Weekly trade summary (30/07-02/08 2024)
Recently, I have violated the trading rules multiple times, even though I clearly knew it was a mistake.
The market doesn't care who you are, you will pay the price for your own actions.
The account experienced its largest drawdown in history👇
Reduce/clear positions:
$Sarepta Therapeutics (SRPT.US)$ Added on Monday when it broke through (-0.5%), but failed to maintain the breakout on the same day. Got stopped out on Tuesday after it fell below the stop loss, tried to remedy once but got stopped out again.
$Rocket (RKT.US)$ On Monday and Wednesday, I reduced the position twice, each time by 1/6. The reaction after the financial report was good, and it is currently the best-performing position this week.
$Palo Alto Networks (PANW.US)$ On Tuesday, it closed below the 50MA (-0.13%) and exited according to plan.
添加：
$Direxion Daily Semiconductor Bull 3x Shares ETF (SOXL.US)$ I bought on Tuesday using the turning point of VIX. In fact, on Wednesday, I had already gained more than 25% profit. I was too greedy and didn't make any reductions. With about 20% profit, I thought it was safe. I didn't set a stop loss after the opening, then went to sleep, and when I woke up in the morning, I found that all the profits had been lost and turned into losses. I made a retaliatory increase in position after market close... (Does it sound familiar? This is a common mistake made by most traders: averaging failed trades). Currently, the position is a bit heavy (16%+), and it is difficult to recover in the short term based on the chart. In the following period, I will see if the market provides an opportunity to exit with a smaller loss.
$Teva Pharmaceutical Industries (TEVA.US)$ After the financial report on Wednesday, the reaction was good, and I bought after the breakout of the VCP pattern. Due to market impact on Thursday and Friday, it is currently at a small loss. The stop loss is currently relatively small compared to the account risk, less than 0.3%.
These are all the trades for this week. The market has been extremely panic this week, and many of my positions continue to lose or give back profits significantly.
In view of multiple violations of trading rules recently, I reviewed my own trading system over the weekend, and there were many ambiguous areas, so I made many clear and specific modifications, including:
Continue to adhere to the principle of stop loss and avoid any hesitation.
The size of the position (reduce the number of positions and increase focus);
The specific treatment plan for the gray area between stop loss and locking in profits;
Specific profit protection and volume reduction after reaching 3 times the original stop loss, and specific time requirements;
Specific protection, volume reduction, and time requirements after achieving 25% profit;
For now, make the above modifications and then see if there are any other areas for improvement.
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