Winning but still scared – Weekly Trading Review

Weekly Trading Review 11th to 15th July

What did I do best this week and how I did I do it?

My goal for increasing trading activity whilst staying with my rules, has been hit for 4 weeks in a row. But comparing this against the number of missed trades, there still room, for improvement.

I am using the following methods to increase my trading activity without taking lower probability trades.

First, I am working on increasing the amount of time I can stay focused. This has improved though the following

  1. Taking regular small breaks, basically after every 25 mins, I tend to take about 5 mins breaks.
  2. Spending less time discussing the market in the Stage 5 chatroom. Whilst it is an excellent room, where there is good focus on the markets and good discussions. I do find that it detracts from my overall focus.
  3. Having 2 cups of Bulletproof coffee per day. One at the start of the AM session and the second at the start of the PM session.
  4. Not relaxing after having a winning trade, I do this to avoid giving back profits but overall limits the amount I trade. I have improved on this. But I have found it is accumulative emotion the better I do in one day the harder it is to continue.

    With every winning trade, I become more risk adverse and with every winning day the harder it is to continue in the same vein the next day. See below, in what I did badly, for more on this.

  5. Updating my mini plan all thru the day, helps keep me focused, even when price is far from my areas of interest, and even if the plan comes out very similar to the previous plan. It helps me to stay in the game rather than slip into auto pilot and start getting distracted.

Secondly, defining my 2 markets, the Bund and Stoxx, into Primary and Secondary

Primary Market is where I trade all the levels from my context charts down to the execution charts. (Daily,60min,15min,3min) and trade levels that are blind and require triggers.

Secondary market where I trade only the levels that require blind entries from the Daily, 60min and 15min.

Though I do need to check price action and structure before I let these orders be filled, and I sometimes do not notice that price is trading close to the area, as I completely focused on stalking a trade in another market.

Therefore, I need to make more use of the alert system on my platform, so that when price comes near I can do a quick check whether I want to leave the order in or pull it.

What did I do badly this week and what lead me to do it?

My no fill problem is becoming less of a problem in most aspects, more of them are set at the correct buffer but I am still having problems switching to market orders from limit orders on trigger / order flow.

But having collected a sample of 90 trades, the bigger problem is missed trades due to lack of focus or fear of loss. That is the lower hanging fruit at the moment. I will come back to the trigger / order flow problem later. One step at a time.

What is the problem

That after each winning trade and after the each winning day the desire to skip trades becomes more and more pronounced.

Why do I have this problem?

As always it comes back to fear. Fear of Loss. In this case fear of giving money back. This constant theme in my reviews of the 2 fears is starting to get on my tits.

If I could just banish this then it would be great, but it seems not to be the case. So I just have to identify the situations that this rears its head and get on with it with finding solutions.

What I am going to do

I have logical statements that I am meant to read aloud after each winning trade and one that I read aloud after each losing trade. When I do read these aloud, I find that it helps, but I have noticed that I sometimes skip this step, especially after a winning trade.

I think this is my sub conscious sabotaging my methods to improve, so it can stay in the comfort zone. A desire not to do the things that we help me. Well fuck that shit.

So I am adding a tracking column to my trading journal where I will track whether I am reading the correct logical statement after each trade. It will be binary either it is the correct one or it isn’t.

weekly trading review

I know that I respond better to tracking stuff so this should help.

A second prong of attack is that I have re written my setups cheat sheet, so rather than having one for blind entries, one for trigger entries and one for exits. I have just one for entries and one for exits.

This means that I stripped even more of the discretionary side out of the setups.

I have made it even more black and white between what is a blind or trigger entry level and stripped down the trigger to 5 criteria, where 2 have to be present for me to take the trade.

So there should be less discretion between the 2 types of entry and less discretion in what I am looking for when entering on a trigger.

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