Come Back

Well, my come back this week has not been stellar.

Had 2 weeks off to get business done and to get my mind cleared so I can trade well.

My starting daily goal is net $50. Yes, I know, not a lot and very little, but after the streak I had, this is a good goal because it's in the POSITIVE!

Here are the details of my trading this week - not stellar, but it's reality & the truth. Sometimes facing the truth sucks, but when you are able to do that, then you can do something about it and move forward. The Truth Shall Set You Free.

Mon (8/31) - Did not trade (last day of trading vacation/break)
Tues (9/1) - 3 trades (0 profits) - net <$275.53>
Wed (9/2) - 1 trade (1 profit) - net $33.51
Thurs (9/3) - 10 trades (7 profits) - net <$114.90>
Fri (9/4) - 3 trades (3 profits) - net $50.53
Week's Results - 17 trades (11 profits) - net <$306.39>

Sort of embarrassing to show these results. However, it is what it is and that's what I did in my funded account. Though 65% of my trades ARE profitable, the profits are small in comparison to the 35% of the trades that are costing, which are much bigger. I've definitely got to work on this.

What were some of my learnings this week?

1. The fibs work. Use them BEFORE making a trade.
2. Get sleep (yes, I know an issue - too lengthy to explain & no need focusing on negative things)
3. Spend more time in the Bible & prayer - this helps me to stay focused on the Lord and not do stupid things, like get into bad trades, rather allowing me to be patient for the right setup as per my written trading strategy.
4. Do more EFT to help calm me down, so I can see clearly.
5. Wait for confirmation of a movement, so I can go for bigger moves and have a better reward ratio than I have been having.
6. Do not trade when things are moving fast. I'm just not skilled enough in really fast/volatile markets. I can trade medium to slow markets. -- Know when to stay out, even if $$$$ signs are popping in front of my face.
7. Get rid of negative thinking & emotions BEFORE trading.
8. Get rid of distractions - turn off the fricken Yahoo IM.
10. Manage emotions.
11. Get in at pullbacks.
12. The trend is your friend.
13. Don't focus on the money, rather just trading well.
14. Start off slow & gradual.
15. Know when to stop. Tuesday was not a good example as the costs were too big, but I did stop after 3 costing trades.
16. Keep positions small until you do well with ONE contract.
17. Don't think pining for when you did better, because every trade is separate and unique. Focus on that ONE trade you are in or about to take.

I'm pretty sure this whole list of 15 things I've written somewhere multiple times before as well as you seeing it in other articles, blogs, books on trading. Just confirming once again these are all very valid.
0 Responses

Amazon Store