Weekly Trading Review – Stress Free Trading

Weekly Trading Review – Stress Free Trading

Weekly Trading Review – 17-21 April 2017

weekly trading review

Summary of Performance

An okay week, good quality trades whilst overall an under performance, this was effected by a shorter week with the bank holiday and a dull Friday with lack of triggers.

I am going to be moving away from my posting of the weekly review to monthly review.

I am going to be still doing a weekly review but my trading has got to a level where there is not much to say regarding each week, and some of the initiatives I am taking need more time to play out before deciding that they work or not.

But I am will be replacing the weekly review with article on aspects of my trading and current thinking, along with various context / trade reviews.

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

My focus and playing the context, and not letting my emotions or profit and loss control my trading decisions.

I still make mistakes, I took one revenge trade, which was a good setup with positive expectancy, but was against my context play and not in my plan.

I am still learning when to apply scaling in and when not to use it.

As I am good at picking levels, and had problems getting filled in the past.

It makes no sense to scale in to these levels, as it just ends up with me in the trade in a part of a position. The only exception to this is when I end up getting in with a signal when I have a no fill on the blind order, as there is still potential for the original order to get filled.

In summary, my scaling rules, say I should apply scaling in only at levels with a couple of potential entry points that are not automatic blind levels.

Last week, I was mulling over how to do my journaling. As I moved to a system where I was not tracking my profit and loss on a daily bias, but this lead to an increased workload when journaling the trades at the end of the week, rather on a daily bias.

Of course, the answer came to me, as soon as I posted the review. I will carry on journaling intraday as this is the most efficient way to keep the journal up to date, except that I leave the exit price and result blank and then I fill this in at the end of the week.

This way the journal is kept up to date efficiently but I am unable to see how my profit and loss is doing.

Though one has to be a fool not to know where one roughly is, just from the pattern of winning and losing, but I have found that not knowing the exact P/L for the day helps reduce the pressure to trade ones P/L.

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

We had a trend day in the Bund this week.

My plan for trend days, is to keep taking my signals until it becomes clear that a trend day is in progress, then move to taking signals at only the bigger picture levels.

How I spot Trend days.

1) Does not respect good levels.

2) Small pullbacks, as price does not get back to entries to go with the current flow or any fades have very small MFE.

3) A lot of double traps. Trapping traders only to trap the traders playing against the original traders, fuelling the next leg lower. Especially when the original trapped traders are front running a good level which then gets completely violated.

4) One time framing on my 10min chart.

It is important that I keep taking my signals as per my process, I do not want to get in the habit of picking and choosing which signals to take.

Moving to the bigger picture levels, means that when I do take the signals I am trading in the right area, but my stats show that overall this still mean that I can suffer a string of losers on these days.

I have tweaked my process, to the following

That when I have a trend day that fits my criteria and I move to the bigger picture levels then all fades will be smaller size allowing for slightly bigger stop (to give the trades a chance to work) and reduced risk until the following criteria is met

1) The LTF has a change of character. This can be a standard deviation pullback rotation, break of opposing structure on the LTF, which has held or not even been tested on the previous with trend rotations.

2)The one time framing stops.

I then move back to normal size for fades.

The above criteria does not mean that there will not be an extension of the trend day, just that the market is now more 2 way with buyer and sellers involved.

I am also studying on these days if I can identify how to use the double traps to get in with the trend.

As the biggest problem with the double traps is working out where the stop should go as the nearest structure is not particular close and what sort of target I should have, as these happen on trend days at decent levels.

In summary, the double traps mean going with the momentum, into areas where I would normally would be fading, if it was not a trend day.

As trend days are the occasionally days, it is important to not nerf my current system for the rest of the time with trying to optimise it to include these double traps.

My current process is to reduce risk or exit when I see a double trap developing which works well and could well be the best way to continue to handle these without nerfing my system.

It is worth investigating to see where this take me.

Weekly Trading Review – The Game

Weekly Trading Review – The Game

Weekly Trading Review – 10-14 April 2017

Summary of Performance

Overall a flat week, had a few problems with the auto triggers and the systematic side of the trading.

The trades where overall grade A, in terms of process and entry. Not a lot of follow through on the entries.

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

Followed my process, incorporated a new process that tells me when I should dump or reduce risk on trade based on a conflicted signal.

This worked well, but need to remain focused after this as sometimes that the conflicted signal becomes a solid signal again which I then can re-entry or increase risk once again.

As some of the areas of interest can be quite wide, I have done a study on my winning trades and also the MFE and MAE of the last 400 signals of the winning trades.

I have focused on the MAE (Maximum Adverse Excursion), basically how far a winning trade goes off side. This has enable me to come up with some guidelines on how to scale in to trade.

Normally when I get a signal on the edge of a wide zone, and then typically, sit down through a draw down period in that trade, or wait for a secondary signal deeper in the zone to get my position on.

I prefer to wait for the secondary signal, but these guidelines will enable me to scale in whilst keeping my risk under control, and also enable me to at least get some of the position on and not miss out on the signal.

Of course the smaller levels will not need this approach as the risk is easier defined and I either enter blind on a test or on signal as long as my R:R to the next area is 1.5.

Also I find that only checking my P/L at the weekends rather than at the end of the day, helping immensely with the amount of emotion involved with individual trades, and more importantly my response to it.

Since Jeffageddon, this side of my trading has improved immensely. I am not going to pretend that this is still not a work in progress but I am trading better on this side.

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

Started to get a few doubts with my signals during the week, something seemed off. They seemed to be not triggering when they should and triggered when they should not.

At first I thought it was just because of the week leading up to Easter. On closer inspection, the triggers where hitting the criteria but not working. Turns out that when I updated the platform, the triggers had reverted to an much earlier version. So I have updated my process to check these triggers are using the latest version if I update or revert to a restore point on RT Investor.

This is not a criticism of RT Investor, I end up going to a restore point quite regular due to my ability to poorly code a trading system or custom study which ends up in a circular reference point which causes RT to spit the dummy.

I am very much, learning on the job when it comes to RTL language, definitely not my strong point but I am getting better.

But the plus side of using the auto triggers, I have learnt more about when to employ them, and the MAE study has also given me a better understanding of when to use the aggressively and conservatively.

One project, I am working on this weekend is my tracking of statistics of my trades.

Not looking at the P/L makes it difficult to keep my trade journal up to date.

As one does not have to be brain of Britain, to know ones P/L , when entering the trades into the journal. I used to enter each trade after exit, I then moved to, entering at the end of the day.

But as I am now only looking at the end of the week, this makes keeping the journal up to date a major pain.

As entering the relevant information takes a lot longer than before, as I have to look up all the entries for the journal, before when I was doing it day to day, I knew all the information from memory.

I need to work on how to streamline this journaling, so that it does not become a major task.

Secondly, the move to a systematic approach with a focus on context means that my setup based journal is not really tracking the correct performance metrics. I need to re prioritise what information I need to track and then re jig the journal to reflect that.

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 – 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…….

It’s not me, it’s you – the relationship between your edge and variance.

It’s not me, it’s you – the relationship between your edge and variance.

One of the important things in trading is understanding from a probability perspective what is likely to happen, when you actually use your trading system over time.

Why is this important.

If we do not understand what results the trading system is likely to produce, then we cannot answer the following questions when we review our trading.

Does my system still have an edge?

Is any under performance of the trading system down to variance or is it the trader underperforming?

What do I mean by that?

The best way to explain this is to use an example.

We have a trading system that has win rate of 50%. The average winners are 1.5 bigger than the average losers, and we risk 1% of our account.

First let’s look at the probability of having a losing streak. There is a 76.8% chance of having 5 losers in a row.

If you were using this trading system and did not know that there is a high probability of having 5 losers in a row, then when this happens the first reaction could be the system has no edge and start looking for a new system.

Or the reaction could be that I am trading like shit and need to sort my trading out.

The above statements could be true, but having 5 losers in a row with this system is not an indicator of either of these statements.

Is the next trade going to be a winner?

