Daily Report Card 06292020

#trad­ing­forex #forex #dai­lyre­port­card #day­trad­ing #trad­inglifestyle #day­trader­life

Every trad­ing day I recap my trades, includ­ing more than entries and exits. All the good stuff as well as all the ugly of being a day trad­er. Why did I take the trade? How did I man­age the trade, my emo­tions and cog­ni­tive func­tion? No secrets here. As always, feel free to reach out to me. 

My week­ly goal

Get siz­ing right. My aim is to have the cor­rect con­tract size rep­re­sent­ing 1% of my account.

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selection

Fair Trade siz­ing

Fair Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 2

Sum­ma­ry: Return to value

• Asset trad­ed: GBPNZD
• H4 demand got tak­en out dur­ing HK, LN opened below val­ue but still near, might have val­ue accep­tance or return to value
• Looks like some M30 con­sol­i­da­tion going on
• 🙁 my order was a buy stop so imme­di­ate­ly can­celled after it had hit for a slight loss and imme­di­ate­ly man­u­al­ly went short @ 1.91911 (at least a slight bet­ter entry) SL 1.92182 TP 1.91368
• Not hap­py with this mis­take and will report on it in my DRC. For now, let’s see what the trade does. 
• Since D keeps print­ing sin­gle prints I changed my TP to 3R but I will keep mon­i­tor­ing since D1 QLo is in the way togeth­er with M30/H4 demand. But since there is a lot of ini­tia­tive activ­i­ty I thought I’d give it some more space in case price wants to go down further.
• I wait­ed for M15 can­dle close that coin­cid­ed with M5 Bull Engulf (@ D1 QLO, although I see now that H4 Demand had been tak­en out as well) and took the trade off at 1.5R after we had almost hit 2R. Close at 1.91544. Although, and this is prob­lem I’ve been strug­gling with, my siz­ing was incor­rect. I mea­sured my siz­ing based on 1117 ASR / 4 + my spread which amounts to 33 pips. How­ev­er, after tak­ing the trade I recon­sid­ered the place­ment of the SL to just above the M30 base (of the DBD). 
• Effec­tive prof­it on the trade: 1.1R due to mis-sizing
• Effec­tive prof­it over­all: 0.9 due to the incor­rect order I had put in (being a buy stop but should have been a sell stop). Live and learn. NEXT!
• After­math
  • M30 con­sol­i­da­tion @ D1 QLo

Week­ly Goal Achieve­ment: Have appro­pri­ate sizing

• Ini­tial­ly I had appro­pri­ate siz­ing based on ASR + spread. How­ev­er after I took the trade I decid­ed I could have a tighter stop and thus it affect­ed my sizing. 

How accu­rate was my assess­ment of mar­ket context?

• I did well here. Also, did well to not exe­cute with­in IB even though I was con­sid­er­ing it. Instead, I placed what I thought was a sell stop order below IB range. Sad­ly, this was a buy stop order. 
• In terms of increas­ing my R to 3x: I was con­sid­er­ing since the ini­tia­tive activ­i­ty (thus momen­tum) was rel­a­tive­ly strong, I con­sid­ered hav­ing a slight­ly fur­ther R in case of a sus­tained move. This, and also try­ing to stay calm and col­lect­ed mon­i­tor­ing TPOs for clues on the move being sus­tained or poten­tial­ly revers­ing. When I saw that we kept mak­ing LLs and price action was still con­firm­ing a poten­tial con­tin­u­a­tion I con­sid­ered we could take out the under­ly­ing demand and see anoth­er drop below. How­ev­er, after we took out afore­men­tioned demand there was no such drop. Plus being at D1 QLo and M5 print­ing a bull engulf, I took the posi­tion off. 

How did I feel before, dur­ing, and after the trade?

• I felt good before the trade expect­ing a pos­si­ble IB exten­sion down
• Dur­ing the trade I felt okay even though I had made the mis­take of putting in a buy stop instead of a sell stop order. Lost a lit­tle because of this but noth­ing too bad.
• After the trade I feel good. Espe­cial­ly when see­ing the M30 con­sol­i­da­tion but more­over start­ing the week in the money. 

How well did I fol­low my process?

• I did real­ly well here. I stayed objec­tive mon­i­tor­ing price action togeth­er with TPOs to make my deci­sions (or alter them).

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

• Did real­ly well here

What did I learn today?

• I learned that price isn’t as fast as you might think. There is rea­son­ably enough time to mon­i­tor the mar­kets and make deci­sions accord­ing­ly. Deci­sions made on fac­tu­al data. 

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

• Keep mon­i­tor­ing MP for clues on intra­day sentiment

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

• Make mis­takes in siz­ing. I am los­ing mon­ey doing this. I am not bummed out about this at all though. I know that I will do bet­ter next time. How will I try and do bet­ter I hear you ask? Well, dou­ble check the order. When plac­ing an order it means I have enough time because I am wait­ing for the mar­ket to come to me. Dou­ble check dou­ble check! Today, I was inter­rupt­ed by a phone call so I think that kin­da dis­turbed my process. Ah well. Progress. Not perfection.

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

Pre­mar­ket Prep GBPNZD 06292020

See more

Pre­mar­ket Prep Gold XAUUSD 06292020

See more