Daily Report Card 07092020

09 Jul Daily Report Card 07092020

Under­stand when to take a break

#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.

Good Pre-mar­ket routines

Bad Ses­sion PECS

Bad 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: Under­stand when to take a break

• GBPNZD
  • LN open above val­ue, wide IB range down to VAH clos­ing with­in value
  • Entry short 1.91667 SL 1.91667 TP 1.91149
    • Rea­sons: big bar M30 close with­in val­ue indi­cat­ing val­ue accept­ed + IB exten­sion. Cons: Wider than usu­al IB range, sum­mer months.
  • Neglect­ed the fact to be more care­ful in sum­mer months but above all neglect­ed my pre­mar­ket prep
  • Got stopped out at 1.91929
  • I am tak­ing the rest of the day off. I have proven that I am not in the best state of mind and should not be trading.

Week­ly Goal Achieve­ment: Have appro­pri­ate sizing

• Did well here

How accu­rate was my assess­ment of mar­ket context?

• Hor­ri­bly wrong. I failed to incor­po­rate the bull­ish sen­ti­ment from my prep into my trade idea

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

• Trade 1
  • Jumped in too fast. Didn’t con­sid­er prep. 

How well did I fol­low my process?

• Not good.

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

• Still not feel­ing right. Tak­ing the rest of the week off. Few days holiday. 

What did I learn today?

• Under­stand when to take a break. Respect the trade. This is hard as it is when you are at peak per­for­mance. Any­thing so far from peak is not going to cut it. Quit­ting smok­ing and start­ing Keto at the same time was not a good idea. Also going cold turkey like I did. Well… I’m liv­ing with it now and hope­ful­ly soon it’ll be all behind me. 

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

• Lis­ten to myself. Under­stand when you’re not per­form­ing right.

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

• Force myself to per­form when I’m phys­i­cal­ly and men­tal­ly not right 

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

Pre­mar­ket Prep Gold XAUUSD 07092020

Pre­mar­ket Prep GBPNZD 07092020