Daily Recap: Lessons Learned from a Challenging Trading Day
Today was a tough day with a significant loss of $103.75. One of my trades slipped past my stop loss, resulting in a considerable setback. This marks another day in my losing streak, prompting me to consider exploring different strategies beyond momentum scalping. I might prefer something slower and potentially less risky. Let’s delve into the details of today’s trades.
Trade 1: BLMZ
My first trade today was on BLMZ. I bought in at $4.02 after a pullback and set my stop at $3.87, just below VWAP. I really should have ensured that the price broke the previous red candle, which it didn’t in this case. The price then sank rapidly and slipped way past my stop loss, causing me to sell at $3.57 for a loss of $78.76. I did not know that my sell order could get filled that far under my stop loss, but it does make sense since you must have a buyer in order to sell. This was definitely hard to see and really sets me back on my overall profits.
Trade 2: SLRX
My second trade was on SLRX. I didn’t have a good entry here. I tried to buy in on the halt momentum at $3.62 and set a stop at $3.42. The price did go up after my buy-in, but I ended up getting stopped out the next minute. This was tough but to be expected when buying a momentum wave like this.
Reflection:
Overall, today was a challenging day that made me rethink my approach to trading. Momentum scalping might not be the right strategy for me. I am considering exploring other strategies that align better with my risk tolerance and trading style. This will likely involve another month on the simulator to ensure I find a consistent and reliable trading approach.
Today’s experience has been a wake-up call. It’s clear that I need to refine my strategy and be more cautious with my entries and exits. Despite the setback, I am committed to learning and improving. Trading is a journey, and every loss is an opportunity to grow and adapt.
Reflecting on days like these is crucial for growth and progress. While the losses are disheartening, they provide valuable insights that will ultimately make me a better trader. Here’s to embracing the journey and continuing to learn from each experience.