Day 43-47 Trading with Ricky

Day 43-47

This marks my first journal entry in video format rather than the usual combination of pictures and text. Please bear with me as I navigate this transition in my journaling process. Moving forward, I plan to follow @uptwobucks' suggestion by live-commentating on my trades during the recording, and then supplementing with typed details afterward.

I didn't document any of this week's trades because I dedicated my time to figuring out how to effectively video journal. Initially, I used the snipping screen recorder, but it caused lag on my screen, resulting in delayed trade entries or exits. Interestingly, during one of his live streams, Ricky coincidentally recommended using bandicam.com, seemingly addressing my concerns at just the right moment. I hadn't even mentioned my struggles to him, yet he mentioned it when I was grappling with finding software that wouldn't cause lag.

I downloaded Bandicam on Thursday, and it worked seamlessly, allowing me to record my Friday morning trade without any issues. This journal entry will cover my profit and loss review for the week, along with a video journal of Friday's trade.

Trade Details from Video:
Symbol: CADL

Type: Long Position

Outcome: Successful Trade

Market Hours: Extended Trading

News (at that moment): Yes; Candel Therapeutics Shares Surge to 52-Week High Following Positive Trial Results

Adherence to Rules: Initially adhered to rules - yes, however, order failed to fill twice. On the third attempt, I deviated from strategy and entered on a rising candle.

Review: Identified this stock during the previous day's aftermarket and utilized Hennessy's techniques to mark support and resistance levels as potential targets. Initially attempted entry at a support level, but the order failed to fill. Tried again unsuccessfully. On the third attempt, frustration led to entry at a higher price, albeit above my target. Fortunately, the price continued to rise. Opted to exit after a 4% gain, acknowledging the deviation from my strategy and the inherent risk.

Lesson Learned: If an order fails to fill, refrain from further attempts.

(01-05 April) Weekly P/L Review

Overall, I'm pleased to report that I've made a positive gain of $49.91 this month, marking a significant improvement from the previous month. Throughout the week, I maintained a commendable 60% win rate, achieving an average gain of 1% per trade, though I aim to elevate this to 4% in the future. The standout performance came on Thursday, with a notable 10% gain thanks to TVGN, while the largest setback also involved TVGN, resulting in a 14% loss. Although this loss was substantial, it represents an improvement over the previous month's performance.

Reflecting on my strategies, there are several areas where I excelled. Firstly, I successfully allowed some winning trades to continue to maximize their potential. Secondly, I shifted my focus towards analyzing volume flow rather than solely relying on candle movement, which effectively curbed my tendency to chase green candles. Additionally, I incorporated Ricky's new "my blessing indicator" into my approach, yielding positive results.

However, there are areas for improvement where I fell short. Firstly, I allowed three trades to exceed a 3% loss, breaching my risk management guidelines. Secondly, I deviated from my trading rules on four occasions, highlighting the importance of discipline in maintaining consistency. Lastly, I made the mistake of increasing share size in an attempt to recoup losses, a strategy that proved ineffective and only amplified potential losses in the long run.

Moving forward, I recognize the need to refine my approach, particularly in adhering to risk management protocols and maintaining discipline. By learning from these shortcomings, I aim to bolster my performance and achieve more consistent and sustainable results in the future.