I wouldn’t necessarily call this day one, but for tracking purposes, we’ll stick to that name. Since I’ve been sitting on my hands and not pulling the trigger that much for the past few days, I decided to start the journey now.
Trades Taken Today
I entered AAL American Airlines at $11.39 before the break of the $11.50 and the high of the day. This occurred soon after the opening bell but there was enough time for me to react. I definitely should have waited for the $11.50 level but momentum in the airline space was cranking. I made a judgment call on this one and although I would most likely be told that was a bad idea by the traders I’m trading with, it worked out in my favor.
Stock – AAL
Share Size – 300
Entry Price – $11.39
Exit Price – $11.48/$11.59/$11.67
Total Gain – $57.00
Each exit price had 100 shares attached. The first two exits were on limit orders and the final price was set as a stop-loss in profit. The stock did go up to $12.21 by the end of the move up. Without learning solid exit strategies I didn’t take advantage. The total potential gain was $243. I only took 23% of the potential gain. I’m excited to do better.
Missed Trades
TLRY – Before AAL came into my radar I was looking at TLRY. The trade I wanted showed up around lunchtime. It ended up moving .30 without any pain. Although I didn’t take it. I’m happy it did work the way I expected it to.
Did this meet the criteria for a strong setup?
For the most part, yes. I did jump in a little early but other than that I think it was a pretty easy trade. Getting into a trade is usually the easy part if your fill was clean. It’s exiting a trade that is one of the hardest things to do. The course breaks this down in great detail. I hear them talking about how they exit trades as the price goes up. Today, I did what I usually do. I take some shares off as the price is making its break and then move a stop up for the rest.
What could I have done better?
I should have waited for the right price. I rushed into it a little early. Although it worked out, there are a lot of times it doesn’t and it would go against me. This is why I sold 100 shares early. This allowed me to stay in the trade.
I’ll be starting my course this Thursday. It’s pretty expensive but they are offering a pretty good price for current members of their chat room. I will eventually create a whole post about these guys and my thoughts about their course. I’ve already learned a ton and I haven’t even taken the course yet. Being part of this group isn’t so I can follow other people. I want to trade confidently on my own without direction.
This is also why I’ll be easing into my trading journey. I want to really understand and digest their theories and methods. They call it a PROCESS. The ultimate goal is to also have this process under my belt and apply it to my trading.
Education Today
Tonight I plan to watch some more webinars and other videos these guys provide. Until I get the course this Thursday I will be looking to take in whatever I can. Hopefully, I have similar or better results tomorrow.