20 Jan How did I trade today? 01202021
Summary: Trust yourself
Account (P&L): Paper trade +1.8R
#fintwit #orderflow #daytrading #dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
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. As always, feel free to reach out to me.
My weekly goal:
- Only take trades according to a hypo unless multiple conditions are met
Good Pre-market routines
Good Session PECS
Good Trade selection
Good Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
- IB: A closed as a pullback, B as a spinning top with longer selling wick
- C: Extended over IB closing slightly above IB high
- D: Closed as Bear Engulf failing auction but no mean reversion criteria met. Also price above M15/M20 VWAP in UT and left behind a poor high, plus no goof profit target
- Paper trade: Short 1854.331, SL 1857.470, TP (2R) 1848.053
- E: Closed extending below IB forming a Neutral Day
- F: Closed as an Inside Bar retracing more than 50%
- G: Consolidation
- H: closed making LL extending 2xIB
Hypos — GOLD
- Which hypo played out and how did I hypothesize it playing out? How did it actually play out? What did the profile and price action show?
- Hypo 2 — Mean Reversion
- Price moves higher testing next supply at H4‑C‑S 1859.581
- Preferred: Price action reversal within IB after extending up otherwise a potential failed auction.
- Price extended up during C only to fail in D and continued extending further down.
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here. I took a paper trade off my assumption and that did well.
How did I feel before, during, and after the trade?
- I felt good.
How well did I follow my process?
- Trade selection
- The paper trade would have netted 1.8R. The reason I didn’t actually trade it is because of the open sentiment and I hypothesized a further move up before reversing. Although with price opening and failing to break higher at ADR 0.5 high (with nearby H4 C‑sup) I could have given it more weight. Took it into my playbook and will move on it next time.
- Guess I did feel hesitant due to it being Gold (less experience) and I kinda wanted some more confirmation as M30 VWAP in UT was in the way. Then the trade was on its way. All good…
- Trade Sizing & SL placement
- Was great
- Trade Execution & Mgmt
- Time-based stops are something I want to focus more on again. I feel it’s a thin line between actually observing the right price action exit rule and just being a grasshopper. Under the current market conditions I find that price moves different than ‘normal’ where price action can fake out a lot. Thus a time-based stop might be best. Luckily I have the option in FX synergy to automatically close off my trades so will focus on giving that a go.
How well did I manage my physical, emotional and cognitive states?
- I did well here
What did I learn today?
- Under the current market conditions I might be better off focusing on a time-based exit. Although, I surely hope that we will go back to ‘normal’ soon.
What’s one thing I need to do more often?
- Trust myself. There is a reason why things appear ‘easy’ “all of the sudden”… I have put in 4 years of work to get to this point. Nothing of that was easy. This is not easy. I have just gained experience through pain (so much pain….) and honed my skills to better grasp and align with market conditions. Nothing easy about that.
What’s one thing I need to do less often?
- Worry about some doomsday scenario. I have shown consistency in my alignment with the market (see how I did not mention profit?!). Thus this consistency will help me continue into the future. My risk guidelines will save me from potentially ruining myself. The statistics speak for themselves. Now get out of your own way and just focus on the process. Process is king.
Under the circumstances, did I perform at my best?
- I did well here
For my trade plan(s) on this particular day, go here: