Was a slow Friday for me. I traded AVXL. Thoughts on my great week.
AVXL was my overnight short. Unfortunately, it did not gap down as much as I hoped but it did pull nicely at the open. I covered for a whopping $82…lol. I did not want to hold this and risk it basing and running on me again. I have had a great week and I did not want to ruin it. So I let my P&L influence my trading a bit on this. Ideally I should have covered 1/2 into the morning pull to reduce my risk and then hold the rest with my stop on r/g. That trade would have worked out nicely.
It has been a great trading week for me. I ended the week up $3,772–after commissions. One great thing is that I did not have to pay for a single borrow all week! Everything I traded was easy to borrow in at least one of my two accounts. That saved me a lot of money in fees. Also, my consistency was spot on. Sure, I had a few less then ideal plays like AVXL and some epic play misses like PTCT, but I traded safe, respected my stop losses, and even worked on adding to my winners. I did better at sizing this week such as on my many plays with SRPT. I didn’t have any home runs, but I hit a lot of singles and doubles. As Nate at Investors Underground says, singles and doubles add up. It’s consistency that is the key so that one day I am hitting more home runs. @modern_Rock always points out:
252 trading days per year:
$200/day = $50k/year
$400/day = $100k/year
$4k/day = $1M/year
slow & steady & CONSISTENCY!”
Check out Nate’s article on consistency here! It is well worth the read.