It took me a while to understand this, but we do not know probability of the outcome of the next trade.

If we have a trading system that has a win rate of 70%, the next trade does not have a 70% chance of winning. The win rate does not refer to individual trades but to a sample size. Having a win rate of 70%, says that over a large enough sample of trades, 70% of the trades will be winners.

So what is the probability of the next one to be a winner. The answer is 50%. Why 50%, we cannot tell what order the winners and losers are going to come. So we do not know the outcome of the next trade, we just know that if we follow our trading system, that over time we will have 70% winners.

And the fact that we do not know what order the winners and losers will be in the sample size, we only know the overall percentages.

This means that over a large sample size, the actual return on the account balance can be different.

Using Monte Carlo to understand the variance in our trading system.

What is Monte Carlo? Here is the an article that explains it better than I could.

I am using Monte Carlo to simulate a trading system over a 500 trade period and what effect that will have on the account balance. But as we do not the outcome of each individual trade, the order if winners / losers are randomised.

I then rerun the simulation for another 50 times, and this gives me a range of returns.

The best way to look at this, is that we are comparing the returns of a trading system over 500 trade period against the same trading system x 50.

This is a trading system with a win rate of 50%, winners 1.5 r , losers 1 r and risk per trade 1% of account balance. Starting account balance is 10000 USD.

1. Across the 50 simulations, the worse draw down was 66%.

2. The highest finish account balance was 51,219 USD

3. The lowest finish account balance was 19,854 USD

Whilst the trading system is profitable, that actual returns are different, and different by 31,365 USD.

How do I use this information?

Every quarter I enter the previous quarters system stats into the spreadsheet, including the average number of trades per day. This will then give me likely figures for the variance in expected returns, I then break this down into months and weeks.

Once I have these figures, I use these in my end of week reviews to see how I am performing against the theoretical system. Thus giving me a benchmark range to compare my actual performance against.

I have included the excel spreadsheet at the bottom of the article so that you can run your own stats.

Here is a quick video on how to use the spreadsheet.

Here is a copy of the spreadsheet.

mc_example

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.

Weekly Trading Review – Live. Die. Repeat

Weekly Trading Review 3-7th October

Performance

An up week with under the typical average number of trades and below the minimum expected return for my system, which takes into account the typical variance over time.

Overall, an under performance this week.

Looking though my trades, 2 issues stand out. My trade management and missed trades. I will discuss this in more depth in the sections below.

Overall Goals

To take an average of A trades across the week, and to take an average of 16 trades per week (if the opportunities arise).

My average grade dropped to B across the week. The problem was with trade management which also ties in with my under performance compared to my expected return.

I took 15 trades which is slightly under the typical average, and there were 5 trades missed. Out of these 5 trades, 3 trades I could have taken. One trade I chickened out of and the others, I did not have orders in (I should have as these where strong levels).

Last week Goal

To improve the amount of sleep I was getting, to enable me to stay focused longer in the market.

This went well, I ensured that the majority of nights, I had at least 1.5 hrs between trading related activities and me hitting the sack. I was getting off to sleep a lot quicker.

I still need to work on getting to bed slightly earlier, but a few things cropped this week which interfered with that. But that should not be a problem this week.

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

Focus and routine where a lot better, the better quality sleep helped. I felt a lot more in tune with the market, my hypo and context. My mini plans where clear and with defined trades and targets.

Happy with that side.

Felt I was back on form with this side of the trading. Which is the first whole week, I have felt that since my break.

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

I had 2 issues this week. Trade management and missed trades. The trade management has 2 sides to it. One side ties in with the missed trades and the other is more of an adjustment to my trading process.

Trade Management Issue 1

The first issue is that, it is becoming clear that my current trade management scheme for trades off the bigger levels, i.e levels that are on the 60min and Daily, are not allowing the trades enough room to breathe. Current trade management is once the first scale has been hit then to trail the stop until the second target is hit.

A breakeven trade for me is any trade that is stopped out with a return between -0.4r to +0.4r. Which tends to be trades that hit the first scale and then the 2nd position gets taken out before it hits the second target.

