03 Jul Daily Report Card 07032020
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Every trading day I recap my trades, including more than entries and exits. Why did I take the trade? How did I manage the trade, my emotions and cognitive function? All the good stuff as well as all the ugly of being a day trader. No secrets here. As always, feel free to reach out to me.
My weekly goal
My goal for this week is to get my sizing right. Whatever asset, I need to have the correct contract size representing 1% of my account.
Good Pre-market routines
Bad Session PECS
Bad Trade selection
Bad Trade sizing
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 4
Summary: Don’t trade the holidays
- Had put a sell stop at 1.90715 and it just got triggered. LN open below value. Drop within IB + IB extension after a M15 consolidation and bear engulf finisher. Within H4 demand but no lower time frame demand in the way. Larger timeframes bearish. I understand a big con is the holiday today.
- Realized my position was again too small so added to my position. Straight away.
- E TPO closed outside IB range. WIll monitor TPOs for further assessment.
- M15 Bull Engulf against my position so not looking good. Likely get stop taken out. If so, that will be it for me today.
- Stopped out at 1.9102. I will mark to not trade holidays. This combined with a wider than usual IB range could raise the probability of a failed auction. As pointed out earlier, I could have taken the position off earlier due to TPO F closing inside IB and M15 bull engulf / M30 inside bar. Although I should not have taken the position to begin with. 1) I was not feeling at my best 2) IB range was wider than usual so should have been more careful 3) today being a holiday 4) before putting on the trade I was again thinking I should not trade today and went against it anyway. Because of this I felt I should take the full stop to hopefully enforce not to make the same mistake again. “less haste, more speed”. I’ll be back fresh on Monday.
Weekly Goal Achievement: Have appropriate sizing
- Again used the wrong sizing. Had contract size for gold still in the order window. Noticed it straight after my sell stop got it so added the appropriate amount.
How accurate was my assessment of market context?
- Based on what I saw I did okay but not considering overall picture so bottomline. I didn’t do well. And with active trade management I could have taken a smaller loss but didn’t want to. Hopefully, this will help me to stop developing a bad habit in its tracks.
How did I feel before, during, and after the trade?
- Tired before the trade. Should not have traded. During the trade I felt less confident again. Then understanding what was going on in relation to me trading today I caught myself on what I had done and then acted to try and make the best of it. In this case, I understood I should not have been trading at all today.
- There will be many more trading days to come and I will show how I am at my best. Like I have done so in the past. Luckily, these moments of poor decision-making are getting less and less. Also, not as critical to my account. I took a ‑1R loss today. Which is okay. At least I didn’t overtrade, revenge-trade, add to losing positions as I am sure we have all done in the past.
- ‑1.6R on the week. Have the next 4 weeks left in the month. I will do better. I’m sure.
How well did I follow my process?
- Not too well as addressed above
How well did I manage my physical, emotional and cognitive states?
- Poorly. I didn’t sleep well a few days in a row. I had these fail safes in place before which I will reinstate again. 2 days of insufficient sleep = no trading.
What did I learn today?
- That I am only as good as my mental and psychical game allows me to be.
- Don’t trade on holidays and just take a break. The markets aren’t going anywhere.
- Get good rest before coming into the markets.
What’s one thing I need to do more often?
- Understand when I make a mistake and then keep observing factual data to make the best of it. I did well here though. I caught myself and then tried using it as a lesson while of course slightly hoping the position would turn around and go in my favor. This was not my main focus though since I saw price action developing against me and there were at least 3 instances that I could have gotten out at.
What’s one thing I need to do less often?
- Trading when not well-rested
For my trade plan(s) on this particular day, go here: