Trading Week in Review 14th – 18th of May

From last week’s Week in Review post:

Another week full of “$0, no trades”, but I think I’ve figured out a couple of root causes of that and will work to fix the issues going forward. The two issues are looking for perfection in my trades and my time scheduling throughout the week.

I’ve got to take trades and put on the risk when I see a trade or have a trade idea. I need to work on being more flexible with my ideas/scenarios and going with the flow once the market does something else (74 dip on the 9th and 2700 premarket rejection on the 10th come to mind).

Michael Covel’s podcast episode 656 (https://www.trendfollowing.com/podcast/) really drove home for me the idea of taking trades as I see them and being comfortable with putting on risk… lose small lose small lose small win big.

Regarding time management, one of my biggest issues is calling it a day after trading the opening bell and few hours afterwards. I’ve got to start taking full advantage of the whole session and trade the entire session. Monday’s and Friday’s I should be able to trade until around noon (work), and Tuesday’s/Wednesday’s/Thursday’s I should be able to trade the entire session.

Going to work on fixing these issues going forward.

Excited to say that I believe I have fixed the issues mentioned in that review as this week I was very comfortable with my trades and I traded as much of each session as I could.

The main thing for me this week is definitely my holding times on trades… winners are getting longer and winners are getting shorter.

Going forward, I want to continue working on getting comfortable with holding trades and getting even more comfortable with taking trades (see the trade, take the trade idea). There is definitely room for more than 1-3 trades per day!

Excited for next week!

Trading Week in Review 14th – 18th of May

PnL Summary:

May 14th: $0, no trades

May 15th: ($112.50)

May 16th: $150.00

May 17th: $12.50

May 18th: $37.50

– – – –

Weekly Total: $87.50

– – – –

Total since starting PriceBasedTrading.com (May 13th 2016): $387.50

 

Lessons/Things to work on:

  1. Trade management
    1. Creating profitable outliers
    2. Know risk/stop, then don’t interfere
    3. Don’t act on the trade unless price forces an act
      1. Level broken
      2. Stop hit
      3. Lak: Hold trades until the point at which price “loses progress on the trade”
    4. Levels, SLA
  2. Enter trades at support and resistance
    1. Focus on price
    2. Find high impact prices/levels
      1. Higher timeframe levels
        1. Major S/R
        2. Leg Starts
      2. Shift away from trading the lower timeframes
    3. Long at support
    4. Short at resistance
    5. Enter as close to the ‘decision’ point as possible
    6. Be in position to take advantage of the higher timeframe moves
    7. Scenario Planning
    8. CONTEXT/STRUCTURE/LEVELS
    9. Auction Process
  3. More value from each session
    1. More contracts
    2. More trades
    3. Capture the opportunity each session provides
  4. Mindset
    1. Market/trade unknowable, my strategy/mindset knowable
    2. Focus on implementing the execution/management strategy
    3. Winning mindset/attitude
    4. Trading Mindfully/Active Interruption
    5. Trading: The Video Game
    6. See the trade, take the trade
    7. Other Traders’ Perceptions

 

Matthew Wilder took the stage last week with Break My Stride. And now for something completely different, here’s Metro Boomin with Rick Flair Drip:

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