Daily Report Card 08272020

#dai­lyre­port­card #day­trad­ing #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous #trad­ing­forex #trad­ing­com­modi­ties #NEXT

Sum­ma­ry: Trad­ing is not about trading

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: For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selec­tion

Good 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: Trad­ing is not about trading

• GBPNZD Nor­mal Day
  • Below Val­ue, out­side range, below yesterday’s range, low­er time frame sup­ply at ADR 0.5 and 1xASR away, with­in H4 QLo, but larg­er time frame phase 3
  • C: closed as inside bar, no IB extension
  • D: M30 con­sol­i­da­tion, H1 inside bar
  • E: Con­sol­i­da­tion. Not much going on. Gonna quit early.
  • F: M30 Bear Engulf, H1 DBD, no IB exten­sion yet
• DE 30 DAX Nor­mal Day
  • Above val­ue, out­side range
  • C: M30 con­sol­i­da­tion at VAH
  • D: slight break below M30 consolidation, 
  • E: Closed down accept­ing value
  • F: Inside bar still with­in val­ue, M15 bull engulf

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD — YES
  • DAX — YES
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 1 — 100%
  • DAX
    • Hypo 2 — 100%
• How did I hypoth­e­size it play­ing out?
  • GBPNZD — Hypo 1
    • Mean rever­sion: large imbal­ance, bounce off ADR 0.5 and D1-C‑D 1.98688, yesterday’s uni­di­rec­tion­al day,
  • DAX — Hypo 2
    • Val­ue acceptance
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • Watch­ing paint dry fol­lowed by a M30 morn­ing star out­side of trad­ing window. 
  • DAX
    • Big con­vinc­ing close with­in value

How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket context?

• I did well here. 

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

• No trades tak­en. I feel great

How well did I fol­low my process?

• Did well here

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

• Did well here

What did I learn today?

• Even though con­di­tions are right for a cer­tain set­up if entry sig­nals don’t get trig­gered dur­ing trad­ing win­dow there is sim­ply no trade #NEXT

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

• Be patient fol­low­ing my process. Even though I would have liked to have clawed my way more out of my draw­down, if the mar­ket doesn’t align in a way con­ducive to trade then I am sim­ply not trad­ing. It is what it is. 

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

• Try­ing to go faster. Even though I don’t feel like that and I am doing well. It’s just a con­fir­ma­tion to myself that what­ev­er comes comes. Can’t rush it. Can only fol­low my process to the best of my abil­i­ties and let the stats work out the rest. Trad­ing is not about trad­ing. It’s about fol­low­ing your process and let­ting your edge work out a pos­i­tive expectan­cy. #NEXT

Under the cir­cum­stances, did I per­form at my best?

• Did well 

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

Pre­mar­ket Prep GBPNZD 08272020

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Pre­mar­ket Prep DE30 DAX 08272020

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