Weekly Trading Review – 29th August to 2nd September
A bit of a mixed week, overall ended up as a down week.
First down week since the start of June, I have had a couple of breakeven weeks but this was the first week in a while that was actually down. Not a problem in itself.
I have gone through my stats and journal, I cannot see anything that stands out as a problem in my process and actual trading.
Overall I think that this week was not that easy to read or trade and whilst I averaged Grade A trades, my focus and performance as trader has been very inconsistent.
In summary, difficult week, compounded by trader not performing at his best.
What did I do best this week and how I did I do it?
Preparation, especially for the Month End and NFP.
I had clear and well researched plans, and I traded the plans.
Month end did not work out so well, but it was not for a lack of plan or lack of implementation.
NFP worked well. 1 no fill and 1 winner, which was the 2 trades that I outlined in my plan.
Whilst my daily trade plans have areas of interest, but rarely specific exactly the setup I am looking for and how I am going to manage these trades. My intraday plans do have this information.
I have found that when these plans do contain this information, that when it comes to the end of day review, it makes easier to compare what happened in real life to my plan. Thus giving me data which I can then feed back into decision making loop, and this then improves the plan for next time.
For example, I was running a new trade management scheme for month end. Which was a core position with targets and stops set by the stats research, and then running a position scalping the pullbacks, with its own separate targets and stops.
As my plan had specified the size, stops and targets for both schemes. I learnt valuable feedback about running the 2 trades this way and how I can use these scheme better in the future.
What did I do badly this week and what lead me to do it?
Overall this week, I was trading in the B game. I had a hard time keeping focus when the markets were chopping around and found the market difficult to read at times. Looking at my journal and mini plans, the times I found reading the market hard also lined up with the times I was not feeling focused.
My trading reflected that, with more B grade trades and also missing out on some good trades due to un focused approach. What a surprise!
Other times I was extremely focused and during these times, my profit and loss reflected that.
What is the problem
Inconsistent application of focus and routines.
Why do I have this problem?
Quiet markets coupled with not been fully back into the swing of things. This has been demonstrated by not following my pre market routine and aftermarket routine to the letter.
And with hindsight, the routines I have followed, I have been going through the motions rather than doing them properly for the benefit that provide my trading.
In summary, starting to drift away from some of the routines and habits which enable me to stay focused during the day.
What I am going to do
I know that my performance, and I do not mean my profit and loss, but how I perform as a trader in following my process and staying focused, during the session is largely determined before I even sit down at the computer.
If I am unfocused about what I am trying to achieve that day, then I tend to be unfocused about being focused and trading in my A game.
First thing, is to knuckle down with the routines, and get back to doing them with feeling.
Secondly, I was doing visualisation exercises just before bed. Focusing on how I was going to approach the next day.
I did not do these exercises during my break and did not restart them when I came back to trading.
So I will restart these exercises and knuckle down.
Being Honest and what the stats do not always tell you.
It took me a while to write / rewrite this weekly trading review.
On the surface, I did my routines, I followed my processes and kept my average trade grade for the week in the A’s.
So nothing to see here, did nothing wrong, just a down week, move along now.
And my trading review originally reflected that, as that is what my stats reflected. But when I started to look back over my journal, my mini plans and what I was actually doing during this week.
I know that some mornings I was going through the motions when I was doing my routines.
When the markets were quiet, I should have been keeping my mental models up to date so I was ready with a plan when the market decided to move instead I was watching videos on Youtube.
Some of my trade plans where rushed without proper thought going into the context and what might happen.
Also at times, I was also fecking around with custom indicators and charts in RT Investor, which is a massive red flag that I am not focused on trading.
So I have to be honest with myself. This week was let down by me. And if I ignore this, then it could turn into a problem and result in taking steps back in my development.
It is very easy to hide and not acknowledge what is happening but the only person this effects in the long run is me. I am lying to myself if I am not honest about my performance.
I have re written the article to reflect what I feel went wrong and this in turn will me the focus on what I need to do next week.
The hard work I have done to find an edge is not destroyed by one poorly focused week. It is destroyed by not addressing the real problems and then having subsequent poor performing weeks.