Screwed...

Thursday was one for the books. Took a non-system trade, first ever, and lost. More commentary to follow after the chart+numbers.

ASPM:

Gross: -$8.55, net -$14.59

Commentary: A lot lead up to taking this trade. First, I was on Wallstreak and saw monster numbers being posted. Subconciously, I think this pushed me to trade as I wanted to be part of the action--but I was not getting any setups and the market was trending and no reversals were printing. I see a couple setups form in CRNT and PGNX, but they never hit my entered stop limits--so I am frustrated that a couple good setups did not work. Then I see ASPM tanking, and tanking hard. So I am ready to play, but note it is nearing the close. ASPM prints a monster red candle, but has partly retraced. There is no way I'll get a signal on the 10min, so I switch to 5min, find a nice entry and place my stop limit. Stock blows by the limit, never getting filled. So now I've watched %-sized gains be missed. I decided then to go back to my old system and place a market order at the end of the current 5min bar. All is decent. Stock pops a few cents, still below my 1% target, so I hold. It begins to reverse. Logic kicks in and I say, 'get the f out, now' and do. Small loss, but a non-system trade is a big no-no.

In the end, I am not upset about taking the trade, had I held, it would have worked. In the end, it is about not following my system, and more importantly, the OPPORTUNITY COST of using my last trade of the week. So I am left in the red for the week, and have all weekend to review.

That's my rant, that's the story, so next week, it is back to the system.

Weekend numbers: $2938.17, down -$16.72 or -0.57%, 1 winner out of 3, profit factor of 0.27

'Til next week,
Masterjaz out