02.26.20 I'm In My Head $NVAX, $LK, $AMRN, $CODX, $VIR

Shamefully, I was all over the place today. I'm still focusing too much on finishing the month on an uptrend that I'm not focusing on simply making one good trade at a time. That's all my focus needs to be or should be; make one good trade. I feel like I made two good trades today: one profitable but lacked follow through and two failed trades where I took a loss. A "good trade" doesn't have to be a winning trade and not all winning trades are "good trades." A good trade occurs when a setup occurs and a plan is executed. Anything outside that is not a good trade. All but two of my trades today were rubbish.

$NVAX was my first trade of the day and although I thought it was a good trade at the time, upon review I realize it wasn't. Long term resistance was $9.99 and we broke through that with huge volume but when we pulled in to retest the level as support, we didn't bounce right off the level. We broke back through and held that level sideways for too long. Had it come down, broke the level, and moved right back away from it then it would have been a better setup and made this a good trade. I shouldn't have been in this one.

$LK was my second trade of the day and offered up a great setup but no follow through. I was able to clear 25% of my position in front of the previous high and 25% after, then recognized we were changing direction and banged out the last 50% of my position before I moved into loss territory. My strategy on these pull back trades is to take 25% in front of the previous high of day or when my risk: reward ration reaches 1:1 (whichever happens first) then the bulk of my position, 50%, once we get the extension through the previous high and I hit 2:1 risk: reward. My second take profit was only 25% instead of 50% because I hadn't hit 2:1 yet and we were struggling to clear the previous high. We should have broke that level and continued without issue. I wanted to take some profit but leave the bulk in case I was wrong.

I initiated my $AMRN trade while I was trading $LK but this was so far from a good trade and such a rookie move I'm pretty disappointed with myself for taking it. I always have $AMRN on watch because I like trading it (although it hasn't been making predictable moves lately). Anyhow, it was in my watchlist and I could see the the price moving around. I pulled it up on my #2 screen and started watching it. I chased my entry, sat with the guilt for a few minutes, and finally decided to close the position. It made a couple bucks but I shouldn't have been in this trade at all. It was dumb and I was lucky.

Same as $AMRN, I was chasing the price of $CODX and took two trades on it. They made money but again, not trades I should have been in. I had an appointment I had to be at and was getting ready while watching this thing move without me. I got antsy and I got stupid. Another rookie move.

My first trade in $VIR was a good setup and a good trade but I have to admit, I was on edge from watching $CODX climb the entire time I was at my appointment. I was getting long at the tradeline after a nice solid push on volume. The tradeline usually would hold support and when we got an increase in volume on a drive away from the tradeline, I got long. I then got stopped out. In hindsight this thing was trading sloppy all day so maybe I could have seen the loss coming but it was still a good setup and worth taking a the shot. My second trade on this stock was our of frustration as price moved higher after I took the "L" from a failed trade. Amateur hour all day long for me... Tomorrow will be my last day trading for the week and the month since I'm tied up on Friday and won't be at my station. Tomorrow I need to be patient and execute one good trade, then another and only if there is genuine opportunity to do so.