lower highs.

DGLY: Ugly triple bogey for me.

I should have been much more patient with this one because it never really triggered for what I was expecting it to do. I saw the news about shootings this AM and saw TASR was up so I thought DGLY could squeeze again. I saw the volume come in and I bought a partial quickly because I thought I would miss the move (big mistake) to nHODs. Instead, it sat right back down and didn't do much. I should have taken it off immediately after because it didn't do what I expected it to do. The correct entry, I think, should have been on nHOD as that would have lit the new highs scans and therefore given it a bigger audience. I had a hard stop limit for all my shares at that line, but when it cracked, it didn't fill me and I didn't see until it was too late and I was down much more than I anticipated even with the partial position. I waited to see if it would bounce quickly for me to sell but I saw it wasn't so I just marketed out. Funnily enough, the loss was just right above the gain from ISIS so down slight on the day.

That's it for the day. Looking to trade on Friday although right now I don't have a watchlist but I will post one if I make one.

Things to work on:
 1. Be more patient on entries and don't try to get in early, but wait for the actual trigger
 2. Use market stops or at least lower the limit for my stops to allow for slippage
 3. Get out of a trade right away if my thesis isn't correct

Lastly, I hope one day I can be a successful and consistent trader and that these posts can not only help me to look back at what I need to improve on but any new traders as well.

Merry Christmas to anyone who actually reads this.