Day 51&52 Trading with Ricky

This journal compiles trades from Thursday and Friday, highlighting a turbulent Thursday where I managed to lose all my gains on RYLB, only to try and recover using smaller share sizes. Admittedly, I experienced what's known as "tilt," but I kept control by trading small, which helped preserve the profits I'd accumulated over the previous two weeks. Fortunately, I ended Thursday in the green and concluded the week matching the profits from the previous week, which met my profit goal.

Despite these successes, I'm still not hitting my percentage P/L goal, but I'm making progress by curbing losses on some trades. However, one key challenge remains: allowing my winners to run when they have the potential. Trading is an emotional roller-coaster, but I believe that over time I can toughen up emotionally to handle price volatility in the moment.

In this journal, I focus on reviewing the RLYB trade from Thursday. On Friday, I only made a small scalp trade with NXPL. It was a slow day in the market, and aiming to end the week positively, I decided to sit tight and not overtrade.

Trade Review: RLYB

Symbol: RLYB
Type: LONG
Outcome: LOSS
Market Hours: EXT
Adherence to Rules:

• First Entry: Yes

• Subsequent Entries: No; entered on low volume (below 50% on Dominator Master).

Review:
During a session, when Ricky mentioned "I don't chase green candles," ironically, I did just that, albeit in pursuit of volume rather than price action alone. I observed a volume spike and decided to enter the trade as the second Dominator Master bar exceeded 50%, aligning with my expectations that the volume would persist. However, after securing a small 2.80% scalp and observing the volume diminish, I exited the position.

Subsequently, I re-entered RLYB with Ricky during a pullback, but the volume faded swiftly, prompting another exit. Rather than accepting a minor loss, I re-entered, hoping for a rally. This last entry was based on a minor spike in volume that didn't surpass the 50% threshold on the Dominator Master, which clearly violated my trading rules. The volume dwindled again, resulting in a complete loss of my initial gains on RLYB.

Lesson Learned:
Always adhere to the strategy of entering trades only when there is a sustained volume flow, specifically with at least two Dominator Master bars above 50%. This discipline is crucial for avoiding entries based on insufficient volume, which can lead to unnecessary losses.