Weekly Trading Review – Builder of Routines

Weekly Trading Review 28th November to 2nd December


Summary of Performance

Overall a good performance.

The number of trades slightly less than average and the overall average grading for the week was an A.

Performance was in the upper variance for my system.

Goal for this week, was to get back to following my routine and process. Which I competed successfully for 4 out of 5 days.

Errors where in 2 camps:

1. My micro management, which is a long-term goal to sort out, but was on the back burner for this week. But will become a focus again.

2. Early entry. 2 trades I got in too early, one resulted in reduced profit and the other I was top ticked, and then missed the secondary entry. I can see why I got in early, but it was good that on the stop out, that I then attempted a secondary trade. I must watch this to make sure these do not become a habit.

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

I followed my routines and process on every day apart from Thursday. And it just demonstrated that it is a core component to my trading. The only difference between last week and this week, was my following of my process and routine.

So need to keep working on getting fully back into my routine and process so that I perform every day. This will leave me in the situation where I can work on the micro management issues and other ways to improve my returns.

I also need to keep my fitness routine, this is becoming very sporadic, about 2-3 times a week instead of 5 times a week. The main problem is that my usual time to work out recently, there has a potential trade setup and then after that I cannot be bothered as I must rush to get it all done before the US traders come to market.

I have to do my fitness routine, even if it means that I miss the occasionally trade. As sailing, has left me with so many issues, bad knees, bad back and fucked up hands, to name a few. Keeping strong and reasonable fit, helps keeps these issues to a background problem rather than a constant theme to the day.

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

I had a good day on Wednesday, which required a lot of focus and I found very tiring. Thursday I was very gun shy and took no trades, I had a couple of no fills but I was extremely reluctance to trade.

Why did I not follow my routine and process on Thursday? Fear of giving back the profits from the day before.

Why was I fearful of giving back the profits? I was tired and I was playing not to lose, rather than playing to win.

Why was I playing not to lose rather than playing to win? A lack of self-belief / self confidence that I can do this.

I see parallels this in my racing career, there are notable races during the early stages of my career where I was leading the race, but then gave back the lead to finish second or third. This was due to lack of self-belief and then self-sabotage where I would then relax and stop pushing once I was in the lead.

I only overcome that in racing by not focusing on the result, i.e I am in the lead, but my purely focusing on what I needed to do next, and making the right decisions whether I am in regardless of my current position.

The decisions and process do not change, the only thing that changes is the focus. When leading, the focus was on the result.

What got me into the lead and enable me to perform at my best was a unrelating focus on the process and decision making.

It is like racing during heavy winds, in the end, the heavy winds will drop, but some of the most important decisions are made at this stage. People are tired, beaten up, wet and cold. The easing conditions means the possibility of some sleep and less physically hard conditions. What people want to do is rest rather than push, increase the sail area, sort the boat out and focus on the driving the boat back to 100%. There are great gains to made doing this, whilst others are still recovering.

So after a heavy trading session whether it is profitable or not, the easy decision is to rest and recover. But it is the better decision to focus on the routine and process and keep going.

How I overcame this in racing was that if I found myself thinking about whether I needed to do something that I do not want to do, then I would announce out loud that we was doing it. This committed myself to this course of action.

To apply this to my trading, I am going to revise my logical statements to include a positive reference to my sailing, where I faced the same difficulties and overcame them.

I repeat the relative logical statement after each trade I take.

These are my current statements

After every winning trade – My ideal future will not be become a reality, if I don’t concentrate on taking the trade opportunities, which are presented to me now and during this session. Remember the Fastnet Rock and Leg 2 Clipper. Update Mini Plan and use RR tool.

After losing trade – this is trade just one in thousands of trades in my career, it means nothing.

Losing Trade with less than B grade. – 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 without context and without a plan.

These are my updated statements.

After every winning trade – I will not become the best I can be without following my routine and process and taking the next Grade A trade. Remember winning the Fastnet Race and the decision point just after the Rock.

After a losing trade – this trade is just one in thousands of trades in my career, it means nothing. Follow my routine and process and take the next Grade A trade. Remember the poor start of Victory Champs, and winning the race by focusing on the routine and process and what that felt like.

Losing Trade with less than a “B” grade. – The hard work I have done is not ruined by taking one single poor trade, it is ruined by taking subsequent trades without context and without a plan. Remember the Victory Twilight light wind race and the wrong call which result in being second to last at the first mark, and then winning the race by a country mile, this was done by focusing on routine and process . Recall what that felt like.

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