What did I do best this week and how I did I do it?
It took me a few days to get back to normal, after over doing for the past few weeks. I would say that I was not back to feeling 80 percent till at least Wednesday.
I took only A and B grade trades, and followed my processes.
How did I do it. I am finding that reading my trade profile and focusing on what my C game traits looked like, which allows me to head off at the pass, the bad traits that lead me to taking C and worse type trades.
Also focusing on the R aspect of the reward has kept me out of the trades which whilst are ok setups but have a low expectancy, thus keeping my mental and emotional powder dry.
Also the logical statements have helped to keep my focus in the right place.
What did I do badly this week and what lead me to do it?
After making good steps in improving my micromanagement issues, I had issues with this again during the week, 2 steps forward to 1 step back. The good side is that my first scale is larger around my previous second scale, but I am now having issues with the second scale.
Obvious fear of loss is a primary concern, but it is more deeper than that, as after the first scale then there is no loss. It is more losing the gain I already have.
Looking at the small sample, of the new data set, one problem is that a good percentage of my trades that I am taking profits at the right time and that particular set up is a scalp, and I should be exiting at this place not looking for a bigger move. And others I get out and leave the majority of the move on the table.
So it comes down to fear and a mixture of not identify whether this is a scalp or an intraday swing. I have a process in place, but obviously it is not clear enough for me to be confident enough to treat the 2 trades differently.
What am I going to do
I discussed this problem with the missus, and it became clear that whilst I know the difference between the setups, i.e a scalp and intraday swing, I could not articulate it clearly. If I cannot articulate this in a way that I can explain it to a non-trader then my understanding of this is not at a level where I am going to able to implement this consistently.
Over this weekend I am going to work on this and come up with some corrections to apply to my trading. I will write a further post on this over the weekend.
Update on last week’s goals
I completed last week’s goal of reducing my working hours, spending more time on my hobbies, eating and drinking regularly and eased myself back to exercising. I will continue with this programme.
Main goals this week
Continue to focus on my process and taking A/B grade setups.
Work on my new process on identifying whether the trade is a scalp or intraday swing.