Weekly Trading Review 10-14th October
An up week, but still trying to get to grips with micro management issues. The plan to manage on the 15 min time frame, highlighted a couple of grey areas in which trades this applies to. I will work on this over the week end.
A slight increase in errors this week, which I will look to not repeat next week and but will keep an eye on.
The number of opportunities and the orders placed was a good ratio, missed very few opportunities when I was at my desk. But the number of fill trades compared to no fills had a massive jump this week.
My average grade is B, this is partly due to the change in my grading system to reflect my current goals of reducing micro management and picking correct targets.
Last week Goal
The main goal of last week was to manage the 60min level trades off the 15min chart and to ensure that correct targets where placed.
How did I do.
Not particularly well. Very inconsistent. Areas to work on, exactly which trades are managed on the what time frame.
And then the next step is to stop being a feckin fairy and get on with it.
What did I do best this week and how I did I do it?
Good focus and good read this week. Time went quickly and I felt in tune with the market even when it was choppy. My mini plans reflected this with good setups.
What did I do badly this week and what lead me to do it?
The micromanagement problem which already has an ongoing programme to deal with this. So nothing to add to this at the moment.
The other major thing is the missed trades and no fills. I had orders in the market at the appropriate level so the number of missed trades due to having no order in dropped massively, and one of the missed was less than 2 minutes into the market open.
But no fills have been slowly increasing.
What is the problem?
Of course, the no fills are skewing my results, as all the no fills are winners, as to be a loser it has to fill.
Even if I reduce my no fills by 20% it would make a significant difference to my results and that is even if I still micromanaging the trades like a knob head.
So it is definitely a problem, that can yield good results.
Why do I have this problem?
At the moment I am not sure.
Is it fear of losing that I place my order in the wrong place?
Is it that I am trying to enter so close to where I am wrong, to get the best risk reward that I just end up not getting filled?
What I am going to do?
2 weeks ago, I started a new data set of my trades, with a few changes in the grading to reflect my current goals and how I track levels and bias.
I also changed how I am monitoring the no fills. I know also monitor where was my order in comparison to where it should be, and by how many ticks my order would have to be moved to guarantee a fill, what my stop was on each order and what was the ultimate MFE.
Once I have collected enough data, I should be able to see how much I am missing the fill by.
With this information, I can then look at the increase in risk (if I keep my stop where it is) and compared that against the potential reward by looking at the ultimate MFE.
I am also, going to include an individual review of each no fill trade on playback, with screenshots and notes, so that I can see if there are any alternative strategies that can be employed. I will do this once a week.
What am I going to practice on?
I am going to skip the deliberate practise this week on the order flow. Instead I am going to work my way through the review process on the backlog of no fill trades. As I feel there is greater potential there for reward, compared to the amount of time invested.