Another live trade: 1 good, 1 not so
Logged into the platform early in the morning and checked all the price levels. Although I felt like jumping in, as planned yesterday, I did not. Analyzed overnight trading and saw where the price came from and where it could potentially go. After that an opportunity presented and I entered the trade. This trade worked out well. In went in adverse direction for only 3 ticks and mainly hovered around the entry price and somewhat higher. I was expecting it to bounce more. Had to get ready so removed the stops and moved the target higher.
The price hit the target with huge momentum swing higher. The charts showed the spike but the DOM could not handle it. It froze and came back with the higher price display. My target was filled at higher price as I had expected.
Then at a different location I place second trade. The market bounced around at the price for a while and then went lower. It bounced back. I again removed the stop order quickly hoping the price to break the new highs of the day. It did not. Then towards the closing time the price started dropping and I did not do anything. I let the position go into extended hours and there also it never came back to the breakeven. So, I left it for overnight hold. Let’s see what happens the second day.
I did not manage this second trade well. This was classic old trading mentality.
- 1 overnight hold currently at -30 ticks
- Go for the singles when the market presents it rather than hoping for home runs
- When the trade goes negative the whole mindset and thinking changes. Stress increases and all kinds of scenarios run through the mind. Will have to avoid this kind of situations by taking stops, getting out and then regrouping.