So, this weekend I went to my favorite quiet beach and had a serious talk with myself. You know the kind of talk that I mean? I have had an incredible first 5 months as an independent trader, it has far exceeded what I had expected or hoped for but last week I seriously felt like a maniac trading. I feel blessed I ended solidly green but felt so trashed and beat up as if I had ended red. The opportunities and ranges this market is giving is incredible, however at the end of the day what has gotten me to where I am is trading less quantity and more quality.
I have no doubt that as I progress as a trader I can get to the level of trading numerous tickers at a time but, in my heart to heart talk with myself, there really is no need. I am already ahead of my goals substantially and need to relish in that fact and breathe a bit.
Fast forward to today….friends, I CRUSHED it!! Meaning, I followed my rules and executed what I told myself I was going to do. Added bonus was I scored some awesome r/r wins. BOOM! It will of course be one day at a time but I am feeling happy I started the week off right.
Play One: TEVA
sheww, this ticker was absolutely crushed on earnings. Since then, it has been plunging every day, with no support in sight. I have been watching the past two trading sessions for bounce opportunities with solid r/r and received exactly that today, and when D4 called it out in the IU trading room, I was all eyes on it. While I didn’t love the timing solidly within the doldrums, there was volume that poured in to validate it and I took it. Initially my r/r was 2:1 but it ripped so well that I ended with nearly a 3:1 at the conclusion on the trade. Very happy with the execution for this quick trade. It is on high alert going forward, I would love to see a very weak open with a wash and then an opportunity for the bounce.
Play two: WLL
This was a longer term trade that I started in a few weeks ago but took off today for a small loss. The beauty of starter positions is the need for confirmation of trend prior to adding in any size, which will keep you out of trouble and the losses to a minimum. I am keeping energy on high alert, as this sector continues to get beat up. The lower the better on some of the names and I will be loading up.
Play three: FNSR
This was another one just crushed in earnings that was on watch for a bounce. While it didn’t bounce as hard as I would have liked to see, I still received a solid r/r on this play.
The crazy thing (and one of things I discussed with myself this weekend) is that two simple plays like this are truly what I need each day. These two plays alone generated the same amount of income that took me 2 months in my prior job.. While I am not saying this is all about the dollars, it is something I need to remember, as I have a tendency to not grasp that at times. The biggest lesson that I am learning for myself right now is that less is TRULY more in trading. I finished these trades and walked away from my computer today, another thing I discussed with myself this weekend. An amazing feeling running to the gym today knowing that I followed my rules and executed my plan. Ready for tomorrow and whatever the market gives.