Weekly Trading Review 5-9th September
Another quiet week leading up to the ECB on Thursday then volatility and a trend day on Friday.
Better focus for the majority of the week, apart from Friday PM. Where I trading when I should not have.
What did I do best this week and how I did I do it?
Followed my plan, kept to my routines, kept the average grade of my trades above A.
What did I do badly this week and what lead me to do it?
On Friday just before the US session started, I had some bad news regarding an outside matter, which threw my focus. I found I was unable to focus on trading and problem solving.
I knew that I should stop trading as it was unlikely that I would perform at my best. But as this was the first day in a long while that there was decent volatility in the market, I did not want to miss out.
I decided to take an hour out, go for a walk and then mediate and then come back to the market. I normally exercise at this time of day but that routine was broken due to my sciatica playing up.
I came back feeling better and more focused but the issue was stilling playing on my mind. In the end I was down for the day having been up in the AM session.
The positive of this I was did not go full on tilt, I did not take any old set up, I stuck to my process. The main problem was FOMO, I entered twice too early and got stopped out, only to re-enter and get winning trades. This coupled with 2 losses and not a single fill on any of my short trades meant that I ended up with a down day which was just over 1 R.
So not a massive problem, it is not like a blew a weeks or months profits.
What is the problem?
The problem was FOMO, fear of missing out.
Why do I have this problem?
This problem makes a change from my normal problem of fear of losing. I knew I should not be trading and under normal conditions I would not, but as the market conditions have been pretty poor for a while, I was desperate to get back into the deep end.
What I am going to do?
The last time I traded with outside problems, I went full tilt and hit my daily stop loss. So there is an improvement in how I handled this situation.
As I do not have fixed rules in place for when I have outside news that results in my not being able to concentrate. I will change my trading plan to incorporate a routine to follow to ensure that I can trade at my best.
The routine will include taking a break and redoing my morning routine. If my first trade after that has any errors, then I stop trading and repeat the morning routine and if then the next trade has any errors then I stop trading.