Trading Journal #17
08:42 am: “Futures flat to start the day as market bounced from yesterday lows to clear oversold conditions but not much follow through continuation. Market is very oversold, but it can remain oversold for longer, so staying open minded. Several FED speakers today and ECB is coming tomorrow, so the market is waiting for the next trigger.”
08:44 am: “Morning focus on AAPL event can trigger next tech move, so keep it on watch. We are also going to have several FED speakers so keeping yields and the rest of tech names on watch to see if it holds above yesterday lows or goes for new weekly lows.”
Morning Trades: I started the day going long some AMD for the oversold bounce, but once it stalled, I closed it and flipped into QQQ short that gave the biggest cash flow of the day. As QQQ was not making new lows and held 293+, I closed QQQ short and got back into AMD Calls. First trade got stopped, but got back into it on second trade and scalped it for a red to green move which gave me back all the money from first stop and way more, so I’m happy. As this market not giving much room to hold for too long, I closed before lunch time and locked my gains.
Losses review: I got stopped on AMD and took the loss… stops are there for a reason, so I took the loss, re-evaluated the situation, got back into the trade some minutes later and was able to get all my money back and more.
Key Takeaways: Each trader should have their own risk management strategy, so if a trade goes against you (because, it will!!), you stop the trade, re-evaluate if the plan is still valid and if yes, you can always re-enter later and get your money back.
Look Ahead: As we have been seeing, the market is oversold so a bounce would be healthy. Today’s market bounce is working well so far, but we need continuation. For now, I’m dealing with this as an oversold bounce and will stay open minded for any possible scenario.
This trading journal is a log of all the options trades made. It is a tool that I use to track my progress and improve my trading strategies over time. I use this information to analyze my trading performance, identify patterns, and improve my decision-making processes. By keeping a trading journal, I can learn from my successes and mistakes, and make better trading decisions in the future. You can use other tools for journal as TraderSync , Tradervue or Excel
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