29 Jun Daily Report Card 06292020
#tradingforex #forex #dailyreportcard #daytrading #tradinglifestyle #daytraderlife
Every trading day I recap my trades, including more than entries and exits. All the good stuff as well as all the ugly of being a day trader. Why did I take the trade? How did I manage the trade, my emotions and cognitive function? No secrets here. As always, feel free to reach out to me.
My weekly goal
Get sizing right. My aim is to have the correct contract size representing 1% of my account.
Good Pre-market routines
Good Session PECS
Good Trade selection
Fair Trade sizing
Fair Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
Summary: Return to value
- Asset traded: GBPNZD
- H4 demand got taken out during HK, LN opened below value but still near, might have value acceptance or return to value
- Looks like some M30 consolidation going on
- 🙁 my order was a buy stop so immediately cancelled after it had hit for a slight loss and immediately manually went short @ 1.91911 (at least a slight better entry) SL 1.92182 TP 1.91368
- Not happy with this mistake and will report on it in my DRC. For now, let’s see what the trade does.
- Since D keeps printing single prints I changed my TP to 3R but I will keep monitoring since D1 QLo is in the way together with M30/H4 demand. But since there is a lot of initiative activity I thought I’d give it some more space in case price wants to go down further.
- I waited for M15 candle close that coincided with M5 Bull Engulf (@ D1 QLO, although I see now that H4 Demand had been taken out as well) and took the trade off at 1.5R after we had almost hit 2R. Close at 1.91544. Although, and this is problem I’ve been struggling with, my sizing was incorrect. I measured my sizing based on 1117 ASR / 4 + my spread which amounts to 33 pips. However, after taking the trade I reconsidered the placement of the SL to just above the M30 base (of the DBD).
- Effective profit on the trade: 1.1R due to mis-sizing
- Effective profit overall: 0.9 due to the incorrect order I had put in (being a buy stop but should have been a sell stop). Live and learn. NEXT!
- M30 consolidation @ D1 QLo
Weekly Goal Achievement: Have appropriate sizing
- Initially I had appropriate sizing based on ASR + spread. However after I took the trade I decided I could have a tighter stop and thus it affected my sizing.
How accurate was my assessment of market context?
- I did well here. Also, did well to not execute within IB even though I was considering it. Instead, I placed what I thought was a sell stop order below IB range. Sadly, this was a buy stop order.
- In terms of increasing my R to 3x: I was considering since the initiative activity (thus momentum) was relatively strong, I considered having a slightly further R in case of a sustained move. This, and also trying to stay calm and collected monitoring TPOs for clues on the move being sustained or potentially reversing. When I saw that we kept making LLs and price action was still confirming a potential continuation I considered we could take out the underlying demand and see another drop below. However, after we took out aforementioned demand there was no such drop. Plus being at D1 QLo and M5 printing a bull engulf, I took the position off.
How did I feel before, during, and after the trade?
- I felt good before the trade expecting a possible IB extension down
- During the trade I felt okay even though I had made the mistake of putting in a buy stop instead of a sell stop order. Lost a little because of this but nothing too bad.
- After the trade I feel good. Especially when seeing the M30 consolidation but moreover starting the week in the money.
How well did I follow my process?
- I did really well here. I stayed objective monitoring price action together with TPOs to make my decisions (or alter them).
How well did I manage my physical, emotional and cognitive states?
- Did really well here
What did I learn today?
- I learned that price isn’t as fast as you might think. There is reasonably enough time to monitor the markets and make decisions accordingly. Decisions made on factual data.
What’s one thing I need to do more often?
- Keep monitoring MP for clues on intraday sentiment
What’s one thing I need to do less often?
- Make mistakes in sizing. I am losing money doing this. I am not bummed out about this at all though. I know that I will do better next time. How will I try and do better I hear you ask? Well, double check the order. When placing an order it means I have enough time because I am waiting for the market to come to me. Double check double check! Today, I was interrupted by a phone call so I think that kinda disturbed my process. Ah well. Progress. Not perfection.
For my trade plan(s) on this particular day, go here: