Chicken sh!t...

Interesting day at my trading desk (also known as my laptop sitting on my desk at work...). Two trades, one that failed and one that was a winner, but I left a lot of money on the table. Nonetheless, I felt the trades were handled well, not 100% objectively, but only because I don't have a concrete system for how to deal with big WINNERS. Oh the humanity...

DEPO:

Bought 8:20am doji,
300 shares @ $3.4895,
target $3.65,
stop loss $3.40,
risk/reward 1.79 (huge target though...),
exit: sold full position @ $3.4602

Commentary: Nothing wrong with this trade except the position sizing+commision issue. I still have not worked out how I wish to play with low price, high share count trades. It seems I am losing tons on the commish...

Gross P/L: -$8.78, net -$14.84

Now comes the fun trade in SCOR:

Bought 12:00pm doji,
80 shares @ $23.86,
target $24.58,
stop loss $23.12,
risk/reward 0.97 (what's a target anyways...?),
exit:
sold 1/2 position after a ~1% pop, 40 shrs @ $24.00 (caught major slippage, still locked profit)
sold 1/4 position, 20 shrs, @ $24.11
sold 1/8 position, 10 shrs @ $24.41
sold 1/8 position, 10 shrs @ $24.85

Commentary: Holy crap, what a trade. It had my heart beating the whole time. In short, I chickened out and left over 60% of my profits by scaling out. On the other hand, I was more than happy to take a profit on this quick moving, highly volatile stock.

Gross P/L: $26.00, net $20.95

So, it was a profitable day, could've been better, but I probably would trade each one the same way. That is until I find an objective method for scaling out of winners. Ultimately SCOR ran to $25.41 (top of trade) and I would've exitted at $24.83. I would have loved $1/shr, but I likely would have a heart attack in the process. It is what it is. I will look into scaling out of positions using % increments (or something...).

Always another day,
Masterjaz out