ACIA: After the prior day's run into the close I thought we could still squeeze so I wanted to go long on any reclaim of support after ideally a washout. In the morning I put in a few dips after it looked like the last time it squeezed in the morning but I canceled my order before I got filled. I canceled it partly do to fear (stupid!) but also because I got the feeling that it would have gone right away if it was going to do anything at that point. Also looking back, what actually happened was it consolidated then went higher. Ideally in that scenario you would want some consolidation or for it to take a breather then go. Plus I just put a random bid near vwap thinking it would hold but I should have waited for it to hold at least. Anyway, I had a chart of it for the day just monitoring it and saw it was just consolidating on low volume and figured it could continue higher. But I let it pick a trend and didn't trade it until then. So after I saw it spike on volume I knew it could squeeze so I waited to see if it was just a stuff or not and it had some followthrough so I got in when it broke out small size but then immediately added. This got me anxious even though it was small shares and when it pulled back slightly I freaked out and got out. Realizing how stupid I was I bought back in $1 higher with the same size and rode it for $2 or so. I sold because after it made new highs and at that point seemed iffy, I thought it might have squeezed everyone out so I sold. I was $1 off from the top so it was a decent sell. I thought about shorting but I decided against it since it had such strength especially this late in the day. On the 5min it looked ok for a short and I had already borrowed the shares since I was thinking of flipping short in the morning after it didn't have any followthrough but decided to wait for more confirmation in case it screwed around, which it did.
CWEI: I had this on watch due to a parabolic daily chart and was looking for a parabolic to $70 to short into. Instead it looked like today was the day so I got short when it went red (FOMO) and it came back to over vwap and I decided it was a stupid fomo chase and got out for a small loss. I then saw it make nhod and then come right back down. I thought oh that might be it but never re-entered. That ended up being the top and it faded $8 for the day. Be patient for these plays and that's it. You saw the correct entry but due to your fomo you missed a great opportunity. Your FOMO comes from a need to make money and not wanting to miss any opportunity even though it may not be the best scenario. Forget the money and just trade well.
VRX: I was short biased out of the gate due to the gap up and the fact it was up a few days in a row. I wanted lower highs to start in. I got a lower high to vwap and got in there and added quickly and took it off at support. While I was in the trade though, I had no plan if I wanted this to just be a scalp or if I was looking for a bigger picture idea. The idea of taking profits quickly entered my head and when I saw the support there I decided to get out. If I had a bigger picture idea I should have gone in on the lower high then when I saw subsequent lower highs add in but then only add again after support broke and peaked. I might have covered anyway when it seemed like it wasn't breaking through it but then definitely reshorted it after it broke. This is what I ended up doing and I reshorted on the peak and then added way too quickly thinking some big wash was going to happen right away. Instead I was in full size and it was hovering around and I decided to get out for flat when I could.. and then see it drop huge in next hour or so. Disappointing for sure. Again, small gain > big loss or flat but it just keeps fucking with my head when I am playing this small size but I have to calm myself down and realize not everything is going to be a home run and allow you to add in full size when appropriate but a win is a win. I then reshorted again after it bear flagged but it didn't do much and I covered for a tiny loss.
Things to work on:
1. Accept the risk for that trade and that's it! You don't risk a lot and aren't playing with huge sums of money anyway. Having losses is part of the game - remember that successful trading is at the opposite end of fear! If you are afraid of losses then don't fucking trade. Don't have your downside in mind.
2. Keep in mind the big three - no FOMO (miss the trade because it's better than a loss) - remember that if you take a FOMO trade you will most likely lose money vs. just being flat so keep that in mind. Also, don't add so quickly due to greed, and only play the best setups.
4. Don't just put an order in - wait for something to hold or peak for a little at least.
5. Forget the money and just trade well. Don't have results oriented goals but rather process ones. If you trade well, in the long term you will make it.
6. Stick to what you know and that's it. You know enough to see a good setup you really, really like.
7. Always have a plan in mind (as discussed before) and know if it's going to be a scalp or a longer term bigger picture idea.
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