AERI: Going into the day I was more long biased thinking it could be another CLCD. I did think that other people might think the same but there was a large short interest in this that CLCD didn't have. On the other side it has gapped up huge before and tanked so there were a few things to contend with. Then I saw that they had a prospectus announced and I immediately got more short biased. Overall, there were a lot of factors going on either way so it was confusing. So what should I have done? NOTHING, DON'T TRADE WHEN CONFUSED. What I ended up doing was going long, then short, then long, then short and getting stopped out emotionally when the short was the way to go. I went long when it dipped on volume and then got bought back up. I thought it was a good entry but of course THESIS>EVERYTHING - THEY WERE SELLING SHARES. WHEN THERE IS A PROSPECTUS YOU SHORT. I tried going long prematurely when vwap never broke. Yeah I got it on dips and was patient but it just failed at vwap each time and I took a loss after being too patient and not scalping it. I did short it when I thought it stuffed a few times but it went a little higher and emotionally covered since I figured since it stuffed it would just go lower as that is the pattern. I was unprepared for it to go a little higher first then go lower so I was emotional. Then after I stopped out of my short and saw it setup even better, I was too spent and said fuck it when that would have been it. Clear confirmation and had you just waited for that all along instead of doing stupid shit that you aren't good at, you would have banked. Lessons: WAIT FOR THE SETUP YOU LIKE. LET THE EMOTIONS AND OTHER PEOPLE TRADE THEN YOU COME IN AND GET THE EASY MONEY. DON'T GET OUT EMOTIONALLY. DON'T TRADE WHEN CONFUSED.
SRPT: I was more short biased but I wasn't completely sure about it. I saw it gapped down and the air seemed to be deflated out of the news yesterday. I saw it at the open and it looked like it stuffed vwap but I wasn't too confident about it and wanted it to go higher first to short. Where I thought it stuffed was the top and it went lower from there. Should I have started in there and maybe add a little higher with overall risk to 31.4s? Meh, not really. While it did work it wasn't really a good setup overall and had I taken it and it didn't work I would have felt stupid. Later on it went quickly into vwap and shorted it at vwap. It was a good trade that I should have done more size on since it was a tight risk but it was just a scalp and nothing fancy. I figured it could squeeze some remaining shorts out then go lower. It never made new lows but it did retest them. I then tried again stupidly after I covered because I thought it could go lower since it was still hovering around lows. I had a stop in mind but while I was in the trade I thought this was stupid and said forget and didn't give it the proper room so took a very tiny loss on it and it did work kind of for a bit. But overall the lesson is if you make a trade then you have to be committed to it 100%. Don't waste your time with subpar shit.
Things to work on:
1. Keep emotions under control at all times. Always stay in the present when in the trade.
2. Be patient and wait for the real setup to come that you are confident in and can size into. Let the emotions get worked out then you come in.
3. Don't care and don't focus on the money. Just trade well. It's just money.
4. When confused don't trade.
5. When there is a prospectus just short.
6. Don't trade the subpar setups. Either you are committed 100% to a trade or you aren't.
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