I Sold Early, Missed $20K | Trade Recap TSLA (7/11/22)

What's going on everyone? So in this video I'm going to break down my trading day. I made about 900, $884 after commissions and fees. I shorted Tesla. I played the downside and Tesla puts lost 1400 on the first trade which was open 10 minutes, you know, after the market opened. And then the second trade made about 2300 bucks. My day basically looked something like this. Started the day off, negative 1400 bucks. Close closed the day up about $884. Now today should have been a 10,000, $15,000 day for me based on my game plan, based on the size I have taken and things like that. Obviously that is not the case. Today was one of those days where I had the perfect setup. I had everything with the market aligned, you know, with me. But I just did not execute the trade all the way out. And a lot of that has to do sometimes with a psychological aspect, a mental aspect, or sometimes even just you missing out on reading the charts well, or the action wall, right? So today was a little bit, a little combination of all of those things happening together. So let's dive into trade number one. Right? So this is a trade that I lost money on. Now before I go into that trade, I just want to walk you through, you know, the action or what I was anticipating or what I was looking for, you know, on Tesla or the market today. So starting off with the market I was anticipating, you know, obviously a weaker day, especially with the pre market activity showcasing a gap down. With seeing a gap down action. I wanted to see what happens on the first five minutes. First five minutes we got massive rejection after seeing a gap down with the market followed by a flush. So looking at SPY and even looking at qqq, that is what we saw. But going into Tesla during that time, what did I focus on? So Tesla opened at a very critical point, right? As you guys can see, we opened around the 750ish the first three minutes we got a massive rejection. Breaking into my huge demand zone, unable to hold that demand zone and consistently getting rejected over and over again. So once we got into this demand zone, this was my first trade, which was a terrible, terrible trade by the way. Right? I take my first short at 9:40am and I got out right at 9:43. So I got out about two, three minutes later. Right now what happened in this short play? Let's just take a look at where I got in, where I got out and just kind of get a quick, quick understanding of everything, right? So I shorted Right here. And I basically got out at 943. So when you look at, you know, my levels and everything that I have established, basically I'm looking at this chart. I'm trying to identify, hey, I've entered here, and I've exited right there. So I had a great entry, right? My setup was there. We got the opening drive set up on what I look for. We get the quick rejection on the open. My trade entry should have been here, but I was a little bit late on the entry. And then I kind of got in around the 40s, right? So I had a solid entry. My stop was above the 743, 744 close. It never got there. But I exited this zone right away, right? And I was like, you know what? Let me just exit. I don't want to get caught up in a red trade. So this was all kind of psychological, emotional. And if you guys have been, you know, following my training journey lately, I haven't been trading the best, haven't been consistent, haven't been, you know, performing at the best level that I have performed in the past. So with that being said, it just kind of, you know, reflected also my. My month of July has so far been red, followed by a red, red month last month, right? So my trading hasn't been great, right? So when trading isn't great, and I. I'm pretty sure a lot of people here can relate, you start getting very panicky when things don't go your way. You start getting very nervous when you see a little bit profit and you want to start, you know, taking that trade, right? So in this predicament, I see that's what happened with this trade. I had a good entry, solid entry, very happy, happy with a entry. But I sold way too early. I missed out on this move. Now, this was the move, right? Typically, on the break of 740, I would add 10 more contracts. I would start adding more to my size. But because I got nervous, because I got scared, I was like, you know what? I can't take a big reversal here. What if the market reverses here? What if we start seeing this bounce super hard into 750s? What if this, instead of this being a 1400 loss, I start losing 4k, 5k, not it. So I started playing or trading more off the emotional side instead of, hey, look at the charts. Read the action, Tell me what the action is saying, and trading strictly off that. So we start the day off red, right? And obviously, and I know you guys can relate, you start off A day red in trading, your next trades get impacted, right? The only time times it doesn't get impacted is when you get to a very consistent level and you've been doing it for a very long time and you build it to that point. For me, I have got into a consistent level, but lately I'm not there. And like I said, trading guys, it's a journey, right? It's a marathon, it's not a sprint. So you can trade well this month, but you can have struggles the next month or the next year. So it's a constant thing where you're going to learn, grow and