This was my WORST day of the week transcript

all right everyone well today is my worst day of the week and today I had my biggest loss of the whole week that's such a shame because it's Friday I always like to go into the weekend feeling good but um I guess that's not going to be the case here today let's jump onto the screen share and start breaking it down gcts well this is the stock that I uh traded this was my first trade of the day and you know gctts was interesting because I found it on the top gainers scanner it was up a little bit but right at 8:00 a.m. we had breaking news news comes out at 8: a.m. and it starts spiking up I pulled up the headline I checked it and I was like okay I'm I'm surprised but you know yes we actually have uh news that was right here at uh 8: a.m. so uh signs uh um mou to accelerate development of 4G and 5G ecosystem in Saudi Arabia so uh memorandum understanding anou all right so anyways they sign that and all of a sudden volume starts coming in and it starts squeezing now I had already looked at gcts um earlier because it popped up here at a little after 7 a.m. dropped down popped back up and dropped back down so the result of those two candles was that if you look at the five minute chart on this it was ugly look at this these two big red candles it was pretty unattractive so when it's started to pop here I I was a little bit unsure but then when I saw that there was news I was like okay I'll take a starter so I actually took my first position um at $6.9 now on my first trade I filled 1,936 shares of a 2500 share order and it was actually it was a 5,000 share order I tried to take the full 5,000 shares on my first trade uh and again for those of you who have been tuning in all week I've been testing out this new strategy where I start the day with a cap of 5,000 shares until I make my first, bucks and then once I hit have that cushion I start to scale up so tried to take 5,000 shares of this only filled 19900 it ends up going up and um as it popped up I took some profit at 726 and then it dipped back down on this candle actually all the way back down this candle hits a high of 789 and it has a low of $7 so it dipped back down ended up getting stopped out and then it curls back up so I added back 1,500 shares at 775 which was up here for the break of eight the thing was It was kind of heavy up there at 8 all of a sudden there was a seller and it I didn't I wasn't sure it was going to break $8 I also was aware of the fact that um this had a problem on the daily chart which was that it was just below the 200 moving average here at about $8 sorry $11 so it's not super close but it was you know it's it was there so I was like oh that might be a problem um so anyway so let me get this 10-second chart dialed in for you so you can kind of see these first trades so so yeah so I jump in here as it pops up it drops down it comes back up drops down comes back up and I add back uh it's kind of like right in this area here so I add it back right here and it squeezes up to eight it dips down I take my profit and then all of a sudden it blasts through 8 goes to 840 860 880 to 9 I was like what in the world I didn't see that coming so then I took my biggest position of the day um as it squeezes up here at about $8 but look at sorry $880 but look at this candle it hits a high of 920 and then it flushes back down and I got nervous I was like uhoh I might have just made a big mistake so I got out Break Even of course and then look at this it ends up ripping up to 10 and now I'm like well I just got out can I really you know should I really add back this high so I just did some small trades up here added it at 10 pops up to 1040 again it drops down then it pops up it goes to 11 but again drops down look at all these topping tail candles right here and here and here and here the volume profile was decent but we just kept seeing these topping taals so in total on this whole move I only made about $1,700 and to be honest I was kind of frustrated with myself I was like man that was really stupid you know I had good entries and I just I fumbled it so it ends up going sideways um it comes up to 12 rejects comes back down and right here as it starts to come back up I got in for the break of 1150 we squeeze up to 12 and go up to 1250 and this was actually my best trade of the day even though this was a smaller move by this time I had a cushion and on this trade I was able to get myself up $4,000 on the day which is pretty solid so I'll show you a um My Equity curve for today and I'll show you my p&l in a moment but I'm going to leave you in suspense for a second so uh so first trade of the day um let's see my first trade was it was like $300 of profit and then another you know 400 another 500 hold on my whole house is shaking well pardon the interruption there was a 4.8 magnitude earthquake in New Jersey um it's like the whole my whole house was shaking so anyways that was wild um we don't usually get earthquakes here in the Northeast but um yeah so anyways uh what I was starting to say uh I was showing you my my p&l here and um and so I worked my way up today to $1,000 of profit uh well it was only 1,700 initially on um well again it's over a th000 but I only made even though I only made 1,700 on gcts I was crossed over $1,000 and at that point I said okay I can increase my Max share size so increased my Max share size thinking all right maybe I'll kind of lean in here let's see what I can do and then as gcts made this curl back up I was got myself up $4,000 on the day and I was like this is great this is very good this is solid so uh unfortunately uh coming into the open I ended up uh screwing up a little bit all right so coming into the open um I took this trade here on gcts with um not full size but I was being more aggressive on it and I caught that rejection