The stats show that a lot of my breakeven trades, that are off levels that are designated 60mins plus, go on to hit the second target.

I will be experimenting with a looser trade management scheme on trades, that are off these bigger levels. Basically not trailing the stop until the evolving risk to return drops to under 0.5 return against risk.

Trade Management Issue 2 and Missed Trades

My second management problem ties in with the missed trades. All my trades that where less than an A grade where due to breaking my trade management rules (which is different to the above, I followed the rules in those cases).

The missed trades which I could have taken, are due to not having orders at levels when I should have.

What is the problem?

I am getting out of trades due to reading the order flow off the DOM, and not letting the trade play out.

Why do I have this problem?

Last time I spoke to FT71, he told me that my trading style is trading not to lose, rather than a play to win mindset. This has been something I have been working on ever since.

Whilst I have made improvements on this side, it is still a weak area of my trading. I am certainly not maximising my performance.

It is embarrassing to even discuss this again in my blog, as I feel my progress is glacier at times on this side.

Of course it ties in with my fear of loss. I currently have a survivor’s mentality, where the focus is minimising the downside rather than a winner’s attitude where the focus is on maximising the upside.

The survivor’s mentality is of particular use, when the outcome can result in injury or death, but not so much when the worst can happen is that I lose money.

What I am going to do?

1) I am going ensure that there is always one long and one short order in at the next applicable level. And if there are not filled on the first test then they cannot be pulled until a second test or price hits the target without me. I used to do this, but stopped on after one bad experience. The stupid thing is that I have a system in place to minimize this happening again, but doing the orders has slipped from my routine.

2) If the trade is off a 60min plus level then once I have been filled, I will then close the lower timeframe chart and cover the DOM and manage the trade on the 15min chart, at least until we get within a few ticks of the target.

FT71 suggested I do this but I could never bring myself to do it.

But after collecting stats on the consequences of not managing my trades correctly, i.e that the amount of return I have left on the table, obviously taking into account the losers, is making a stand out case of needing to get make more improvements on this side.

What am I going to practice on?

This weekend I will practise on replay, a minimum of 2 order flow setups from the order flow practice group, 2 flow trades and 2 trades off the 60min levels, with entry off the Dom and management on the 15min.

Resources for Building a Trade Journal

Resources for Building a Trade Journal

Last week, I posted an article walking through my trade journal, looking at what stats I track and how I lay it out.

This week I am going to go though some resources that I used to learn excel and build my own journal.

Before we start, one of the questions to ask ourselves is do we really need to build own when there are pretty good commercial alternatives. For example, Edgewonk and Tradervue

Pro’s

Learn Excel.

This will enable us to build custom mini journals to track specific data to answer specific questions that the main commercial journals may not cover.

The process of building the journal and learning the formula gave me a deeper understanding of what the stats are actually showing.

It is free. Yay.

Con’s

Takes time to learn Excel and build the journal.

This can be done in bite size pieces but it still takes time. Around the beginning of the year, I re wrote my journal to tidy it up, turn the data into tables and re produced the stats pages using slicers.

That took me 2 solid days to reproduce. So it is an endeavour at times, but that may be just me.

As a home trader working alone, I have to be responsible for so many areas, preparation, trading, review, research and analysing.

Then there is the goal setting, the review of the best practices / processes on top of that.

I constantly find that there is so many things to do, that I have to prioritise all the time, just to get some semblance of work / life balance.

The question is, does learning how to build your own trade journal take you closer to your ultimate goal?

Only you can answer that.

If you are not familiar with Edgewonk, one of the commercial trade journals, this is an excellent alternative to building a journal. Version 2 has just come out of beta and I will be running that in parallel and will do a review of this trade journal down the line.

Read my Edgewonk Trade Journal Review

MFE/MAE Tracker

The one thing that Edgewonk doesn’t track that well, at this current time and that could change with Version 2, is the MFE and MAE as a way of optimising targets and stops and an example of my using this data is in my article How I am using my trade journal to improve my targets.

Trade Journal

I have put a quick video tutorial on how to build a basic version of my own MFE / MAE tracker.

