AMD Trade on Jun 23, 2023 09:56 from Dandres: Tradervue User Stock Trades.

One of those stocks you watch

Open
- Was watching this stock at the open. The market had been selling off heavily and so I wasn't convinced with the VWAP break it was attempting. Seemed to me like it could be a false break which it was the first time it broke out.

Trade 1: First entry was at the strong rejection of VWAP break. Second entry at a lower level below the VWAP. Immediately the stock broke right back up and I was shocked. At this point I sort of froze and didn't want to take the hit for this trade. Ultimately got stopped out and threw my rules out the window by not stopping myself out after it retracted 50% of the move.

Trade 2: Second attempt was when the price action broke right back down pat the VWAP. Took a first entry and another entry at a lower level. At this point my average price was a bit extended from the VWAP and I knew that. I should have gotten out right after I didn't feel confident in the average price and the potential move the stock could make. Instead I held like a stubborn idiot trying to be right about the market instead of managing my risk. The price action started climbing back up and there was 3 different instances of when I could have gotten out break even and accepted that the market would not go the way I thought it would. I wanted to be right instead of want to manage my risk.

Reflection
- First trade entries were called for but I could have gotten out after the price action retracted to above VWAP. Save myself a couple bucks,
- Second trade was a disaster, from the entries, average price, following of my rules and even worse, trying to be right instead of trying to manage my risk. I deserve this unnecessary loss. I market gave me 3 chances to get out break even. I deserve this hit.
- Overall, I violated my rules with risk management and confirmation, I didn't trade simultaneous chart confirmation nor wait for the 5 min chart to close.

Biggest mistake here was trying to be right rather than want to manage my risk and not following my VWAP rules of 5 min chart confirmation_