This post is originally from a journal entry back in February 2019. At the end of each year I look back at all my journal entries and try to feel my way back through the trades I made… what it felt like if I stuck to my rules and played the chart rather than my PnL. I like to reinforce the good and forget the bad parts of trading.. and life for that matter. I tend to learn rather quickly from my mistakes because I’m so determined to make this my livelihood in my next chapter of life.
As I came across this journal entry I realized how far I’ve come and how much MORE content I could share with you through my journal entries. My journals are full of the “feels” we as new traders seem to try to ignore but as we mature as traders, we know these “feels” are an essential part of our trading journey.
Here’s what I found back in February. The commentary that follows is from back then with a directive to follow with more details about my trading process:
FEB 3 2019
- Capital at Risk $300-$400
- Trading Review Entry & Exits, PnL
- $SPY – loss
- $NVDAx2 – WIN-WIN
- $NFLX – WIN
- $FB – loss
- $TWTR – WIN
- Upcoming Earnings
- Option Activity Scans – BarChart & ToS
- Blog Post:
Pondering on finding my own trades… I tend to rush to learn too much too fast. From my last 18 months of trading “full time” my downfall is identifying contracts with quick price action.
In the first session of trading I would take a trade just to be taking a trade while feeling some sort of FOMO – is this the move, is this the entry before the move would go through my head. I have relied on AJ, Spartan, Arick, Levi and now I’m follow OS closer than ever.
The 2 of 3 winning trades were from him(?) – $NFLX $NVDA. The other was from the Najarians on Halftime report $TWTR 33.50 calls with unusual activity. I actually had this on my ToS Option Hacker scan on Monday morning but didn’t think anything of it until I see Pete featuring the action later.
The $SPY play was from Spartan’s newsletter. No break of $267 so I looked at the $265p he mentioned. He relayed his analysis was for a retest of the $260 level so I bought the $260p on Monday. Didn’t wait for the retest and got in too early IMO and didn’t sell when I saw I was wrong.
$FB was a call online was well but didn’t understand it SO I took it anyway. Another bonehead move.
I think one of the reasons I don’t get out is because “being right is more important to me than being profitable”. I say to myself, wait and see and I just keep seeing my money go away. Is this PTSD from losing so much capital back in March and April 2018 trading with someone I don’t respect, don’t admire and had a hard time understanding their methods? The rules for this person was to cut your losses at 50%. During this time every trade they called went to 50% loss and I sold following the method to their madness. I soon realized this method was not for me and followed another trader with a completely different outcome. Instead of losing, I won 95% of the time.
Now, I’m to the point where I want to find my trades. BUT, is this too soon for me to do so? Is it ego? Arrogance?
The better question is should I even give a shit if someone else is helping find my trades?
I’m taking OS lead on the focus of a few tickers. What many consider “beta” tickets but there is still debate as what “beta” tickers really are… with this in mind I have a trading list, not a watch list, these are the tickers I trade when the setup is triggered.
My trading list:
Now what’s my setup?
Is it micro scalp of options? Minutes in the trade at the breakout level?
Is it swings but still day trading? Allowing the trade to develop and confirm several price levels and scaling out?
I think I’ll start with micro scalps at breakout/down levels. Using the hourly time frame to find these levels where price action will be more volatile thus producing spikes in the contracts.
My entry will be determined by the closing of the first hourly candle at 10am est. If “the move” has already happened I’m good with missing out because with my small size I would get fucked on the fill any way. Best to wait at least 15 minutes for the contact premium to level off with the opening price action.
Here are my rules:
- Sit with my intention for the trading session. At least 10 minutes of meditation before the open focusing on my intention: calm, smooth, patient execution of my trades.
- Enter on the 2nd 15 minute candle or the opening of the 2nd hourly candle. Confirmation of predetermined price levels based on the daily and hourly charts.
- Take 75% profit at the R1 pivot for calls, S1 pivot for puts.
- Sell the runner as soon as the 5 minute trend stops.
This is how I will trade. Simple.
Now that I’ve taken this rediscovered insight into my trading I’ll take each of these topics in this section and expand on how I incorporate these processes into my every day trading and working life.
I’ll show you exactly how I “sit” with my intention before the open with all the rituals of how I like to practice my meditation. As well as taking you through my step-by-step trading planNING during the 30 minutes before the open.
And please please please don’t forget you can steal everything I’ve learned and fucked up with my trading in Altus Trading Group. This is an online course that I have put together to take the beginning options trader to professional trader within 5 years. Also included is access to my live daily trading and chat room for clear and concise trading.
Stay in touch and know exactly when I post my free article by following me on Twitter @BrandiJoNewman