Red Day Recap transcript

all right everyone so I'm going to do a recap here red day recap uh here to start the week on Monday you know I really like starting a week with a red day but uh that is the case today and you can see my p&l I'm readed on three out of the four stocks I traded so today was one of those days where I was really never able to get in the driver's seat I actually was never green today I was never green First Trade was on mlgm all right so let's go back to the very beginning of the day and break down um my trades okay so this morning I pulled up the scans pretty early and I saw that there really wasn't much on the scans that looked back right so 7 a.m. nothing 7:30 nothing but by 8: a.m I was sitting down you know looking to see if there was anything that wanted to move so mlgo was the first one that I traded and what ended up happening on this um so mlgo had news this morning uh but it had a um a move that began a couple days ago and it was choppy a couple days ago it really was Friday it wasn't that clean but you know it ended up pushing a little higher here after hours on Friday pre-market and mostly is pulling back but where I took a trade on this this morning was uh let's see was a little earlier than that let's see go back to here so it's right about here um we got this squeezed through vwac from 590 all the way up to 690 and I took my first trade right here but I got only a partial fill on that first trade so I punched it for 5,000 shares and I filled 561 shares right so that's super annoying so it ends up going going up here but I made so I guess actually I might have been green on that first trade um but but not by a lot so then it it ends up squeezing up here and on this little micro pullback I added 2500 shares at 694 I'm thinking this is a micro pullback and we're going to pop over seven it drops here down to 681 and you know instead of selling I kind of got stubborn I was like you know what this has just made a big move it's probably going to be a one minute micro pullback I'm going to add on the pullback so I added more shares at 680 and then I added more at 660 or 670 and then it drops all the way down here to a low of let's see what was this like 655 665 and I add it again so now I've brought my cost basis down a little bit it pops up on this candle and I'm like okay good I'm looking for that curl back over over seven and then right here it just flushes hard and I stopped out and on that trade I lost $3,000 so I was like goly not good you know first trade of the day I've already kind of broken my rules I got stubborn I didn't cut the loss quickly enough I should have just bailed right I should have just sold this position like right here for a $500 $400 loss like who cares but instead I added added added added and then nasty rejection uh it ends up selling off and coming back up and I got back in right here and the reason I got back in there was because the way I looked at this was that we had had some descending resistance right here and it was breaking above it see how this is above that level right there so I was like this looks good so I added back here and and it goes up to 80 and then it dumps again down to 40 I stop out again well then it ends up going up to 710 but I didn't want to get back in it so I dug myself a hole today and went down 3,989 on mlgo so that's how I started my morning those are my first like three trads okay so max loss is 5,000 um the problem is you know if the Market's been cold and I haven't been hitting $5,000 green BS so I really shouldn't take a $5,000 loss to be honest but you know that 5,000 is my daily goal 5,000 is my Max loss so that just is what it is um and you know I I could maybe consider adjusting that during a colder Market but anyways wasn't doing that um in the middle of the trading session today so so first trades on mlgo not great and then CTO and I didn't take another trade for almost an hour and then CTO pops up and initially I was like um I don't know it's a little cheaper around $2 here you know I'm not sure if this thing is even going to hold up we might get a round trip you know I we just haven't been seeing a lot of really good good moves so I wasn't sure it was going to work uh but I watched it hit the scan here hits a high of 220 and I was like okay maybe I could buy this over 2 220 it pulls back it pops up there pulls back and I almost got in right here but I was like I don't know I don't know I'm not sure it ends up popping up to 240 pulling back and then I got in right here as it broke over 238 so I got in at 238 and it squeezes you know pretty nicely here up to 270 but I think I only made like $1,300 on that trade now get look not bad but you know not huge it pulls back I add back for the break 75 it goes up to 80 85 you know but you can see already it's like kind of like struggling here finally it pushes through three but it wasn't easy so up at the peak here I was up um maybe like 2500 on this and you can see I'm up 2400 on it right now but then I added right here I added back my full position at 305 thinking it was going to rip back up and then it you know did this jack knife here and I gave back 1,200 gave back half of what I had just made I then proceeded to spend the next you know 30 minutes buying dips and just trading it really actively through this whole range we had a major area here of resistance at three but support at about 279 the problem was it's a relatively small range and I just wasn't able to make good money on it you know the the range just was too small um and so what ended up happening was I was just churning commissions I was turning a lot of commissions getting in getting out getting in getting out finally it pulls away and so on this move here I was able to lock up you know another $1,200 in profit to up 2400 on the day and then at the opening bell traded two stocks xtlb First Trade was green on it I got in at three um actually got in right here at 345 it hits a or 340 hits a high 347 and pulls back then it comes back up I missed this trade but I got in like 380 here only made a couple hundred on it and then I added back um a little too high up here and it flushes down so I'm r on xtlb as you can see despite it making a decent move and then CZ this one popped up on the scanner and I kind of jumped on it was small siid just because it's a um it's a recent momentum stock so I was like H maybe I'll see what this can do but anyways small loss on that so at that point I was like all right the Bell has wrung I've taken two losses um I think it my well let's see so I gave back about 1,00 on that so I was down about 1,500 on this day which was starting to um you know look and you know like I was making a little bit of a recovery but then start to fall back down if I'm going to be honest um you know after I factor in all the commissions from these trades CTO unfortunately you know the broker that I use I pay um a pretty steep commission for every trade I take so it's not a commission on a per trade basis but it's the ecn fee that I pay to The Exchange so if I buy 100,000 shares just for instance I'm going to pay $400 ecn $400 right so you know I I could easily have over all the trades I took on this I could easily have five5 $600 in commissions and now I'm kind of getting back towards that you know minus 3900 level that I was at after you factor in the fees and commissions so I I'll say though that there's a bit of a sense of like I did soften the loss a little bit here today um I hit this low Point recovered off of it not a lot but a little bit but you know once the feing commissions are said and done I don't know if it's really fully worth so anyways kind of just a little bit annoying here with this price action today but um I think you know the long story short is that we're still in a relatively cold Market um we had a really hot market for a stretch there but now it's pulled off a little bit so you know until we see something that really goes crazy I just I I have to set my expectations lower and for some reason today I was a little too aggressive from the very beginning and then that put me um kind of up against the ropes so you know you got to manage your risk um I I I kept the risk in check today but unfortunately lost a little more than I would have liked to to on that first trade so that's the beginning of the week here for me um but you know I I've just got to stay disciplined coming back tomorrow stay focused try to take good quality setups not over stay my welcome and it's kind of funny because you know I traded I must have taken like a dozen trades on cyto and only made 2400 and then you know there could be another day where we have a stock that pops up and I'll trade you know I'll take one trade and make 2500 so some days it just feels like the returns are easier to capture than others and today was not a day where it was really easy I were stay my welcome a little bit but I would say that today is a successful red day in the sense that it's not at my Max loss um things didn't spiral out of control it's a red day but you know I'm a Trader I'm G to have red days like every four or five days I mean realistically one four times a month I your a red day once a week so I just have to be good at that at having the red days successful red days are days where you follow your rules for the most part you you walk away before the loss gets too big you recognize when the writing is on the wall that this isn't a day to push it and you show some self-restraint so this is a successful rep day and I'll leave you at that all right so I hope you guys have a great um day for those of you who are still trading and I'll be be back at it first thing tomorrow morning and I'll remind you as always that trading is risky our results aren't typical so manage your risk take it slow and I'll see you