Trade Summary
Morning Trades
I knew today was going to be volatile, what with the CPI report coming out at 8:30 AM and FOMC later in the afternoon.
Woke up early to put on CNBC while doing my stretches. Thought about betting before the report comes out but, the last time I did that with the non-farm payrolls report last week, it bit me in the ass and put me in a hole so deep that I had to fight the whole day just to at least break even.
When the clock hit 8:30, a huge green dildo shot up in the chart that I just HAD to get in. I was in and out of /MNQ real quickly, buying 5 contracts at 19412.25 and selling all at 19440.00.
I hit $277.50 in profit, which is 1.7% of portfolio value, in one minute.
I should be done for the day, right?? Well…greed took over again and I bought back in. I literally bought close to the top and had to average down a bit. Cost basis is now at 19425.25 while /MNQ floated at a range of 19390 to 19420 from 8:45 AM to 9:30 AM.
Thoughts were: let’s wait and see until the market opens.
When the market opened, there was a bit of a pullback before it shot right back up! I was able to get in again, then sold about an hour and a half later for a total daily profit of $1012.
What I did differently from yesterday was sell some of the contracts to cover my profit, and let the rest run since Nasdaq just kept going up. When I hit almost 6% profit I got out.
BUT I CAN’T STOP LOOKING AT IT. I GOTTA GO OUT AND RUN. MARKET IS INSANE.
Afternoon Trades
What I learned about trading in the afternoon is this: if you’re going back in because you’re greedy, then you have to learn to sit tight.
I kept watching the charts from 2PM to 4PM before I finally gave up. And all that happened was I lost a bit in profit.
Of course, when I finally gave up, that’s when the market started shooting back up again. I feel fine, I still hit 5.08% profit, which is insane for one day.
For some reason, every time I set up bracket orders, it seemed like algos were hunting my stop loss limits and hitting them, closing my positions, before shooting back up. This cost me a lot of potential profits today. It’s something I definitely need to study up on.
Takeaways
1. I made a quick profit in the morning, but my greed got the better of me and I chased the market back in. It nearly cost me all my gains, and it's a stark reminder that I need to control my emotions and stick to my trading plan.
2. Something's not right with my stop loss orders. They keep getting triggered just before the market makes a big move, costing me potential profits. I need to study how algorithms work and adjust my strategy to avoid getting caught in their traps.
3. I learned that letting profits run can lead to big gains, but it takes discipline. I need to trust my analysis, manage risk properly, and let the market do its thing rather than constantly micromanaging my positions.
Growing Tendies does not accept any liability for any loss or damage which is incurred from any loss of money on a trade. All trades are done using the tastytrade platform.