evolve. And you need to keep that in mind, right? So that was the first trade. Take a loss and then it makes things worse because you take the loss and you're like, oh my God, I was in the right trade right? Now we go to the next trade, right? I made 2300 bucks. Now next trade, I got in at 945. So here 944 is where I kind of got out like around this candle 943, 944. I got out right here. We start making this move at 944. I'm like, you know what? I am going to get in right on the candle after which is right here. I start getting in. We get make the low of the day. We're breaking the 740. I see a strong break of 740 and I get in phenomenal entry once again. Great entry. Solid R. I mean, okay, R1R. You know, not even a tour. Not, not, not the best R I get in, right? And about four minutes later at 9:49, right? Which is right here, I get out. Missing out on a big move down. Now, why did I enter? Why did I exit? Let's go in that. Because that's important. So my entry 945 was right here. Now, a few things that were cool about my entry that I'm happy with, right? Because I also like to talk about things that I did well. I don't always like to just focus on things I did bad. As a trader, I like to always emphasis on the good. The good. I was able to scratch this trade, look for a new entry and take it again instead of saying, you know what, leave it and let that trade carry over baggage into the next trade and next trade. So that happened. That was one thing I did good. So I got in a good entry again. I read action. Well, I saw the nice break of 740s into 737s. Low of the Day coming in strong, got in what I did bad on 7, 949. Around here, I had no reason to sell. I had reason to add at 948. This is where I should have added 10 more contracts, maybe 20 more contracts. I should have sized up, and I should have went in heavy, right? This was the trade. But because I was red on the day and this trade, you know, netted me a little over 2,300 bucks, I was like, you know what? Get in this trade, write it out, take it all the way and play it right. So I ended up selling right here. I was like, I don't want to get caught up in a heavy reversal where I had no reason to sell. Like, when I go back to this trade, guys, I look at it, I'm like, hey, I had no reason to sell this trade whatsoever. Why did I sell? And I go, oh, I sold because I wanted to be green on the day. A mental thing right now, once again, being super transparent, where walking through my mind, oh, this trade is getting me green for the day. I now have a green stat for the day. I have a green marking on the calendar. I'm able to walk out green. That was it. Terrible way of thinking, by the way, instead of, well, let me see what the chart tells me. The chart doesn't tell me to exit. Maybe sell half, right? Maybe I sell half. I let another half ride out. Now, the interesting thing about this trade, I sold my contracts at 22 bucks. The contracts, I think a minute after I got out went to 25, 26. They ended up going to a high of 3:30. So you do. You do $3 more in the contracts. That's another 3, 4 grand. You take my first trade out, I'm up 6, 7,000. You ride out my first trade the right way, the way I had it planned. And, guys, by the way, I'm not playing what if, you know, trying to play the perfect entries. No, I had a game plan. My game plan worked out well. I just didn't execute it to the perfect way that I should have executed. Now, I. If I did do that, I would have walked away maybe making 10, 15,000, depending on size, maybe even 20, 25,000, depending on how I held it, my size, and how I managed the position. However, I did not do that for, like I said, various reasons. Selling too early, you know, hesitating on the position, not being confident enough, and ultimately just trying to walk out and saying, you know what? I want to be green on the day, and me trying to be green on the day, which I was right, I left a lot of money on the table and, you know, ultimately put myself in a pretty difficult spot and getting caught up in the what ifs, right? So that's that. That's my trading day for today. And like I said going into this week, when I did my recap yesterday, if you guys saw the video, it's just to go into the market, get a feel of things. And guys, another thing, we don't get a lot of great moves in the market like we did today. So it also kind of sucks sometimes when we get a phenomenal day like today and, you know, we can't capitalize on it. The only thing you can do at this point is reset, move forward strong, and say, you know what? How can I come back better next time? How can I take these problems that I'm having currently on this trading day and fix it for the next trading day so I don't have the same problems? So I don't have the same struggles? And weirdly, with trading, like I said before, you guys are gonna have these problems pop up here and there. It's not about never having these problems pop up, but it's about how do you take these problems and how do you solve them? Not how do I eliminate them, because these problems will never be eliminated, but how do you solve them immediately, in real time, in one day, so it doesn't carry over to Tuesday, the next trading day, the next trading week, the next trading month, and so on. With that being said, I hope you guys enjoyed this quick recap and hope you guys have a great trading day tomorrow. Thank you for watching.