March 8 2018 - First blown out trade

I started day trading class about 3 weeks ago. Been doing good for the first two weeks and for the past 5-7 trading day, I have been doing terribly bad. In order to help myself to be a better trader, I will begin my trade journal and hopefully I will learn to get better. It's good that I started with  simulation and I am right now considering starting with a $1000 account on sure trader. Mainly I wanted to trade the first 5 mins gap up.

PROFIT
On Simulation (-$1000)

First Trade - OGEN

Have this stock as Stock in play today. I saw that it has gap up in the morning and based on my current judgement, it will continue to gap up after opening

On the open, I saw the momentum of moving up, I decided to get in the trade but I messed up with my hotkeys. Instead of going LONG, I hit SHORT. After I realize that, I quickly sell it for a -$621 
Wrong short entry $3.25 - Exit $3.45 ( $0.2 lost $621 )
and  immediately get on long 
LONG entry $3.48 , Sell Half at $3.69 and all out at $3.97 (Profit $679.75)

After the pull back, i thought it will be another long opportunity, get on back again and I lost after it fails to up. Here , i will need to understand how and really need to learn to trade on technical.
The rest of the trade I am just messed up. I decided to stop trading.

At the same time I also traded NETE
Lesson learned. At the beginning on the first 5 mins, I will only watch 2 stocks and only trade on 1.
10% of the BP, look for gap up between 4-8% and prefer the price to be as low as possible . Maybe $2-$10



I couldn't focus on two and ended up traded on the wrong side and exit too late. looking at the chart, maybe i should also realize is a Doji up there.

That's enough writing for today.

Tomorrow plan:
Pick only 3 stocks in play in my watchlist.
Trade only 1 first 5 mins. Ignore all other stocks
After that, look for 1 stock with ABCD pattern on long side
Look to see if I can find ORB 30 mins.
Also learn to identify VWAP

I really do need to learn how about Risk to Reward and trade on that.

As of today, my biggest problem is RR, over trading (53 tickets)  chasing stock.

I can do better tomorrow. Have faith, and keep learning




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