Trading this week presented a lot of opportunities in the Lithium, Uranium and a few other commodities related stocks. I had over 10 quality setups trigger on Friday and I did jump on quite a few.
I have had a pretty hectic 2 weeks with other tasks outside of trading, so admittently, I did miss a few high quality setups from not being at the screens.
When reviewing my closed trades I have noticed once again that I am getting bucked out of quality setups for having too tight of a stop loss. So I am going to adjust my stop loss and my R to give quality trades more room and to avoid being stop hunted.
My closed trades result in a net loss of 3.5 X R for the week, however I currently have 35 X R of profit in open trades. I am currently holding far too many tickers and really need to keep an eye on the uranium sector as I am overweight those stocks.
ARL is a classic case of sized too large, stop too tight. I had an initial entry under 90c but took a full R stop loss the next day. To be fair, it always should have been stopped out, but as I was slow to take the second entry, my second position size was much smaller as the stop position was further away than the first entry.
The second way I butchered this trade was ignore my sell rules and I started to scale out far too soon. I need to go back to hard rules with my scaling out as every time I think I am outsmarting the system, I scale out too early. Patience and discipline in letting the trades play out is the lesson here once again!
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