09 Jul Daily Report Card 07092020
Understand when to take a break
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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
Good Trade sizing
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 4
Summary: Understand when to take a break
- LN open above value, wide IB range down to VAH closing within value
- Entry short 1.91667 SL 1.91667 TP 1.91149
- Reasons: big bar M30 close within value indicating value accepted + IB extension. Cons: Wider than usual IB range, summer months.
- Neglected the fact to be more careful in summer months but above all neglected my premarket prep
- Got stopped out at 1.91929
- I am taking the rest of the day off. I have proven that I am not in the best state of mind and should not be trading.
Weekly Goal Achievement: Have appropriate sizing
- Did well here
How accurate was my assessment of market context?
- Horribly wrong. I failed to incorporate the bullish sentiment from my prep into my trade idea
How did I feel before, during, and after the trade?
- Trade 1
- Jumped in too fast. Didn’t consider prep.
How well did I follow my process?
- Not good.
How well did I manage my physical, emotional and cognitive states?
- Still not feeling right. Taking the rest of the week off. Few days holiday.
What did I learn today?
- Understand when to take a break. Respect the trade. This is hard as it is when you are at peak performance. Anything so far from peak is not going to cut it. Quitting smoking and starting Keto at the same time was not a good idea. Also going cold turkey like I did. Well… I’m living with it now and hopefully soon it’ll be all behind me.
What’s one thing I need to do more often?
- Listen to myself. Understand when you’re not performing right.
What’s one thing I need to do less often?
- Force myself to perform when I’m physically and mentally not right
For my trade plan(s) on this particular day, go here: