Weekly Trading Review 19-23rd September
This will be a quick summary of my full weekly trading review. As I have guests staying this weekend, so time is limited.
What did I do best this week and how I did I do it?
I followed my plans, my average grade for the trades was A. Though I was down on the average number of trades with an increase in no fills, but that is likely down to FOMC and Thursday. But I will keep an eye on that to see if starts to develop into a trend.
What did I do badly this week and what lead me to do it?
Thursday was a difficult day for my style of trading. No fills on my with-bias trades, and small losses or small wins on my against bias trades, basically the trades would hit the first scale and then take out the second position.
I was running more aggressive targets due to the trend day and very bid market.
I was happy with this, I was following my system and adjusting my style to suit the market.
But then a loss of focus, and 2 poor trades right at the end of the day. Moved the stop on one by 2 ticks, so took a bigger loss and then took a revenge trade.
What is the problem?
The problem was FOMO, I wanted to finish the day on a good note. I was trading my profit and loss rather than the opportunities that where developing.
Why do I have this problem?
Frustration at the no fills going with the bias coupled with the end of a long day of full on focus.
It shows that slips in focus can be costly.
What I am going to do?
I have a set of logical statements, which I read out after each trade, depending on the situation. I track this on my journal to ensure that I reading them out.
After moving my stoploss 2 ticks, I did not read out the relevant logical statement.
After a losing trade with less than a B grade, I repeat out loud the following
The hard work I have done to find an edge is not destroyed when I take a single bad trade. It is destroyed by trying to win the money back by taking subsequent trades with context and without a plan that do not follow by process.
I know that it sounds a bit silly reading these statements out aloud, but I find that they act as good verbal reminders and help to offset any slippages.
So the moral of this week review is not to get sloppy and stick to the process including the end of trade process which sets up my mindset for the next trade.