Weekly Trading Review – Well, that escalated quickly!

Weekly Trading Review 21-25 November


Summary of Performance

Overall a poor performance with nothing much to write home about.

So a bit of a temporary setback with my trading. But before I start panicking, it is one poor week and before I beat myself up, it is has to be put in context. This is my first down week in a few months.

But drilling down there are 3 main issues with this week.

I am going to list the issues and then go through why I think I had them issues, and finally what I am going to do about it.

1) Over trading. Big increase in the number of trades this week.

2) Drop in quality in the trades. Average trade this week was a C.

3) Increase in errors.

I did not follow my processes, which lead me to taking more poor quality signals, which lead to an increase in errors and I then indulged in a bit of revenge trading, which of course lead to more errors and more poor quality trades and over trading.

The trades that I took that followed my processes where good, with a win rate of 73%, but the shit trades were numerous.

WHY

Why did I not follow my entry process, because I was focusing on the lower time frame too much and not updating my mini plans and journal, which both have measures to stop me from making the above errors.

Why did I not follow my analysis and mini plan routine. Complacency and I was being very haphazard following my overall daily routine. I did not do my full pre market routine, I was not taking breaks, I was not keeping myself hydrated, I was not exercising.

Why was I not following my daily routine. I was over sleeping every morning just a little bit, but this then put pressure on my morning routine, which then set me up for not following my routines.

Why was I over sleeping. Struggle to drag myself out of bed because I am very tired.

Why I am tired, because the number of hours I put in to this, is only kept in check with taking proper breaks and getting the right amount of good quality sleep.

Why am I not getting the right amount of good quality sleep, because I am not going to bed early enough to get the right amount of sleep.

What am I going to do about this

It all comes down for me, to routine and process. I let one slip and the knock-on effect escalates into poor performance.

1) Ensure that I am in bed so that I get a minimum of 7 hours sleep. As per my normal routine.

2) Ensure that I am up promptly, so that I can completely my pre market routine completely without being rushed.

3) Ensure that I take breaks, exercise and keep hydrated during the day to ensure that decision fatigue does not become a problem, resulting in breaking routine / process and the inevitable poor outcome.

Summary, the hard work I have done to find an edge and find the best process to manage that edge is not thrown away by one week of poor performance. But it will be thrown away, by not keeping to the best practises, that I know that makes me profitable.

10 thoughts on “Weekly Trading Review – Well, that escalated quickly!

  • 26/11/2016 at 19:32
    Permalink

    I can feel what you feel.

    Turn your wounds into wisdom.
    Don’t regret the bad times, they’ve shown you that you’re strong enough to overcome them and appreciate the good times.
    You have to fight through some bad days to earn the best days of your life.

    Wishing you all the best.

    Reply
    • 27/11/2016 at 12:13
      Permalink

      Hi Hana,

      Thanks for your kind words and support.

      I agree, we cannot change what has happened, what we can change what we do from here.

      Hope you are well.

      Adey

      Reply
  • 26/11/2016 at 20:14
    Permalink

    Great self analysis and obviously the goal is to make a bad week a learning process and never repeat your mistakes.
    Are you accountable to anyone else ? Is there anyone else who can observe your routine and notice if you deviate?
    As a trader and being self employed I know how hard it is to focus but I am now accountable to someone and I feel I will do better.
    Good luck with next week and I really look forward to your end of week analysis. You are a great trader.

    Reply
    • 27/11/2016 at 12:04
      Permalink

      Hi Nev

      ,Thanks for you comments. I work from home alone. So day to day, there is no one that observe me.

      I know from past experiences that I perform better when I am directly accountable. But it is difficult to set that up in my current situation.

      It would be great to hear how set up your accountability and made it work.

      Have a good week.

      Adey

      Reply
  • 26/11/2016 at 23:12
    Permalink

    Hi Adey,

    I only traded 3 days of the last week (mon-wed), but found it to be a bit of a tricky one – I did not do particularly well either.

    It’s interesting that you talk about the getting up just a little bit later and it having a knock on effect on pre-market routines – I had this same problem back in the summer, and as you mention it was also a result of accumulated fatigue. I found the best solution (for me anyway), was a decent break away from the screens for a few days doing something completely unrelated to trading. Which I think helps to reset and let our subconscious mind deal with all the accumulated information our brains have not yet fully processed.

    Couple of tools I have found useful are ‘Sleep Cycle’ app, also the new iOS update for iPhone, has a good feature called ‘bedtime’ – where you can tell it your wake up time and how much sleep you are aiming for – it’ll then ping you if your still up and active in the evening to remind you to go to bed.

    It is incredible how quickly habit creep can snowball though, I have found the same thing if I let my pre-market routines slip, or don’t follow them in full – it’s generally not long until I see the knock on effects show up in my performance.

    auh

    Reply
    • 27/11/2016 at 12:11
      Permalink

      Hi Auh,

      I agree with you on all points. I can feel the accumulated fatigue when ever I start to relax. If I read any non fiction, I tend to fall asleep within a couple of pages.

      I can manage it if I sticik to my routines, but as soon as habit creep starts then it tends to go downhill quickly. So this post is a remeinder to myself that from now till xmas my next scheduled break, I have to follow my routines and be aware of the danger signs when I start to slip.

      I use the Sleep cycle and will certainly look at the Bedtime feature.

      I hope you are well.

      See you on Monday.

      Adey

      Reply
  • 28/11/2016 at 11:59
    Permalink

    Hi Adey,

    I believe that similar to the markets our behaviour has a cyclic tendency. Let’s say for simplicity we are either in the zone (happy about our performance, no problems on following up on all our rules, bringing our A-game each and every day, etcetera) or not in the zone (everything just doesn’t seem to work, C-game all over the place).

    I wanted to mention the cyclic tendency of human behavior as I think you have dealt with ‘similar’ situations before (http://takingonetradeatatime.com/2016/04/23/weekly-trading-review-17-22-april/#comments and http://takingonetradeatatime.com/2016/06/18/weekly-trading-review-13-17th-june/). I liked your suggested solutions back then, and I think just reading back those posts will give you that little extra kick to get back in following your processes.

    On the accountability issue: I find it sometimes refreshing to work one or more days a week in nice freelance spot. Not perce with other traders, but in an environment with other entepreneurs which are focussed and who have with it takes to succeed in their line of work.

    Keep up the great work, and all the best,
    Seorge

    Reply
    • 28/11/2016 at 17:15
      Permalink

      Seorge,

      It is funny you should mention that. I was discussing this with the wife, that it seemed to be cyclical, cos I slipped in September.

      It seems to be on a 2/3 month cycle this year, I had a look back thru my notes and trading records and it was more like every 6 weeks in 2015. So there is an improvement.

      So I am going to set a calendar reminder for eight weeks time to remind myself about this. Not sure how xmas will effect this but it worth doing I think.

      I had a good day today following my process, a little gunshy after last week, but overall A grade.

      Thanks for the tip. I was doing some freelance consultancy work with a racing company, not for accountability but to be in the environment that you said. But unfortunately there is no need for me at the moment as the Vendee Globe race has started.

      But hopefully I will do some more with them next year, as it was interesting and fun. And made me look at my trading a fresh.

      Hope you are well. Have a good week.

      Adey

      Reply
  • 29/11/2016 at 11:55
    Permalink

    Thanks for being so honest and transparent, Adey – this has produced an outstanding blog post that traders can learn a lot from. It’s amazing how real simple things such as not getting enough sleep leads from one thing to the next.

    I think you already have all the answers in front of you – the fact that you review yourself and write it all down is halfway home!

    Thanks again for sharing & good luck for this week!

    Reply
    • 29/11/2016 at 21:55
      Permalink

      Thanks for the kind comments. Doing the review and posting it, helps me organise my thoughts and in a strange way helps to keep me honest. And if it helps any trader on the same journey then that is great.

      Have a good week.

      Adey

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *