Boredom

Still I have no clue why I take plays when I am bored, this is what happens. This is probably the hardest part to control when it comes to trading. Do not force yourself to trade, stick to your plan. It is easy to say but a lot of discipline and practice to follow through. No such thing as easy money when it comes to trading, every play must be examined and understood. Prime example of what happens when none of that is done and again and again the more bored I get on days like today when there volume is low, no action, I tend to force a trade, then regret. 

Signs to get out

Examining the top left chart of an LVS short and also the types of candle action to watch out for during this type of play. First of all the Short taken on LVS was a breakdown play which is never a good play to take because it has high chances of failure as shown in the above example. I got lucky I broke even on this play because if I had not set up my exit strategy before the play I would have been in the play and lost load of $$ for no reason. First of all, don't take breakdowns, second this was a late play, third its LVS. This stock is the most dangerous stock, we go about 4 years back, I love the stock, I think its a great mover for intra-day trading, but for 4 years I have yet to still understand this stock. It moves crazy, it will fake a lot, it will do stuff that you've never seen a stock do. But I figured this fail breakdown with an unbelievable 110% re-tracement is normal for LVS. Just remember, if this ever happens, look to close your position right away or at break even, its not worth watching this move $1 against you.

Fail to Plan = Plan to Fail

Being patient on this play actually would have allowed me to avoid a BIG massive fail like this. Fell into the typical situation where my mind told me "this is going up" but the charts did not confirm that, so what did I do? I smacked down some shares and watched BIG, fail BIG! Well not fail BIG but this is the prime example of what not to do because the more you take plays without confirmation the more money you will give to the market.

Now AVAV, first of all I got a bad fill, second of all this stocks gap was wayyyyyyyyyyy to big. It made a massive run up from $17 and started chilling, but NO! ONE candle fakes out of everyone and there goes AVAV to make new highs. This is why it is important to avoid massive gaps, there is wayyy too much space between yesterdays close and todays open.

ONXX was a good trade, bad management. Trade 50 shares of this bad boy right in the beginning, at its high it was paying me $50 but I obviously wanted more. Stock was spready, very sketchy trade but it was the only positive of the day. 

Lets get back into this...for good

QCOM, markets were banging today, QQQ + SPY going crazy, longed QCOM at 68.03 of 150 shares and the stock was paying well, but it did not continue to go higher. Eventually had to kill the stock at about 67.90 area. 

Few other things to remember while day trading: Do Not Take Random Ass Trades. 99% of the time you will lose minimum of $10 on them because you have no idea where your exits are. Taking 1 random trade a day can cost up to $50 a week.