After a pretty rough August, I was able to bounce back and get back to the process I’ve been learning for the past 6 months. I had a nice early run when I started and then melted a bit before Septemeber came around. I decided to cut back on share size and be defensive when I needed to be.
Turns out this really helped my trading for the month. It also helped me build a lot of confidence going forward. In October, I plan to increase share size while keeping trades within my risk parameters. There is a lot to be said about risk management and if I miss or get out of a trade early and watch it run, so be it. This doesn’t bother me like it used to. It’s the only way I’ll be successful. Day Trading is hard enough. I need to keep everything in perspective while pushing forward.
Some of the Best Trades in Septemeber
An early in the month BYND trade got things rolling. I was able to walk with over $300 on one trade. This early a gap trade setup and met all my parameters. With only 200 shares I was able to grab some nice gains. The entry was $133.50 and my best sell on some shares was at $137.50. A four-point gainer. This was the trade that really kicked my month into gear.
Besides some really nice TSLA trades and others, it was another BYND trade that helped me have a decent month. With 300 shares I was able to gain over 2 points on some of my shares. The gain on this trade was a little more than the other BYND trade. This $324 trade is what I’m looking to do more often in October and beyond. Pun Intended.
Some of the Bad Trades in Septemeber
The good news is, I didn’t take a lot of bad trades in Septemeber. I may have forced some entries, but I got out so I didn’t take such a big hit. Unfortunately, it was the rug pull on CVNA that really hurt. Without that, my month would have been way better. I only took the trade with 50 shares, but the rug pull cost me 8 points or over $350. It was ridiculous only to see it bounce back soon after and rip 10 more points above my original entry.
I have to remember these and really consider if I should be taking this kind of trade that early. I mean, if I had just waited, I would have had a chance to make as much as I lost.
A Look at My Equity Curve for the Month
The first section where I went below the line and came back up was actually the same day. I didn’t look back after that and I’m proud of what I was able to accomplish. I’ve tried trading many different times over the years and I’ve never been able to create results like this. As excited as I am with these results, I’m staying 100% humble. It’s the only way I can be successful at this.
I have a long way to go and a lot to learn, but as you can see in the image above, I was able to steadily make gains. Bad trades, days, etc, will happen. It’s a matter of what you will do to fix mistakes or bad trades. I’m excited for October and will keep my defensive mindset intact.
Here is the video-sharing the last day of Septemeber and the month as a whole.
I need to remain defensive on my trades. I also need to let certain trades work a little longer if I want to see the bigger moves. This is something I’ve been struggling with for a very long time. I also want to commit to holding off on my first sale for a little more gain. Unless the tape says otherwise, you sometimes don’t need to sell when I do. The more I hold the more I gain. Of course, I’ll run into trades where I should have sold sooner, but new trades will show sooner than later.
The biggest goal for this month, while remaining defensive is to increase share size on the best looking trades. If the trade meets my parameters I need to push the button with some size. This is where the gains will come on the P&L. I’m also not going to force a larger share size where it’s not necessary. That will definitely be the wrong thing to do.
I’m looking forward to what October may bring. Be on the lookout for some more great videos and updates on my trades.