Daily Report Card 05042020

My week­ly goal

Only take trades when there are at least 3 con­flu­ences. Trade loca­tion. Mar­ket Pro­file. Price action confirmation.

Com­bined Score 75

Process Report Card (10 each)       

10 Pre-mar­ket routines

10 Ses­sion PECS

0 Trad­ing the process

10 Dai­ly review

10 Progress toward Week­ly goal

40 Total

Per­for­mance Report Card (10 each)

10 Hypos

10 Real-time analysis

10 Trade selection

05 Trade Exe­cu­tion & Mgmt.

0 Risk Adjust­ed Returns

35 Total

Hypos

1. Swing Rever­sal H4 Sup­ply ZOI
   1. Price action con­firm­ing on H4 reject­ing H4 Sup­ply ZOI
   2. Pos­si­ble short entry around 1.417
   3. Tar­gets 1.411, 1.406, 1.402, extend­ed tar­get 1.396
2. M30 VWAP BD
   1. Price action + MP extend­ing IB con­firm­ing a break below VWAP
   2. Pos­si­ble short around 1.406
   3. Tar­gets 1.402, 1.396
3. Prev. Day High Reversal
   1. M30 Price action + MP extend­ing IB con­firm­ing rejection
   2. Pos­si­ble short around 1.409
   3. Tar­gets 1.406, 1.402, 1.396

How accu­rate was my assess­ment of mar­ket context?

Hypo2 — 100% after Hypo1 play­ing out (70%) dur­ing AS

I exe­cut­ed the trade based on my hypo that was derived from my week­ly trad­ing plan. 

How well did I fol­low my process?

Based on my own process I feel like I did well. How­ev­er, I was point­ed out by my men­tor on a few things that I need to be work­ing on if I want to achieve good results. Since my way of think­ing has led me to fail con­sis­tent­ly in trad­ing and to seek out a men­tor it is valid to say that her advice super­sedes my own approach. Her feed­back makes total sense and I will do my part to incor­po­rate this into my trad­ing. Points taken:

1. If I have an entry based on exten­sive research I set a con­trolled risk on a trade I should either leave it to hit my tar­gets (TP or SL) or to expire based on time-based SL.
2. I have to focus on per­cent­age consistency
   1. 1% risk per trade. 2 trades max per day (2% max loss)
   2. 7% week­ly loss. If I have 7 loss­es in a row in a week, I will stop, revise and then come back the fol­low­ing week. 
   3. Only take trades with a max. SL of 25 pips for USDCAD
3. No going in after I have exit­ed or tak­en a loss for at least 1 hour

Fur­ther­more, research more about the Kel­ly criterion

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

I did well here. Had a light meal. 

What’s one thing you learned today?

I have to let trades devel­op based on HARD rules to let them work out their edge. When I take a trade prop­er­ly, it means I have already done the research based on my para­me­ters so I should let my plan trade out. Either hit tar­get or take myself out based on time.

What’s one thing I need to do more often?

Take my tar­get either time-based or SL/TP.

What’s one thing I need to do less often?

Be impul­sive and micro-man­age my position.

For my trade plan(s) on this par­tic­u­lar day with com­ments below, go here: