What am I doing?

 I have got to slow down. I am destroying my account by day trading everything, adding to fast, not knowing actual risk, not respecting my actual risk, not letting stocks work, not taking wins off for wins and letting them run all the way to -1R and then some.

Really bad trading lately.

I am gambling and its not ok.

Its not who ive been as a trader and it needs to stop.

I need flow charts of if then statements going all the way back to basics. 

I am WAY caught up in momentum trading, risking like it and taking huge hits not letting stock work itself out. I have stopped doing what has been working for me and have resorted to trying to get that quick money, with full size, like the stock has proven itself strong. It is not a momo market right now. There are momo names to trade for sure, there are stocks that still make those kinds of moves. But it is not more often than not. It is 1 or 2 a day. So when my watchlist is 10+, its safe to expect that they wont pop and be gone without a 2nd entry or pb. 


What am I doing? What is my goal here? What is my plan? Who am I as a trader?

 Ive played to my strengths my whole life. I do the same in trading. 

I trade stocks that have TA/PA context behind it, expecting them to make moves after certain levels/areas are broken. 

Seen it plenty of times that these names can make strong moves. I definitely like what I trade. It makes sense to me.

Goal is to make that quick money, with expectations that it would not go from point A to B in a straight line. Pullbacks happen and that is part of my plan.

My plan is to get in at those levels, either on pbs or bos. Stop set at LOD or previous significant pivot. Profit Target set at HOD or some daily level/AVWAP/MAs. 

Depending on PA of the trade after entry, I have rules to keep wins, reduce losses, take full losses, and take profits.

I am a trader who trades what I have recognized to work best for me. 

So why do I not do things I know I should? On the other end, why do I do things I know I shouldnt. 


I know bottom line I like to add to trades that are working. Right from 1st entry, I like to add if it keeps working and I think thats a great idea to keep. My current issue is I keep adding whenever I feel like it and dont stop, without significant pullbacks. I end up putting on much more risk when the stock hasnt proven to me, longer term, that it deserves that. I have to have a better plan around 3/4/5th adds. And on top of that I have to widen my expectation for what my risk is. Im starting to under estimate far too much



The issue is that I lack the self control to remained discipline and focused on my trades, recognizing what my risk and management plan is, and then following through with it. 

I need more visual guides. I need to make a flow chart. Not every stock trades the same. Clearly. Low vol or high volume. 


And we made some.

Covering same things, nothing new, just now have a visual reference to refer to at all times. 


Ive got 3 more but they say the same thing just about. Only difference being $$ at risk and when its ok to add.

Main things.

-Trade is done ASAP once warning signs appear. Failed HOD break/TL break. Volume comes in but price does not expand. Look to bail positive or breakeven If I have the chance, if not, then at stop level breakdown get out. 

-Follow add rules

-On my journal in front of me, I need to write these things down.

    -What kind of trade it is (BO,Slow)

    -What risk plan of attack it is (1,2,3)

    -If its low vol

    -The risk on the option I expect it to be if I am wrong.

    -*new* The # of contracts on entry and adds to use. 

    -*new* The MAX I am willing to lose on any given trade on that name 


What else is left. Other than to follow the plan. 


Comments