How am I doing for this month so far? So far so good, I had a personal coaching session with my stock trading mentor/coach and set up a good day trading plan to increase profitability and my consistency. I immediately started the month off positive and his words have stayed with me to PROTECT PROFITS. Hence, why I have only entered 9 trades so far this month, not counting the put sale I did on MOMO today. Of the 9 trades, 8 of them have been winners! Which is an amazing win/loss percentage of 87.5%. Now, a couple of them have literally been cheeseburger money ($6 on PLAY, $50 on VALE) but regardless they have been winners. So for this month so far I am at 4.76R ($300×4.76=$1428). These are realized gains that have been locked in this month. While I really want to think, damn I am on a roll I need to trade more, I am resisting this urge and only taking setups that look really really good. There are 9 more trading days this month and if I can even just grab one more 2R trade that would take me over $2000 for the month. But I also want to make sure that I don’t give all this money back, I am literally about $50 away from paying my mortgage payment just from the stock market, what a cool feeling.
I won’t lie though, moves like NVDA has had the past couple of days has had me battling some FOMO and telling myself ugh I want in that trade! Or things like strike while the iron is hot! I am going to stay consistent and work to make sure I protect those profits. I am still drawing some trades and watching the market to see how things are moving. Sticking to my R unit I would have to lose about 5 full Rs in order to erase the gains and I don’t plan on doing that. However one good trade could take me over 2k which was a goal that I wanted to achieve with my higher risk unit.