right so is there anything that could have warned me about that trade well the macd had crossed over we were coming back up sorry it was right here um the macd acrossed over here right in this area the macd was more or less flat you know so so yes but I did look at it before I took the trade and I was thinking it looked like it was going to curl I was like I think it looks like it's going to break and so technically like it it sort of was but it wasn't wide open okay so that's the candle where I took a $1,000 loss so I went from up 4,000 on this to up um 2900 all right so I got uh just so a little over a th so I got stopped out on that drop right there and then at the open I tested the water with one more trade and lost another 200 bucks so total profit on gcts 2,695 here's my p&l on the screen share so at that point I'm like well you know not not great but but not bad and I did have $300 of profit that I was able to grab on T Tera which I'll go over in a second but that one wasn't that exciting so um so I'm sitting here at about 20 no I'm sitting at about $3,900 on the day um and then I take a loss on z z and I lose 300 all right so so now we got to kind of track the p&l now it's starting to moveing the wrong direction so I was able to break you know A1 th000 I shouldn't do this in red I was able to break $1,000 right here got myself up to a high of 4,000 on the day and then um lost a th was at at this point um let's see 2,900 and then I lost another 300 on um zo oz so on zoz this one U hit my scanners IPO and I'm like okay you know it's a dpack merger actually today was day one um I saw it creeping up thought the volume was too light didn't trust it no trades on it um it ends up halting up at 416 opening higher and it dips for a second I bought the dip it squeezes up and then it reverses and I got stopped out about a th000 shares lost 30 cents a share it's a decent Siz loss but it's not the end of the world so anyways took a $300 loss on that and then mdia comes up and mdia is where I had my worst trade of the whole week so on MDI uh this one pre-market put in a moved after hours and it continued pre-market but coming into the open at 8: a.m. it was way down so I was like I don't think this one's going to give us any trades I didn't really have high hopes for it but the Bell rang and with gcts pulling back I guess Traders were looking for something else so this squeezes up to 280 pulls back squeezes up to 320 and it's halted on the resumption because it was halting kind of right at vwap I didn't even think it was going to it was going to work but did a dip and a rip up to 380 goes up to four just about four drops down so now you've got a double top here and then it comes back up here no trades on any of that but when it comes back up here I was like you know what I'll take a stab I took a stab it goes up to 420 and then it flushes here down to 360 this is a red flag and you know what this is a red flag this is a red flag and this is a red flag but I did take the trade on it and on that first trade I made 300 and then I gave back what I made and I was up only about um I don't know it was um it was not it was $50 so I was like H whatever um and then it rallies back up here and it Hal s up so on resumption I was like you know what I'm going to do a dip and let me show you this resumption on 10-second chart so um on the 10-second chart this thing resumes uh I'll just show show you here for a second I've been having internet problems all day by the way um I don't know what the issue is all right so um so it resumes and it dips just for a moment and then it starts to push up in this candle and I bought and I ended up filling 4,000 shares at 510 which was I really wanted to be in like 490 anyways it goes up to a high of 520 and then it dumps to whoa now I didn't Panic sell uh I actually added on the dip but I didn't double my position to 8,000 shares I just went up to 5,000 it bounces back up here to 480 and I was like let me give it a second to see if we get that squeeze back up to the high because previously we had this flush and then we rallied back up but it didn't it came back down and I ended up stopping out for a $2,000 loss which made it my biggest loss of the whole week now my p&l is still $850 in the green today so I really can't complain that my worst day of the week is still a green day now actually I made a little bit less yesterday yesterday yesterday I only made about $650 but I I didn't give back any profit we just didn't have anything that really moved today was my worst day of the week in the sense that I was up $44,000 and I gave back 80% of my profit that's too much to give back and so you know and and for what it's worth on that trade I I only had 4,000 shares it wasn't even a big position so I was still following for the most part my Shar size restrictions where I start with small size I increased to full size and then I brought my position back down as we got further into the day but luck of the draw I caught basically like a onepoint flush in one candle and there's another one right there from $5 all the way back down so this stock is no longer trustworthy and it's really sad um it's a disappointing way for me to finish the week uh you know but but at the same time maybe that's the wrong attitude Maybe the right attitude here and let's try this on for size maybe the right attitude is that this is an awesome way to end the week because I was tested I was tested by the market I made 4,000 shoot I gave back 80% of it but I'm reminding myself in real time that you're still up $800 you still have more in your pocket than you had three hours ago and this is an opportunity to exercise that discipline that I've been working on all week so so you know for the last two weeks since I got back from the Caribbean I've been doing my meditation every night and I've