Daily Report Card 10072020

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

Sum­ma­ry: Bart Simpson

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

Bad Trade selec­tion

Bad Trade siz­ing or SL placement

Bad Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

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

Sum­ma­ry

• GBPNZD
  • IB trad­ed up, still with­in range, H1 RBR knock­ing at H1 supply
  • C: Closed as an M30 inside bar, no IB exten­sion (yet), M15 consolidation
  • D: Closed as M30 Three Inside Down, no IB exten­sion yet
  • E: Short 1.95512 SL 1.95869 TP 1.94784
    • Closed as inside bar, not the strongest M15 three sinde up (against my posi­tion) let­ting M30 guide me which for now is just an inside bar
  • F:  M5 Bear Engulf formed at VWAP, fol­lowed by a bull engulf tak­ing out pre­vi­ous LTF sup­ply so cut the trade at ‑0.6R loss.
    • Closed as a con­sol­i­da­tion and H1 doji. No real clar­i­ty on direc­tion here. 
  • G: Made LLs and closed with­in value
  • H: Val­ue accep­tance short 1.95232 SL 1.95537 TP 1.94637
    • Will mon­i­tor for a sus­tained auc­tion a con­tin­gency could be a close in H around these lev­els and I tak­ing out sin­gle prints which could mean I close off this trade and go long for a sin­gle print fade. 
    • H retraced back to VAH and IB edge and took out my stop for ‑1R loss
  • I: Con­sol­i­da­tion

Hypos

• Which hypo played out and how did I hypoth­e­size it play­ing out? How did it actu­al­ly play out? What did the pro­file and price action show?
• GBPNZD
  • Hypo 1 – Rever­sal (short)
    • H4 c‑sup, ADR 0.5, H4 QHi
    • Pre­ferred: PA rever­sal with­in IB, oth­er­wise an exten­sion up fol­lowed by rever­sal and failed auc­tion, val­ue acceptance
    • 100%
      • M30 Three Inside down and I entered on an IB exten­sion down for extra con­fir­ma­tion since I was think­ing to wait on a val­ue accep­tance first. 

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

• Ini­tial­ly good as my hypo 1 played out per­fect­ly. I got con­fused lat­er on when price act­ed jumpy and because I didn’t wait for a val­ue accep­tance even though I was think­ing of it. Then when Dee men­tioned the same I looked down to LTF price action for a pos­si­ble exit. When I saw M5 bull Engulf and con­se­quent tak­ing out of sup­ply I got out think­ing I can always get back in lat­er. At this time M30 only showed an inside bar and thus still could have gone either way. I grasshoppered. 
• Lo and behold if I had stuck with the trade I would have been in 1+R prof­it at the time of this writ­ing and not down ‑1.6R.
• The 2nd trade I did not account for the spread on top of my SL. Anoth­er big minus.

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

• I ini­tial­ly felt okay. Then noticed small mis­takes and got a lit­tle jumpy but still tried to fol­low my exit rules but for­got to base them on the M30. 

How well did I fol­low my process?

• I messed up today
• Doing the Bart Simp­son exer­cise: “I will not use weak pat­terns on low time­frames for trad­ing deci­sions” — write out 50 times before bed 

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

• I did fair­ly well here actu­al­ly considering

What did I learn today?

• I learned that when I have a trad­ing idea and act on it I have to let the trade play out based on hard exit rules. Entries M30/M15 based. Exits M30, pro­file or time-based.
• I can let go of mak­ing mis­takes. Every­one makes mis­takes and I don’t have to be an expert on every­thing right away. As long as I learn from my mis­takes. Progress, not perfection. 
• It’s just the first trade of the month for me and it is the end of the month that matters. 

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

• Stay com­mit­ted to a trade regard­less if I think it might be wrong. Use exit rules to cut a trade. They are there for a reason. 

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

• Grasshop­per

Under the cir­cum­stances, did I per­form at my best?

• As out­lined above I could have done much better

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

Pre­mar­ket Prep GBPNZD 10072020

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