Would’ve Should’ve Could’ve

I had a profitable day today and about a break even week of trading this week.  I chalk this up to making a few mistakes.  It's one thing to finally get your trading plan to the point that it's profitable, but it's entirely another to execute the plan properly.  This is the reason that it's hard to copy someone else's profitable plan and make it profitable for you.  You will never be able to execute someone else's plan as they do, it is best to learn a method of trading, such as the Pristine Method, and make your own plan. Anyway, I believe it is best to invest in a method, Versus buying a system, and from the method you will be able, in time, to figure out what kind of trader you are which will eventually lead you to a profitable plan.

Today, instead of writing about one of my fabulous plays, I thought I'd show you the one that kept me from having a profitable week of trading.  My trade in WAG today was found during my 9:45 am wide range bar scan, it was just beautiful but I knew that it needed some time to pull in since the hourly chart looked a bit over extended.  WAG finally came all the way into support where I started my play with a small share size.  A few 15 minute bars later WAG gave me an RBI (red bar ignored) where I went full share size as this bars high was taken out.  A few bars later I had a perfect setup in UAL that I had been waiting for all day but when I went to place my trade, I was out of buying power.  I had to make a choice, miss my full entry on UAL or sell something that was not performing.  I had two choices, close my short in LOW or sell my long in WAG, I chose to sell my long in WAG as it was heading to retest the low @ .40 (BTW my stop was .35, it never got there)  Long story short, LOW went on to stop me out with a full share size and here is the chart on WAG, it speaks for itself!

WAG

Have a great weekend everyone...!