been going in the SAA every night so I have a SAA which I know is a little anyways doesn't matter it's part of my exercise right now that I'm doing to force myself to be uncomfortable so I'm doing the meditation in the SAA just to kind of kill two birds with one stone and you know so 45 minutes in the son it's it's hot H hot as hot as can be right and this for me is what I made a commitment to do every day for the month of April uh now maybe it's also going to be good for my health I don't know uh but if it helps me with my trading that's what I'm really going for I want to be able to bring that discipline into my trading so in the moment when I start to feel triggered I'm able to say hey this is a spot to walk away I saw uh someone in the chat room today say I just hit my Max loss I'm so frustrated and and earlier in the day he was like I I'm having internet issues I keep like I'm get my orders aren't getting filled right and you could tell he was getting frustrated and that happened to me a little bit today as well and it is super frustrating when that happens and I said so he goes I think I should walk away and I was like that's your gut your gut is telling you right now to walk away now your emotional mind is going to tell you to keep trading your emotional mind is going to be like take one more trade take one more trade maybe you can make back some of the loss but your gut right now and I really think this is true your gut right now is the correct Instinct cuz sometimes there'll be days where you know I'll I'll do for instance I'll take a loss on mdia and then it comes back up here and now I get back in with 8,000 shares at you know five because I'm frustrated and I'm like God dang it this thing looks like it's going to go I'm getting back in and then it dumps and now I'm go from up 800 to Down 2 or 3,000 and I look at my day you know sort of in the rearview mirror and I'm like are you kidding me you know I just did one of those now I'm down four grand on the day this is ridiculously stupid why didn't I walk away you know if I W like okay I could have today could I have walked away here after I gave back a th off the top I could have in hindsight should I have done that well yeah it's easy to say that um or or maybe sorry when I was up no it was it was 2900 well now gosh I can't remember what it was um but yeah no I think it was 2900 so I could have walked away when I was up you know just 2900 or whatever it was after I lost that thousand off the top um and and in hindsight would that have been the right move yeah okay it would have been but I didn't know that at the time at the time what I knew was that I was still sitting on a pretty nice day we had a couple stocks that were moving and this could have totally been the type of day where I could have rallied back up that wouldn't have been you know that's totally plausible but but the second I took another step back down this is where I walked now if I kept trading at this point when I'm back to 800 you know $850 this is where one trade could send me back into the red easily and if I took too much risk on that one trade I could go to Max loss and it would be more likely to happen on a day like today because there's em motion that comes with giving back 80% of the profit you know if you start if you start thinking about it you're going to start to feel that frustration of wow just gave back 80% of my profit this is so stupid you start to get frustrated and now emotion gets the better you and next thing you know you're marketing into this trade at the peak with emotion so this is a great way to finish the week because this is a week in a day where I was tested and I passed the test yes I gave back some profit but that could have happened to anyone and it could have happened to me on any other day too because that's just a luck of the draw so that's not really the problem you know yes it also could have worked and gone to 550 and then I would have been up 5,000 on the day and it would have been a great day it would have been daily goal boom so okay that's the way the cookie crumbles today it went that way another time it'll go the other way but what's most important is that on the day when it goes the wrong way that you take that as like okay all right this is the cue from the market that it's time to walk away this is about being conservative it's about trying to be consistent it doesn't matter about how many green days in a row I've had doesn't matter I can have a red day and be down a couple hundred I don't care about that it's just about not letting myself have a snowball day where I give in to those emotional urges and that's why I'm doing the nightly meditation that's why I'm doing the SAA that's why I'm trying to just really focus on this practice to strengthen that internal muscle that I I I've I've been lacking in the last few months you know and it's not to say I'm not having a great year because I am but emotionally I've been on a bit of a roller coaster with the big emotions that come from Trading with bigger size and so that's what I really wanted to kind of self-correct because it's not feeling good and if trading isn't making you feel good you're having you're getting really angry you're getting frustrated that's not good you know you've got to try to figure out how you can have a better relationship with gains and losses so they don't trigger that kind of reaction so that's you know that's obviously what I'm working on right now and I'm sharing that with you guys you know in real time not every day is going to be um you know Big Green Day just because I'm implementing these new strategies I will still have red days uh you know that's bound to happen and I will still have days like today where I give back half of my profit or I give back more but uh but but for the most part this week has been pretty