I was long $JDST overnight with a small position size for me, 1500 shares. Gold was plummeting and $GDX was weak as hell pre market. I decided to sell around 24.20 because it was a decent gain to start the day and I also had a nice gap in $APT. So there I was with about $4,000 realized gains in the morning and feeling pretty swell. I decided that I will now take it slow and look to reenter $JDST intraday on any nice bounces as per my trading plan that I’ve outlined for WEEKS!
Right out of the gate $JDST takes off without me and gets to around 25.50. I wasn’t bothered because I thought there would be a bounce in GDX to take it down to my eventual entry point. I sat and waited for a bounce and decided that I would try and find an entry in $LAKE as it stabilized. I thought there would be a further squeeze in the ebola plays, so I dabbled. All this did was create losses and then take my attention away from the two perfect intraday entries that I could have had in $JDST. First I would have re entered on the flag break around 25 and likely added again at 26.50 for the end of day GDX washout. This was textbook easy patterns, what the hell went wrong? How could I miss these picture perfect entries after planning this trade for weeks?
-I didn’t trade what was in front of me. I was fixated on the fact that GDX was “definitely going to bounce” and I could get my entry at a better price. Doesn’t always happen, trade what is in front of you. The train left without me today.
-I was distracted by other poor quality set ups that took my attention (and much money) away $LOCO, $UVXY, $PLUG, $WLT. I then played a game of catch up for the rest of the day and made poor emotional decisions rather than focusing on trades and quality set ups.
-I was looking at my account balance rather than the charts. Reflecting on the day, I remember looking at my account balance and being pleased. I have been in a slump lately but I regained some ground the last two weeks and have been trading well. After making some stupid losing trades I kept looking at my account and having the desire to “get back to those equity levels.” I don’t know why I keep doing this, it certainly never helps me.
– I tried to “bounce” a beaten chart. Several times I entered $JNUG and actually had decent unrealized gains but didn’t take them. I then held waiting for that big bounce that I thought was coming. There was never any sustained bounce and instead I just mounted silly losses from bounce trades. I’m never successful at these and need to stop trading them unless they are beaten charts right off the open.
Tomorrow is a new day. I need to put this behind me. It was a red day, but manageable. I just need to focus on good set ups and tomorrow will easily be the start of a new string on green days.