What did I do best this week and how I did I do it?
An okay week, not loads of trades but all of them good quality trades at my levels. A good focus on process and taking the best trades. A slight improvement on not micro managing the trades and the play to win mind set.
I will continue working on the play to win mind set and focus on following my process.
I let the morning visualisation and end of day review slip a couple of time this week. I need to ensure that these deviations to my routine do not become habit.
It is easy to start to think, when the trading is going okay, that the some of the parts of the routine are not important and they slowly get dropped. Whilst they do not feel like they are contributing much at the moment. They became part of the routine as they were beneficial to my trading. They have earned their place within the routine for good reason. And the dropping of these routines will likely lead to a drop in performance over time.
It is bit like getting fit, at first the workouts are hard and over the first few weeks / months, these workouts have the biggest effect. Then once the workouts start to get easier as our fitness improves, and the effect becomes less noticeable, we start to drop the frequency of the workouts, and start down a path that only leads back to the where we started.
One of the goals next week, is to ensure that I complete my morning visualisation and end of day review for every day traded.
Now is the time to work on improving the quality of my focus and decision making within my trading process not to start getting sloppy.
What did I do badly this week and what lead me to do it?
I badly managed a trade that I got in to too early. So a D grade. I had a play not to lose mind set all the way though the trade but took 5 minutes out afterwards and the next trade was a Grade A. So whilst I am mentioning it, it not something that I am overly concern about.
More of the problem this week, was missed trades. Am I being aggressive enough with my entries on the order flow trades, 4 trades did not fill, when I placed an order, after I saw the flow that I was looking for, either it was a join or I was looking at 1 tick pullback.
I also had 4 trades this week that did not test my order by 1 to 2 ticks, I have looked at these trades and 2 of them, I had not placed at the correct buffer to the level but exactly at the level. Nothing really to analyse there, need to ensure that all trades are as placed as per my process.
And I had one trade where I removed the order before the news and then forgot to replace it.
What is the problem
The missed trades number is starting to rise, I had for a while got them down to an acceptable level.
Why do I have this problem?
I am not committing fully to the risk of these trades and it is my perfectionism and a playing not to lose mind set.
What I am going to do
I do record my missed trades and error trades as a general metric, to remind myself of how much error and missed opportunities is costing me.
This weekend I have split the missed trades into sub categories which allow me to look at each type of missed trades, so I can analyse these missed opportunities and come up with better strategies. Also I have noticed that the tracking in itself, can help to improve the situation.
Re reading the above, I am letting a few things slip within my process and routines. The problem is commitment, I find it easy to be committed when things are tough or hard to do, but thinks start to slip when I reach the next stage and things start to become easier. I need to re commit to doing all my routines and processes.