solid and yeah although today I gave back uh 80% uh and I'm bummed out about that I am also going to look at the cup half full that I was tested and I passed the test because I'm walking away right here with some money in my pocket and that's consistency and you know what maybe on Monday or Tuesday who knows maybe we'll have a stock you know like a gctts from day one where we have something that really goes um you know bananas I don't know I mean you just never know so the thing is in the meantime until we have that kind of move let's just take the small base hits take the small green days lock up small red days and don't go crazy don't do anything wild this is the time to do it you know if I was going to take a lot of risk well gosh do it on a day where you've got this kind of upside potential right don't do it on this kind of day this is silly now mdia the chart it's up 215% so it's already certainly pretty extended it's got 62 million shares of volume this week my metrics will show that I lost money on the trades later in the day uh I mean part of that's because I usually keep trading until I I take a couple losses anyways so so um you know given that that's kind of the way I that that's like my Approach is to keep trading keep trading until I give back a little and then stop I'm my last trades will sort of always be losers but but even so I and and actually I'll say that some of my first trades this week I had a couple days where my first trades were red so I guess if we looked at my week um you know in in with that kind of perspective um you know I I had if we looked at I don't know the best way to do this but several days I went red first went green nicely and then you know gave back a little bit if that if that makes sense so you know this is the window where I was doing the best and this is also where I was trading with Max size because I was waiting until I was first up a th right before taking full size and then on the days where I got really close to my daily goal uh or we got later in the day I was reducing my size uh again I was bringing size back down from uh my no cap back to um 5,000 And1 share so that was my cap at 5,000 so anyways um yeah uh it's I I would say overall if I looked at the week it's been a really solid week 123,000 of profit uh it's not been a week where I had any home runs you know it's not a $25 $330,000 week but for $10,000 weeks $112,000 weeks that's a $40 $50,000 month that keeps me on track for half a million on the year that's kind of yeah I'd say that's like my target you know 350 to 400 500,000 that's the sort of my my minimum goal anything over 250,000 I'll be happy with I would say though this year I really do want to be over 300 I'd like to be over 500 but I'm trying not to get too fixated on that because the thing is if the Market's hot it'll happen easily if the market it's cold there's nothing I can really do it's just going to be hard it would be hard so those goals are kind of independent and this is something you have to be careful of because the market doesn't care about your goal you know what I mean so if you're coming up short on your goal you're feeling frustrated but should you trade differently no not really you know if the market was hot you'd be getting your goal you have to be able to adapt to the market but also be realistic that we're all kind of subject to the whim of the market if we're in a hot Market we'll do better than if we're in a cold market so anyways today was a little choppy I hope that you guys get some more opportunities for those that keep trading as the day goes on but I'm not going to overstay my welcome I got knocked out of the day knocked out so you know my my sort of exit cues are um number one um giving back 50% of goal uh and and see this is the thing giving back 50% if I'm up $100 and I give back 50% that doesn't mean anything right I don't I don't care about that but it's when I give back 50% of my goal so my goal is 5,000 so if I give back 2500 pretty much at any time I need to stop so if I've gone up $4,000 and I give back 2500 yeah I need to stop if I've gone up 2500 and I give back even just you know half of it I I probably should stop so anyways giving back more than 50% a goal um number two three losses in a row baseball here three strikes you're out um number three obviously Max loss now the thing this week is that although my Max loss is still set at $5,000 uh I've left it at that I on my biggest day this week was down 700 before rallying back up so that was good and I was able to do that in a large part because I was starting each day with smaller size so so you know even though I had a couple losses to start the day I I it didn't draw me down too deeply but I almost would say right now based on the way I'm doing share size a $5,000 Max loss is almost too big um I think I could almost tighten that up to minus 2500 um it's I'm not going to officially do that but I think that I kind of could because if I go down 2500 trading with 5,000 share positions you know I've lost 50 cents a share and hopefully I didn't do that in one trade although it's possible you know so I I kind of think that I should tighten that Max loss up just a little bit I think the $5,000 Max loss during the hot Market maybe makes more sense but what I'm trying to be more conservative and focus on consistency I got to keep those red days as small as possible so they're easier to recover from so anyways not a great finish to the week for me in terms of p&l but a terrific finish in terms of discipline and staying calm cool and composed even after losing 80% of my profit on the day I hope you guys have a great weekend I'll see you back here first thing Monday morning hey and I'll remind you as always that trading is risky my results aren't typical so manage your risk take it slow and I'll see you back here on Monday