What is the Plan and Focus for 2017 – Changes

What is the Plan and Focus for 2017 – Changes

Over the Christmas break, I spent a lot of time reviewing and analysing my 2016 performance. So before moving on to what I tend to change and what my focus will be. It will be good to go through a general summary of what worked well and what I did poorly.

2016

What I did well in my Trading

1. My levels where I intended to do business overall were very good.

2. My context read was generally good to very good.

3. My consistency has improved compared to previous years. Though it nowhere near where I want it to be.

What did I do poorly?

1. I am not trading my levels within my framework of context and stats particularly well.

2. Whilst my consistency has improved, I am still having problems with decision fatigue at the end of session and accumulative fatigue over the long periods (3 months approximately)

3. Micro management is a problem that ebbs and flow thought out the year. See 1.

The whys

For 1 and 3

Why am I not trading my levels within the framework of my context and statistics?

I am too focused on the levels. Going through my previous reviews and study’s, it has been about narrowing down what levels, triggers etc. I have spent very little time working on what regime the market is in, and how these levels play in to the stats I have and my generally good context read of the market.

Why am I focusing on my levels?

I am trading the reaction as that has me in my comfort zone and keeps my fear of loss under control.

Also, my constant focus in prep and homework is on levels thus it natural that this becomes a focus of my trading day.

For 2.

Why am I suffering decision fatigue?

As my focus is so much on getting in as close to where I am wrong and I miss the trade, these causes this then causes me to worker harder to find a second entry or an alternative setup. When an entry in to the original trade within my context would have been much simpler.

Too much discretionary in my trading generally leads me to end of day fatigue.

Too much time staring at charts where I know I have no edge.

Summary

My weakest link in my trading is me and that needs to stop.

2017

My focus for 2017 is to make me the least important part of my trading system.

I am going to do this

By breaking down every part of my trading system and making it more systematic on all levels. This will strip even more of the discretionary side of my trading out, thus reducing decision fatigue. I do not have to catch every move, but I need to catch every move that my trading system tells me to within the frame work of my context / stats.

If I do not get a set up then fine, but my triggers are so discretionary that it requires a lot of focus to take the trades.

I find the blind trades a lot less stressful over time, the hard work in the blind entries is deciding which level to take blind.

So, by getting more systematic or black and white in these parts of my trading, will reduce the amount of decision making.

I am not just blinding changing my process for these. I have been learning to code trading systems in RT Investor, so that I can break down each set up / trigger and back test to see if these have an edge.

I am going to focus on the setups that bring the best return and stop trying to be a generalist.

I am going to focus on the sub-sessions and market regimes that I know my edge works the best in.

I am going to spend more time working on improving my integration of my stats and context into my trading. Again, though systematic process.

I am going to improve my taking of regular breaks over the weeks to ensure that I am maintain my focus.

I have broken down the above areas of focus into more specific outcome goals, then process goals followed by performance goals.  This will enable me to work towards the bigger focus with some consistency and feedback.

Weekly Trading Review – Self Sabotage

Weekly Trading Review – Self Sabotage

Weekly Trading Review – 12th to 16th December

weekly trade review

Summary of Performance

A poor week this week.

Basically, over the last 2 weeks I have managed to fuck up my best every quarter. Whilst I still finished profitable, it has gone from a potential excellent end of year to an under average quarter.

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

When I was focused, and following my routines, then my quality of trading was good. But it was the fluctuations between a calm and focused state to an unfocused / distracted / angry trader.

More evidence that my process and routines are the key to my profitability.

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

I would start off each day focused and on track but slowly over the session. I would find anything to everything would start to irritate me, ranging from a no fill trade / minor computer problem to answering the door to a delivery guy and then this would send me off the deep end and lead to some poor decision making in trades.

Why was I so emotionally unstable?

Basically, it is accumulated fatigue. The long hours I put in each week without a decent break has after a while a negative effect to my trading.

The clues to this starting where in my Weekly Trading Review – Well, that escalated quickly! Post.

And a few traders where even kind and helpful to post these comments

Seorge Goros posted this

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.

And Auh-trader posted this

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.