 

Download the Excel file used in the video

Learning Excel to Build a Trade Journal

The first resource I used to build my own trade journal was though a video produced by Adam Grimes in his free trading course.

http://adamhgrimes.com/TAAS/the-course/

I recommend the whole course as it has some excellent exercises in it.

Module 3 has the video in it on how to build a trade journal.

Then the following YouTube channels where essential in learning how to write formula’s and how to use pivot tables / slicers.

MyExcelOnline

https://www.youtube.com/channel/UCMaVSMuAqV5j9WRdUz9UQfw

Excel is Fun

https://www.youtube.com/channel/UCkndrGoNpUDV-uia6a9jwVg

Trade informed

https://www.youtube.com/channel/UCNVfBUEw7yM7E0eSkhXjZ4A

Google Search

The last resource I used is Google Search. If I could not get a formula or logical statement to work, then I would type my question in to Google and preface with excel. That worked well a lot of the time.

Any questions or requests, please drop me a comment below and I will do my best to help.

Weekly Trading Review 5-9th September

Weekly Trading Review 5-9th September

Weekly Trading Review 5-9th September

Another quiet week leading up to the ECB on Thursday then volatility and a trend day on Friday.

Better focus for the majority of the week, apart from Friday PM. Where I trading when I should not have.

weekly trading review

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

Followed my plan, kept to my routines, kept the average grade of my trades above A.

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

On Friday just before the US session started, I had some bad news regarding an outside matter, which threw my focus. I found I was unable to focus on trading and problem solving.

I knew that I should stop trading as it was unlikely that I would perform at my best. But as this was the first day in a long while that there was decent volatility in the market, I did not want to miss out.

I decided to take an hour out, go for a walk and then mediate and then come back to the market. I normally exercise at this time of day but that routine was broken due to my sciatica playing up.

I came back feeling better and more focused but the issue was stilling playing on my mind. In the end I was down for the day having been up in the AM session.

The positive of this I was did not go full on tilt, I did not take any old set up, I stuck to my process. The main problem was FOMO, I entered twice too early and got stopped out, only to re-enter and get winning trades. This coupled with 2 losses and not a single fill on any of my short trades meant that I ended up with a down day which was just over 1 R.

So not a massive problem, it is not like a blew a weeks or months profits.

What is the problem?

The problem was FOMO, fear of missing out.

Why do I have this problem?

This problem makes a change from my normal problem of fear of losing. I knew I should not be trading and under normal conditions I would not, but as the market conditions have been pretty poor for a while, I was desperate to get back into the deep end.

What I am going to do?

The last time I traded with outside problems, I went full tilt and hit my daily stop loss. So there is an improvement in how I handled this situation.

As I do not have fixed rules in place for when I have outside news that results in my not being able to concentrate. I will change my trading plan to incorporate a routine to follow to ensure that I can trade at my best.

The routine will include taking a break and redoing my morning routine. If my first trade after that has any errors, then I stop trading and repeat the morning routine and if then the next trade has any errors then I stop trading.

8th Sept 2016 – Bund Daily Trade Plan

News

1245 EZ IR 1330 Ez Presser 1600 US Crude

Stats

DATR 0.68-

WATR 1.58-

p.WK.50%

M.50%

Weekly Summary – Inside Week x 5 Hi @ 168.02 IW.lo @ 166.38 /.16

Previous Day – NR up day with close above weekly bal at 65.30

General Bias SC = 2

Big Picture

60min – Long bias, for cont, exp hold 46-33 bac 65.17. NB. Price at 2 sd rot up, 2sd delta, watch for climax and PB

15min – Neutral Bias, for s/t dir bac of 65.67 or 65.33

Neutral Hypo – if price if price holds/bof 65.67 then shorts t 50 ; if price holds/bof 40-33 then longs t 50

Short Hypo – if price bac 33 then shorts t 19 t2 65.12-00

Long Bias – if price bac 65.68 then longs t 76 t2 90 t3 66.00-12

Red flag levels – For short trades bac 65.17 For long trades 65.00