May 2017 Recap

May is in the books!  I am closing May with a small loss of -$719. 

This month has not been easy.  I know that there have been many traders that have felt the same.  For me, however, my niche setups just were not there in abundance.  I had a hard time finding plays to size into.  I frequently was stopped out at breakeven on trades.  Things were very choppy and many days with poor volume.  I just could not get any big wins.  I missed a chunk of the beginning of the month due to some account changes I made and I was working at getting used to a new platform–Sterling Trader.  It was a frustrating and discouraging month for me.  This is not a complaint, it’s just the reality of what I personally faced this month.

This month was also a reminder of how important it is not to get stubborn on taking losses.  I had one stubborn trade this month that resulted in a +5K loss.  If I would have stopped out at my max loss, or even my max daily loss, I would be ending this month about +3K in the green.  It’s SO important to respect stop losses and trading rules.  I hate that I am still in a place where I need to be reminded about that, but I am, and I guess we all are at times.

I am looking at ways to better manage my risk with sizing in.  One of those things is how I scale into parabolics–a setup that I love.  I can be quick at times to scale, but I want to start working on slowing that down and waiting until stuffing action is noted.  This will give me more room, which is important on these types of plays.  I can then hammer in with size on back side confirmation.  I also want to work more on starting in with better size relative to my set risk, instead of just a one size fits all approach.  For example, if the risk on XYZ play is just .05 I can start in with much more size then if the risk was .5.

I am also working on how to add in some long plays.  This is a hard one for me.  I struggle with changing my short bias, but I recognize the potential if I can do so.

I am excited for a fresh new month.  I can’t wait to continue working on my craft!