This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

I traded 11 positions today–4 wins for +4.9R, 7 losses for -5.1R, net -0.2R. I’m really shooting myself in the foot with some of the plays I take! Once again, I held losers too long, though I executed the winners well. AAPL spanked me three times! I’ll stop trading a stock if it gives me two losses in a day. If I get two losers, I’m not reading the stock right, and any more trades on it will be out of revenge to “get my money back”. So, with any one stock, it’s two strikes and I’m out of it for the day. That would have saved me 1.1R today.

Here’s a chart of my PnL so far as a Prop Trader (the area highlighted is today’s trading alone):

So basically, I’m flat. I have a few good trades, and lots of little bad ones. I need to keep away from “scalping” until I get it right. I had the idea to only scalp from a PnF chart, and my exit signal is if the column switches over. My natural sense of timing burned me a few times today, both on entries and exits.

Anyway, here’s the two good ones from today:

AMZN

SNDK

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com