Daily Report Card 08032020

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Sum­ma­ry: Untan­gling the spaghetti

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. As always, feel free to reach out to me. 

My week­ly goal

Have cor­rect SL place­ment and thus posi­tion sized accordingly.

Good Pre-mar­ket routines

Fair Ses­sion PECS

Bad Trade selec­tion

Fair Trade siz­ing or SL placement

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

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

Sum­ma­ry: Untan­gling the spaghetti

• GBPNZD
  • LN open above val­ue with­in range, M30 Bear Engulf (@VWAP) dur­ing IB above val­ue still, pos­si­ble val­ue acceptance 
  • C: M30 Bull Engulf, IB exten­sion up after a RBR on H1, placed a 2nd chance entry buy lim­it order
  • D: Took a trade going long against bet­ter judge­ment and then took it man­u­al­ly off after E because of the failed auc­tion at ‑0.6R loss
  • E: Failed auction

Week­ly Goal Achieve­ment: Have cor­rect SL place­ment and sizing

• Did okay here

How accu­rate was my assess­ment of mar­ket context?

• Ini­tial­ly I had  gath­ered that due to the con­sol­i­da­tion on H4 (phase 3) price was more like­ly to go down. I still went the oth­er way based on the bull engulf I saw at val­ue edge high. I was point­ed out to the con­text of my mis­take and have incor­po­rat­ed it into a play­book setup. 

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

• I felt okay, before, dur­ing and after

How well did I fol­low my process?

• I did okay

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

• I did okay here

What did I learn today?

• In agree­ment with my men­tor Dee I will fol­low the fol­low­ing rules
  • No time restric­tions beyond only trad­ing after IB
  • Only trade GBPNZD
  • The rest is up to me
  • Post play­book setups fol­low­ing the main conditions
    • With the trend and SD
    • Mean Rever­sion
    • Val­ue acceptance
    • Test of val­ue edge

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

• Be proac­tive in my own development

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

• Care less about what oth­ers think of me

Under the cir­cum­stances, did I per­form at my best?

• I did okay

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

Pre­mar­ket Prep GBPNZD 08032020

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