8/23/11: Premarket Pullback Trade- $60 Risk, $300 Return / Afterhours trade update

Ok, so regarding the trade from last night, I adjusted the target and took a profit of $200 on it. This morning, I took the following trade and got stopped out at max loss, $200:

A couple notes from this trade:
- NEVER adjust a stop against yourself! This was my biggest mistake with the above trade. I adjusted my stop to max to "let the trade workout". Unacceptable.
- Wait for a signal / strength to build in your potential trade direction. As you see from the above chart, I was buying into current weakness with no clear signal, just anticipating that that was the pullback point.

So after the profit from yesterday's trade that got filled this morning and the loss on the above trade, which was a managed extremely poorly, I am currently at $0 net.

I took the following trade which was a much better, clearer, and stronger signal:

Update on the above trade: Stopped out for a profit of $20. I am very happy with taking the stop for the profit, especially after the mistake on the previous trade that should have never happened; that was an amateur mistake / horrible trade management. Remember to always get yourself into favorable situations and stick to your risk management rules.

Currently, going into the open with a profit of $20. Will be waiting for new home sales at 10am and Richmond Manufacturing Index.