Weekly Trading Review – 5th to 9th December
Summary of Performance
I finished this week, down overall. This was due to one mistake which I will cover later.
Other than that, I am reasonable happy with the way this week went. I am back into my routine and following my process (with one exception) and this is paying dividends.
Tiredness is a still a problem but not as much. I am handling this better and the main problem is accumulative, rather than lack of sleep over individual nights. But the Christmas break is just around the corner and I will be able to relax and rest for the New Year.
My goal of getting back into my fitness routine was set back a bit by a head cold. But I got three sessions in and will continue working at this.
What did I do best this week and how I did I do it?
I have started to incorporate a new tool into my trading, the footprint chart provided by AMS Trading for RT Investor.
This is not an addition but a tool to replace the Jigsaw Vista / Bookmap chart setup. Whilst I found those tools very helpful, I was noticing order flow setups, which I was using but was frustrated with the inability to look inside past examples of these setups and see what was going on. I wanted to analyse why some worked and other failed.
I was persuaded by a friend Trading for Singles to try out the footprint chart.
What was good, is that I now having a clearer understand of why some of my triggers work and others don’t. Or what is actually happening inside my trigger setups.
I also now know of the warning signs that when these could be failing after entry and have given me a clearer idea of what I should be looking for in my pre-breakout trades.
Overall very beneficial week from that point of view and I will be updating my trigger process to incorporate these learnings.
The downside of focusing on this tool, was to neglect my core strategy during the week. If my focus is purely on an order flow tool, then everything looks like it can be solved with the order flow tool.
It just demonstrated that whilst order flow is an important especially for my triggers, applying it in the right areas and with respect to the context and using it conjunction with my core strategy is always going to be more important.
What did I do badly this week and what lead me to do it?
I traded the ECB presser, had a basic plan and everything was going well.
During my normal trading, I use the Jigsaw Dom, which does not have the ability (at the moment) to auto place stop and target orders.
So, during news events, I use the Stage 5 Dom, as this does allow me to place auto exits orders. Not that these are always where I am always looking to exit but more of a precaution in case I get caught on the wrong side of a move.
For the ECB presser, I was using the Jigsaw Dom, and what happen on the last question, I got caught on the wrong side of the move with no stop. A day limit loss on one single trade.
Why did I not have a stop in?
I had only just entered the market when the move happened and had not placed the stop order. It was not the case I was trading without a stop, I just had not placed the stop yet.
This is the whole reason why I use the S5 Dom, to avoid this situation.
Why was I not using the Stage 5 Dom?
I was complacent and lazy. I could not be arsed to swap the screen layout around and do not like the S5 dom.
Why was I complacent and lazy?
Having used the other Dom for six months of NFP trading, I have not been caught out on any move, as I always had a stop in and this had lead me to a place of over confidence in my abilities over my procedure.
What did I learn? That my good trading is driven by the maximising my edge using routines and process.
And each of these are in place for good reason.
And ignoring or deviating from these best practises will only set me back in self-confidence and hard earnt profits.
An expensive lesson learnt. Or I should say re learnt.