06 Jul Daily Report Card 07062020
#dailyreportcard #tradingforex #forex #FX #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife
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.
Fair Pre-market routines
Fair Session PECS
Poor Trade selection
Good Trade sizing
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 4
Summary: Let the process speak for itself
- GBPNZD: LN open below VAL, possible H4 DBD in the making
- Testing PVAL coinciding with H4 conterminous of consolidation + BD from last Friday
- Possible testing of VAL, best case scenario would be a M15 consolidation and BD
- Was hoping for a M15 Bear Engulf but it didn’t come. What could be forming is a M15 consolidation that potentially could be a M30 Bear Engulf.
- Bearish sentiment is enhanced with a close inside IB but only slightly though. Need further price action confirmation before going short.
- Early Entry Short at 1.90614 SL 1.90901 TP 1.90049
- Reasons: H4 conterminous DBD 1.90878 from last Friday, M15 consolidation with BD, Open below value and tested VAL
- I feel I could have gotten in even earlier based on the M5 consolidation and bear engulf but hesitated because of being early into the session and thus using M15/M30 for price action confirmation. I do still feel that this would have been a good entry because of the H4 conterminous.
- Got stopped out at 1.90901 ‑1R loss
- What happened after you closed off the trade? What level did it go to? What price action was formed?
- Trade 1
- After I got stopped out we had a value rotation and then a rejection to the upside 2 ticks close to ASR exhaustion.
- Trade 1
Weekly Goal Achievement: Have appropriate sizing
- Got this right
How accurate was my assessment of market context?
- I did poorly here. I traded off a weaker price action formation plus a weaker price level being too close to a round number. Now I have learned to trade around it and will write up my process to incorporate this for the future.
How did I feel before, during, and after the trade?
- Before the trade I thought I was eyeing the right level and price action confirmation. It was indeed a good level however I failed to consider the proper use of market profile to confirm my trade short. Otherwise I would have picked up on a sustained move. Live and learn.
- During the trade I was okay thinking I had done the right thing.
- I feel silly for having made a mistake which it shouldn’t really. Making mistakes is okay, it’s how you deal with it that matters. And how you use it to get better. This tells me that I am not at my best today. Luckily I have good risk management rules in place to protect me from myself.
How well did I follow my process?
- Not well. I learned a lot though. Actually, I should say I confirmed something that I already knew. I need more experience to create the neural networks and turn it into a habit. Just follow the process and keep being brutally honest with yourself even if it hurts the ego. Ego is the enemy.
How well did I manage my physical, emotional and cognitive states?
- I definitely could have done better psychically. I didn’t get enough sleep last night so I took a nap today. Taking a nap helped a little but I still don’t feel at my best. Will sleep early tonight.
What did I learn today?
- Lately, I have been thinking about my progress lately and noticed certain things about me that I already knew but are coming back into the daylight. I know that I learn quick and I want to do things well. But sometimes I get ahead of myself. I also have this need to get confirmation of how well I am doing. This reminded me of what Dee told me recently: ‘The goal is to silently achieve your daily habit goals without glorifying any of it, staying humble and kind through the process’. This is my actual mission. My actual struggle. Don’t get in my own way. Just follow the process and don’t talk to anyone about it. They are all disguised ego-building efforts that mean nothing. The process means something. Actually, it means everything. The difference between winning and losing is within the process. A process that is backed by experience through statistically proven edge. My ego can take a backseat to my success.
- Incorporated the following into tomorrow’s DRC
- I will incorporate meditation into my daily tasks to help center myself with my goals
- I will incorporate visualization of trades taken (or missed) the trading day before
- Only trade off M30 candle close
What’s one thing I need to do more often?
- Stay humble and focus on the progress. I function better when I have things to occupy my mind with hence always working on my process or edge is what helps keep me centered.
What’s one thing I need to do less often?
- Let things go to my head
For my trade plan(s) on this particular day, go here: