Getting Chopped but Keeping My Cool - Trade the Best Setups

These days are expected as a day trader and the only thing you can do is play defensive. I got the rug pulled on one stock, took two decent trades, and tried a few others. Overall, not a bad day but it can always be better of course. I’m just glad after my first two bad trades I didn’t start forcing stuff.

Within the first 15 minutes of trading, I received a terrible email. It affects my business in a big way and I’m not really sure how I’m going to digest this. I stopped looking at my screens for about 5 minutes to avoid any irrational behavior. I then had some time to digest the news. Unfortunately, it’s a big issue and I’ll just have to overcome it.

I got off to a bad start with this one. I actually traded it a few times. I had two losers on it and one winner. I was looking for a bounce to break through an inner candle.

SAEX Profit and Loss = $40.04

A call in the room was on EXPE. It was getting beat up the past couple of months and shorts were getting squeezed. I was able to take 100 shares for .60. It ended up jumping all the way up another .50. I sold it all because I was coming off the loss. Learning to scale out is critical but the market was telling me to sell.

EXPE Profit and Loss = $62.90

BOSC was a pain in the ass. It was a call in the room and I felt it set up fine but rug pulled me for my biggest loss of the day. You can see more in the video.

BOSC Profit and Loss = $56.00

PSTI was another trade that could go by the wayside. I was looking for a red to green break with some room above and it dropped soon after entry.

PSTI Profit and Loss = $51.96

SNAP was probably my favorite trade of the day. It was set up on a break of the 16 level. It gave me a nice move for a very crowded stock. It ended up moving a whole $1 by the end of the day. I only got a small piece with very little pain.

SNAP Profit and Loss = $38.00

I was looking for ROKU to break the opening price. It did but it had come a long way so I exited when I saw it wasn’t thrusting much higher.

ROKU Profit and Loss = $5.75

Probably the best trade of the day was called in the room but I was also watching it ahead of time. I tried getting filled at 710.00 on TSLA but for some reason my share size was set way to high. I had it in for 100 shares when I meant it to be for 30. It got rejected and then the price jumped and jumped and jumped some more. All the way up to 732. I ended up taking a small pullback trade which actually would have been an 8 point move if I stayed in.

TSLA Profit and Loss = $5.30

I watched ZM earlier on a break of 150. I decided not to take this trade. I then saw it run without me all the way up to 151. This is when I decided to take the break of 151 and it worked out pretty well. I keep leaving money on the table but in this chop, I had to take my gains.

ZM Profit and Loss = $31.00

I closed the day with 4 winning trades in a row. I also left a lot on the table and don’t forget, I got jumped by TSLA for the wrong share size. All of these little things need to get cleaned up. I look forward to tomorrow. Better trade ideas will come. I really love day trading and learning the process.

Total Profit and Loss = $34.40