+$4,049 today on TNXP. This is my best single trade profit I have ever had, where I did not break any of my trading rules to achieve that profit!
Pre-Market TNXP was gaping up big time on an old PR. I decided to start in small on the para to 8.50, leaving plenty of room to add since I was on the front side of the move. I added on the 9.40 stuff and continued to add after that point with HOD as my risk. I covered 1/4 into the first pull and then added that back on the next push and stuff. I started to cover more in the low $8.00’s. At this point, my average was now my risk. I kept on covering on the offer into the pulls and was fully out in the $7.60. I tried to get back in a few times after I was fully out but it never bounced high enough to where I had my orders sitting and I refuse to chase weakness on these types of plays. I did finally get a small add on the retest of $7 and covered for a little more profit. This trade is exciting because I never had more than 4,000 shares at any one time so I kept my size in check, I did not break any of my trading rules, and it resulted in my biggest single profit trade with that criteria. I have had bigger single trade profits, but I have always broken my trading rules to achieve those gains…not the way to do it!
Looking back on the trade there is something I wish I would have done better… trading around a core. For some reason–maybe because I was excited about the profit that was quickly adding up I don’t know– I just started covering and was not more aggressive about adding into pops. Once the big crack happened I should have held on to 1000 shares and added on each pop, keeping my risk set at my average, and covering into the pulls. If I would have done that I could have easily made a few thousand more on this trade. My next big “weak link” I want to work on is exactly that… trading around a core/adding to my winners. I am so thrilled though to see the progress I have been making on discipline and consistency. I feel that I am making great strides at overcoming my stubbornness. I am starting to trust myself more to take losses at my stops which is improving my trading tremendously.