As I mentioned in last week’s review that I am focusing on 2 areas to improve my trading.
1) Participating in the Futex Price Ladder Training Course, to improve my Dom reading skills and to work on my no fills on the Bund.
2) Working on my confidence and self-belief with visualisation.
Price Ladder Training – Halfway Progress Report
I am enjoying the course, learning loads, cementing other knowledge and improving my confidence.
No real trading this week as I was on Part 2 of the course and this consists of 5 days of Micro Scalping Drills on Sim that take place over a whole trading day. No time left for live account trading, missed out on some great set ups but I am playing the long game here.
I am not going to too much details about what I have learnt content wise on the course so far, as you can read all about the course syllabus here.
What have I learnt about myself as trader so far
I knew more than I thought about reading the DOM, but this course has helped formalise this in a more structured form.
This in turn has helped me organise my own Jigsaw Dom to provide me the information in a cleaner format and get rid of some information which I did not need.
Futex provide a drill sheet with a plan for the day. I found that I worked a lot better if I read the Futex plan and then wrote out my own plan beforehand basically covering the Market I am trading, size, the set ups I am looking for and targets and stops. The fact of writing my own plan helped me focus on what I was trying to achieve with that days drill.
As these drills took all day and was micro scalping, there was lot of trades during the each sessions, between 60-100 trades over the whole trading day. So staying focused was important and it is hard to stay this focused for whole sessions at a time. I used the Pomodoro Technique, which is 25 mins work followed by 5 minutes break. I would get up from the desk and stretch, make a tea and then get back to it. This helped maintain my focus.
I have used this technique during my real trading but only when I felt my focus was slipping, but I intend to incorporate this every day, as it was very helpful in maintain my edge during the day. The biggest drawback is sometimes getting a set up as when I was meant to be taking a break. I would take the setup but on exit then take a break for slightly longer.
In my current trading system, I don’t tend to trade around the VPOC, only certain setups call for a trade at the VPOC. Trying to micro scalp the micro balance that formed this week around the VPOC, was hard work, a losing proposition for me and was too much of a drain on the emotion energy and focus. Though this is not a time to completely lose focus as the eventual move away is something to be in.
Basically I was a lot better in the AM session. Found the PM session a lot harder to read, a lot harder to maintain focus and I was more likely to do stupid shit in the afternoon.
Though I suspect that Fabio’s climate is slightly better than a damp, cold English south coast.
I tend not to trade the cash open, but as most of the drills required me to take a micro scalp on the open, I was forced to trade it. It was a lot more readable than I had previous thought and some of my best scalps of the week was off the opening order flow.
Getting in too early was sometimes a problem, I sometimes got in too early before the order flow showed itself properly on the Dom. I got better at waiting for this as the practice started to cement what I was looking for in the order flow as the week progressed.
In my real trading I would sometimes get a no fill or miss an entry , I would then sometimes see some order flow that would enable me to second chance, but I many times I could not take these trades as I would be using my original stop and targets for the Risk and Reward calculation and the RR would not add up.
This week has shown me that I can micro scalp this order flow in the direction of my target with smaller stops and get a decent RR, of 2-3R.
Where am I wrong and is there an opposing trade
In my real life trading, I would be looking at an area for a trade, and whilst I was looking at this area I would be looking at where I would be wrong, where I think the first trouble area if I am right and possible entry points. Very rarely would I be looking at trades in opposing directions. This week has taught me that in certain areas, that I should be considering that if I am wrong, there could micro trade set up on the opposing direction, that will become based on the order flow of all the other traders that where wrong as well and this opportunity should be considered.
Lose as much as I can Drill.
Very interesting drill. Very simple, lose as much money as you can across the AM and PM session using 4 lots. I went in to the session with the plan to trade opposite of my trading system. And it lost money, so that was something of a confidence boost to me. Also this was the last day of the week, which followed 2 days of being in the market constantly (was not allowed to be flat) but micro scalping, no position trading. To be frank, I was on my chin straps, and struggled with focus during that day. This just reinforced that focus and energy during the week, needs to managed carefully.
Shit load of Trades
A great thing about this course, is the number of trades taken, and the immediate feedback from the market on the results. I have probably taken in the last 5 days about 6 months’ worth of trades. This has given me a certain confidence in the ability to manage the trades on a short term basis and a more fluid way of handling orders on the Dom.
Bund and No fills
The fecking Bund, is still a fecking fecker when it comes to fills even in micro scalping. To prove it, I recorded me trading the Bund in one of the PM sessions here.
Whilst having the confidence of managing a trade without a stop order in the market and to get out where the trade is wrong, sometime the market will take off and trying to get out can be a pain, and can result in getting out with a lot bigger loss than planned. For any of these techniques I use in real life, as of now, I have a plan on how to get out, one chance to get out on a minor pull back and then a market order on any further adverse movement and I would have an emergency stop in the market to limit any loss.
Unlike my other Dom, the Flatten button does not pull all the other limits orders in the book. Lucky I learnt this on Sim and on the day of lose as much as I can.
Had some great tips from Diontrader this week on visualisation. I am continuing this practice before the open and once before bed. This has proved to beneficial and I feel a lot calmer and focussed during the sessions. The real test will be once I go back to the real market.