ld have but it was pretty bad. I've been thinking I need to start a long term portfolio and what stocks to I want to grab to get it started. $MCD is on my short list and that $135 area is the perfect opportunity to get long, long term. I missed the trade there and by the time I thought to put it on screen it was surging away from $135. I don't have a long term portfolio setup yet and thought I'd just use my trading account to hold it long term so I jumped in and re-thought my strategy. I need to have separate accounts for long term vs. short term, so I closed my position. I'll re-initiate the position tomorrow more than likely as long term in an IRA portfolio.
Leading into lunch price moved up to the morning high but couldn't break it. When the break failed I got short anticipating a fade back to VWAP. I had minimal risk and this should have been a really nice trade but I completely botched it. I miscalculated my position size and got in way too heavy (double what I wanted). I held for the first push and quickly closed 50% of the position. When I went to take my second take profit I sold shares instead of buying (to close more of my position) and added to my position. Not what I intended. I got to a point where I could burn the extra shares off with profit and ditched the bulk of my position. Throughout the entire trade I was thinking that I needed to ditch the entire trade since it was a total botch job but I rode it out for the next breakdown then ditched it. Horrendous job executing this trade...
I took one last trade on $MCD when it double-tapped the $143 area, once during lunch and once after. I was slow to get my order in and got filled a little higher than I wanted so I ditched 50% of my position rather than 25% on my first take profit. The pullback broke down a little further than I thought it would so I dumped the position. It was too closed to the end of the day to finish with a losing trade. It was profitable and there was only 7 or 8 minutes left to the bell when I sold. A profitable day but horrible trading on my part. That second trade should have been a home run...