I attempted to deal with this problem by going to bed earlier and taking regular breaks.

But this has not helped.

I think the problem, is that once I reach this stage it is too late and more drastic action needs to be taken.

Why did I let myself get so fatigued?

My back ground as a sailor, has instilled a habit of hard work, and an ability to keep pushing though limits. Whilst this is handy skill, I am finding it has negative effects which I have not considered. That whilst racing, there will be an end to the race or on the longer races that take more than 20 days there are periods to catch up on sleep.

I cannot maintain this work rate constantly and retain the same amount of focus. Whilst I take breaks about every 4 months to spend time with the family etc. It is now becoming obvious that these breaks are too far apart to help.

Looking back through my posts and trading journals, it become obvious that about every 3 months, my performance drops till I take a break.

And it is also obvious then when I get to this stage the solutions I put in place are feck all use.

It is not enough to just to be the hard worker in the room, I need to work smarter. In the end, it is all about the results.

I need to have something in place to ensure that I do not get to the over fatigue stage.

It reminds me of physical training. The only solution to over training is to a take a break, and the more over trained one is the long the break. The key is not to get to over trained. The system I used, was that every six weeks I used do a light week of training.

Therefore, starting from the first day of trading next year. I will implement the following

Every sixth week, I will do a light week of trading.

Where I will take one complete day off from trading.

Where I will catch up on sleep and do something totally non-related to trading.

I will call an end to sessions that are not productive. Quite often I can tell that the AM or PM session is not conducive for my edge, instead of sitting there using that to get more screen time. I will do some else for that session.

If I have 2 limit down days with a space of six trading days, then I will take a complete day off from trading.

I will also look at going back to do some side consultancy on the racing front. As this was interesting and the change was as good as a break.

Weekly Trading Review – Law of the Instrument

Weekly Trading Review – Law of the Instrument

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.

weekly trading review

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.

Weekly Trading Review – Builder of Routines

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.

Weekly Trading Review – Well, that escalated quickly!

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.

Weekly Trading Review – Ball of Confusion

Weekly Trading Review – Ball of Confusion

Weekly Trading Review 14-18 November

weekly trade review

Summary of Performance

Overall an okay performance that sits within the mid of the variance range for my system expectancy.

The majority of the errors this week and missed trades once again come down to issues with my scalping and IDS system.

Average grading was B, this was all due to conflict between my 2 systems and mismanaging trades, especially on 3 trades.

Last week Goal

The main goal of last few weeks is to manage the 60 min level trades off the 15 min chart and to ensure that correct targets where placed and managed correctly.

How did I do

Overall poorly. Still very inconsistent with this side.

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

The week demonstrated for me that, I need to have a process, it must be simple with as few grey areas as possible and there cannot be conflicts.

The new trade plan layout is easy to follow, and highlights the important IDS trades at the time of writing. But still need to work on the amount of time it takes to do.

Other than the conflict between my 2 systems and the problems that caused, my focus and trading went well.

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

My intra day swing system, came into conflict with the scalping system, a few times this week and all it did was cause hesitation and confusion about what I should be doing.

Basically, I had the opportunity to take a scalp or IDS trade, the problem was both entries where at the same price but the stops and targets where at different prices.

The result was that I missed one trade, which I had I patiently waited hours for.

The others I end up inconsistently managing them and overall these trades combined were losers. But if taken as IDS or scalps they profitable over this small sample.

All the changes to my process and routine to enable me to highlight the bigger opportunities have been productive, but now the problem is execution.

There is no problem when the scalp system is in sync with the IDS system and gives me an entry with a similar stop but different targets. I can take these trades and I have been working on my micro management issues with these trades.

But occasionally, the system clash especially on the wider levels. Where I might get a scalp entry with a 5 tick stop, and an IDS entry which has a 13 tick stop, and my process is unclear on how to handle this situation.

I did try and take both but just ended up badly managing both trades.

So I have decided to move all the IDS trades to my spread betting account, and I will monitor and play these separately from my futures account.

I will be taking both types in the future, but on different platforms, and I working on this principle that this separation will help me manage each trade appropriately.

Whilst my journal can handle these IDS trades, and it easy to compare the performance to the scalps trades. I have also made the decision to put these trades into their own journal. This is to help with the feeling of trading these 2 as separate systems.

Weekly Trading Review – Planning and Execution

Weekly Trading Review – Planning and Execution

Weekly Trading Review 7-11 November

weekly trade review

Summary of Performance

Overall a good performance that sits within the upper variance of my system expectancy.

Reduction in error trades and missed trades. The missed trades saw a large reduction in the no fills due to the implantation of my front running rules, as discussed in last week’s review.

The majority of the errors and missed trades come down to micro management issues for the intraday swing trades.

Average grading was A, the trades where it was not A, again micro management issues on the IDS trades.

Last week Goal

The main goal of last few weeks is to manage the 60min level trades off the 15min chart and to ensure that correct targets where placed and managed correctly.

How did I do

Overall poorly. Still very inconsistent with this side.

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

The side effect of focusing on my micromanagement issue, is that my lower time frame trades are being handled better and my profitability improved last week on these trades and I continue to maintain that improvement.

My focus and process following overall went well on all the LTF trades.

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

I implemented all the steps from last week’s review and this helped in one way but not directly. It shows that whilst I can clearly identify good opportunities for a larger target, that does not translate into a direct and simple to follow execution plan.

Without this plan I ended up either not taking the trades because of the increase risk (which I was meant to reduce size on) or took them as LTF trades, which then scored a low grade due to incorrect targets etc.

I think that the root of the problem, is that I am planning the trades off the correct level but using the LTF chart for the planning, thus the levels and structure on this chart is influencing me, when it comes to targets and stops.

So what am I going to do.

1) Keep the review process the same.

2) It is not enough to manage the trade on the 15min after entry.

The trade should be planned on the 15min from start to finish using my RR tool to help with stops / targets and last entry point, etc

3) I am revising the way I do my main trade plan and intraday mini plan.

Instead of 3 hypos, I am moving to listing the best 1 to 3 (if there is any) IDS trade opps with, where I am wrong, target and last entry point (LET) and preferred entry point (PENT), along with type of entry.

I will then list any LTF opp, with the same information.

I have adjusted my grading to reflect whether I followed this process.

Weekly Trading Review – A matter of inches

Weekly Trading Review – A matter of inches

Weekly Trading Review 24th October to 4th November

This review will cover 2 weeks as I was spending time with the clan the last weekend.

Performance

A okay to good performance over the last 2 weeks, with one week in the lower bands of expected return and the second week in the upper bands of the variance for my system.

Overall Goals

My goal of increasing the number of trades I take, if there are valid opportunities, was hit for both weeks on average. With a corresponding decrease in missed trades. Still a large amount of missed trades but definitely an improvement there. And some of these missed trades are a knock on effect of changes I have made.

My average grade of my trades is A, with a couple of days with C/D averages, these where driven by mistakes in micro management and target setting. As I am now punishing myself with highly weighted negative scores if I break certain rules. I am using this as intraday score keeping system to help focus on dealing with my micro management.

General Notes

7 errors over 2 weeks. 6 to do with micro management issues. This cost of these errors was a total of 310 euros per contract.

Last week Goal

The main goal of last few weeks is to manage the 60min level trades off the 15min chart and to ensure that correct targets where placed and managed correctly.

How did I do

Okay. A big improvement over the past few weeks, feeling more comfortable and less desire to micro managed but I would say I have improved but not dealt with the problem.

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

Overall my best this , was following my general process with good focus. The goal of dealing with my micro management, whilst still a problem with my trades off the 60min levels, has actually helped me with my management of the scalps. I am setting better targets and managing these trades better.

Need to continue with the focus on these areas.

What I am doing to help improve this is as follows

1) Process, simplified how I identify IDS trades and included that process within my market analysis process.

2) Pre Market. Marking up all the potential intraday swings, in my mini plan and with alerts on the chart.

3) Updated my grading system to make it clearer what are the problem areas in my management.

3) Aftermarket review, include an extra section on the IDS trades, focusing on whether I identified before entry, correctly or no, it was an IDS trade, did I choose the correct targets and stops and how I played it. And finally what clues / structure beforehand help me to identify these sort of trades better in the future.

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

The no fill data collection is still ongoing. Which is giving me good indications that the average mode of the no fills is 2 ticks (well 1 ticks but plus 1 to guarantee a fill). I had started to incorporate this into my trading from last week.

One thing I did notice, that doing this was increasing my stop by 2 ticks, thus increasing my risk above my traditionally average stop size on a few setups. I have looked at the R:R and expectancy for this and it still remains favourable.

But I found it has made my uncomfortable in taking some setups and there has been an correspondence increase in the missed trader that I did not take aka chicken trades. Trades I should take but don’t.

As my account is not at the size, where I can alter position size, on increased stop of 2 ticks, to keep my risk constant. If I reduced size it means a drop in risk.

I have decided that on these trades rather than letting my emotions take over in the moment and not taking the trade.

I will take it on the smaller position size.

The reasoning behind this is, is that I can collect live data with this position size, prove to myself that this matches by testing data and then increase size. Thus providing to the emotional side of me, a logical reasoning to why I should not be chickening out of these trades.

Weekly Trading Review – Calculating…

Weekly Trading Review – Calculating…

Weekly Trading Review 17-21th October

Not much to report on this week.

Performance

An underperforming up week. Still having problems with micro management issues.

Overall Goals

My goal of increasing the number of trades I take, if there are valid opportunities, was missed again, but orders where placed and there was quite a few no fills again.

My average grade is A, so am improvement over the last couple of weeks. Still managed an A even with micro management issues, so the other aspects of the trades where good.

General Notes

4 errors this week. 2 minor, and 2 were micro management issues.

Money left on table is an average of 8 ticks for every trade that I have micro management issues on.

There was 7 trades I did not take. 5 where unclear entries but my gut was saying that these were good areas to take a trade. I am tracking these sort of trades over time to see if my gut instinct has an edge in these situations.

2 trades I chicken out on due to the strength of the move. I left my balls at home.

Out of the 7 no fills, 2 where shit happens trades and I just did not get filled. The other 5 are being included in the sample, see below.

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 and managed correctly.

How did I do

Overall pretty shite. Cannot stick to the intraday swing rules, I keep managing everything as a scalp, and finding grey areas in the process allowing me at the time to wriggle out of this.

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

Good focus and good process. Slightly distracted by social media and lots of messages and emails asking questions but overall managed to maintain a good focus.

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

The micromanagement issue is not improving. So I have taken the following steps.

1. I have written clear rules that focus only on 2 types of setups off the 60min level. If I still have issues, then I will reduce that to one.

My thinking here is that I just have to start doing it. Once I start doing it on one setup, it will be easier to turn that into a habit on all relevant setups.

2. I discussed with Tom Dante, some practical physical ways to approach this. And I have included them in my grading system, so that if I do not follow them then I get downgraded. I also have to note in my trading journal as whether I followed these physical ways, so I can track that whether I am doing them when I said I would. And if I don’t, Tom gets to phone me up and call me a cunt. Brucie Bonus.

The other major thing is the missed trades and no fills. But as I mention last week, I am tracking my no fills with reference to where I place my order and where I get filled.

I am also doing individual trade reviews of the no fills, with playback, looking at the order flow and re analysing the whole trade.

I started doing this last week. It is very time consuming and boring but already it is has shown some interesting areas to investigate further, which should pay off in reducing no fills.

weekly trade review

But before any decisions can be taken I need more data.

I will continue to review and analyse all the no fill trades and record that information.

I am will continue the deliberate practise but reduce the order flow setups and include the intraday swing trades as part of my deliberate practise. This will be difficult to do, as these trades take up to 2 hours to play out, if I speed up the session replay then I am not deliberating practising the patience. So I will experiment with the settings, but the max I will go to is 2x speed.

Still implementing and still collecting data.

Calculating…….

Weekly Trading Review – Missing you

Weekly Trading Review 10-14th October

Performance

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.

Overall Goals

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.