starting out, and quietly building 1,054 shares of SPCE

This is where the journal actually starts. No profit, no loss, nothing to brag about — just me quietly buying a position over three sessions and then sitting on it. Looking back, it's also the most important thing I did all quarter.

Averaging into SPCE

I bought Virgin Galactic in three pieces. On April 16 I took 500 shares at $2.77. The next day I added 500 more at $2.94. A week later, on April 23, I topped it up with a final 54 shares at $2.71. That left me holding 1,054 shares at an average cost of about $2.85. Read: the position I did nothing with for six weeks, and what it paid →

Nothing clever about the execution — I didn't time any of those entries especially well, and the second lot was actually my worst price of the three. What mattered was the decision to buy in size at a price I was comfortable with and then leave it alone. Read: my actual strategy, and the three places it breaks →

Three buy orders, no sells, and a realized P&L of exactly zero. On the day it felt like nothing was happening. It turned out to be the highest-value week of my quarter.

Why I'm logging a day with no P&L

It would be easy to skip these entries — there's no number to report and no story to tell yet. But a position that pays off in June is made in April, and if I only wrote up the days where money moved, I'd be documenting outcomes instead of decisions. The buying is the decision. The selling six weeks later is just the consequence.

I'd also point out the contrast with how I'd be trading a few months later: sixty round trips in a single name in one morning. Here I made three trades in eight days and then did nothing at all for over a month. Read: 60 round trips in one morning, and the $707 it cost me →