Daily Report Card 07062020

06 Jul Daily Report Card 07062020

#dai­lyre­port­card #trad­ing­forex #forex #FX #XAUUSD #GOLD #day­trad­ing #trad­inglifestyle #day­trader­life

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

My week­ly goal

My goal for this week is to get my siz­ing right. What­ev­er asset, I need to have the cor­rect con­tract size rep­re­sent­ing 1% of my account.

Fair Pre-mar­ket routines

Fair Ses­sion PECS

Poor Trade selec­tion

Good Trade siz­ing

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 4

Sum­ma­ry: Let the process speak for itself

• GBPNZD: LN open below VAL, pos­si­ble H4 DBD in the making
• Test­ing PVAL coin­cid­ing with H4 con­ter­mi­nous of con­sol­i­da­tion + BD from last Friday
• Pos­si­ble test­ing of VAL, best case sce­nario would be a M15 con­sol­i­da­tion and BD
• Was hop­ing for a M15 Bear Engulf but it didn’t come. What could be form­ing is a M15 con­sol­i­da­tion that poten­tial­ly could be a M30 Bear Engulf. 
• Bear­ish sen­ti­ment is enhanced with a close inside IB but only slight­ly though. Need fur­ther price action con­fir­ma­tion before going short.
• Ear­ly Entry Short at 1.90614 SL 1.90901 TP 1.90049
• Rea­sons: H4 con­ter­mi­nous DBD 1.90878 from last Fri­day, M15 con­sol­i­da­tion with BD, Open below val­ue and test­ed VAL
• I feel I could have got­ten in even ear­li­er based on the M5 con­sol­i­da­tion and bear engulf but hes­i­tat­ed because of being ear­ly into the ses­sion and thus using M15/M30 for price action con­fir­ma­tion. I do still feel that this would have been a good entry because of the H4 conterminous.
• Got stopped out at 1.90901 ‑1R loss

After­math

• What hap­pened after you closed off the trade? What lev­el did it go to? What price action was formed?
  • Trade 1
    • After I got stopped out we had a val­ue rota­tion and then a rejec­tion to the upside 2 ticks close to ASR exhaustion.

Week­ly Goal Achieve­ment: Have appro­pri­ate sizing

• Got this right

How accu­rate was my assess­ment of mar­ket context?

• I did poor­ly here. I trad­ed off a weak­er price action for­ma­tion plus a weak­er price lev­el being too close to a round num­ber. Now I have learned to trade around it and will write up my process to incor­po­rate this for the future. 

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

•  Before the trade I thought I was eye­ing the right lev­el and price action con­fir­ma­tion. It was indeed a good lev­el how­ev­er I failed to con­sid­er the prop­er use of mar­ket pro­file to con­firm my trade short. Oth­er­wise I would have picked up on a sus­tained move. Live and learn.
• Dur­ing the trade I was okay think­ing I had done the right thing.
• I feel sil­ly for hav­ing made a mis­take which it shouldn’t real­ly. Mak­ing mis­takes is okay, it’s how you deal with it that mat­ters. And how you use it to get bet­ter. This tells me that I am not at my best today. Luck­i­ly I have good risk man­age­ment rules in place to pro­tect me from myself. 

How well did I fol­low my process?

• Not well. I learned a lot though. Actu­al­ly, I should say I con­firmed some­thing that I already knew. I need more expe­ri­ence to cre­ate the neur­al net­works and turn it into a habit. Just fol­low the process and keep being bru­tal­ly hon­est with your­self even if it hurts the ego. Ego is the enemy. 

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

• I def­i­nite­ly could have done bet­ter psy­chi­cal­ly. I didn’t get enough sleep last night so I took a nap today. Tak­ing a nap helped a lit­tle but I still don’t feel at my best. Will sleep ear­ly tonight. 

What did I learn today?

• Late­ly, I have been think­ing about my progress late­ly and noticed cer­tain things about me that I already knew but are com­ing back into the day­light. I know that I learn quick and I want to do things well. But some­times I get ahead of myself. I also have this need to get con­fir­ma­tion of how well I am doing. This remind­ed me of what Dee told me recent­ly: ‘The goal is to silent­ly achieve your dai­ly habit goals with­out glo­ri­fy­ing any of it, stay­ing hum­ble and kind through the process’. This is my actu­al mis­sion. My actu­al strug­gle. Don’t get in my own way. Just fol­low the process and don’t talk to any­one about it. They are all dis­guised ego-build­ing efforts that mean noth­ing. The process means some­thing. Actu­al­ly, it means every­thing. The dif­fer­ence between win­ning and los­ing is with­in the process. A process that is backed by expe­ri­ence through sta­tis­ti­cal­ly proven edge. My ego can take a back­seat to my success.
• Incor­po­rat­ed the fol­low­ing into tomorrow’s DRC
  • I will incor­po­rate med­i­ta­tion into my dai­ly tasks to help cen­ter myself with my goals
  • I will incor­po­rate visu­al­iza­tion of trades tak­en (or missed) the trad­ing day before
  • Only trade off M30 can­dle close

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

• Stay hum­ble and focus on the progress. I func­tion bet­ter when I have things to occu­py my mind with hence always work­ing on my process or edge is what helps keep me centered. 

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

• Let things go to my head

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

GBPNZD – Week 28 Trad­ing Plan

Gold XAUUSD – Week 28 Trad­ing Plan