Weekly Recap

Weekly Recap #6

So this week has been pas mal. There are some weeks you end thinking that although I may not have necessarily earned the desired results, I have definitely moved in the right direction.

Things that have went well in the last few weeks:

  1. Started focusing only on one set-up that I have been trying to develop
  2. Learnt my mistakes of not trading set-ups I have not tracked
  3. Understanding more and more that good trades can be red trades and bad trades can be green trades
  4. Respecting my stop level and not being shaken out
  5. Restructuring of commissions (happened over the weekend) – very excited about this one moving forward!
  6. Developed my journal to be more insightful through pivot tables

 

Things I definitely can improve on:

  1. Letting my winners run!
  2. Selling into pops better
  3. Understanding how to size in more efficiently
  4. Respecting my stop level and not being shaken out (yes this appeared in both sections)
  5. Timing my entries on pullbacks

 

Key Takeaways through studying:

  1. Do not trade the order flow and watch the chart
  2. Hard work is a necessary but not a sufficient factor for success
  3. The journey is long and tough, its important to recognise that and also to recognise the habits I have been doing correctly.
  4. The best trades are also always the MOST hardworking and have shitty work life balance.
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10 Day Analytics

10 Day Analytics #5

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So things did not really look too good again in this last set of 10 trading days. Step forwards in #2 and then back-forward and finally back again in the last set.

It is quite clear the things I need to work on –

  • If i do a deeper dive on what has been working for me, I realised that the bottom bounce set-up truly has some potential for me to develop further. I did suffer a big loss on it because of an emotional trade in this set but truthfully it the one that I could actually take to another level. I gotta keep at it and be confident about my positions and let my winners ride more. The caveat is that it is a one a week set-up that really isn’t sustainable in the long run if I want to make a career out of trading.

 

  • I have a problem! I see a new set-up and I kinda of jump into it trading without studying it long an hard enough. You see me doing that with the multi-day breakout set-up. I have got to stop this! It is eating into my profits significantly. So – stop trading set-ups without tracking for at least a month!

 

I hope just focusing on these two things will help me in my next set.

Bottom Bounce · Trading Psychology

#48 The thin line of success

Trades: 1
Accuracy: 100%

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The lessons of trading are painful the say the least. Started with try to play the move at around 12.35 and took a tiny profit on that. Waited for the pullback to re-enter at around 12.45 and then I saw a hard rejection at 12.60 for the third time and took that as a sell signal.

Just moments later it did what I wanted it to and burst through the resistance. Wow that is definitely one of the worst feelings in trading. To miss my trade by mere seconds. The line between success and failure is so thin. A good lesson learnt and I have to sit and ponder about this one. Would I wait sell again if such a situation happens in the future? Probably, I mean that .60 mark kept rejecting, I feel I did the right thing but its so hard to accept that.

Win some lose some but I think the important thing learnt here is to stick to the rules and trade the chart.

PS: In case someone was wondering where round about 100-130 USD went? Well I have to pay for my platform so that fucks me up a little ;). I know I keep wondering where that disappears to as well.

Bottom Bounce · Others

No trade day gains

Today I did not take a trade because the set-up was not perfect. There were some variables I was just unsure about. The open sat right on support and I was not used to that. Usually it drops to support before the reversal. I was also a little uncomfortable with the Average Daily Volume even though the last few days was strong. Either ways I learned more about my favourite set-up and it re-emphasized the power of the set up and how it worked even though the conditions were not perfect.

I am still sticking to the less I trade, the more gains i’ll make mentality.

 

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Others

Epiphany

I just had a bit of an Epiphany while in the shower. Cliche? Yeah maybe but suck it up. I am simply not going to play set-ups that I have not tracked anymore.

That sounds simple and easy but somewhere somehow after dropping the whole momo stuff I started off with in the beginning, I got back to trading on a whiff. Going to start a fresh excel sheet and find a way to capitalise on the gap-ups. There is opportunity but I need to find a set-up that shows consistency. However long that takes, I am not going to make a single trade until that happens.

Cheers, I hope this would then give me some more opp other than the rare bottom bounces that I feel I am getting a little hang off.

Hurray! There goes my Sunday 😉

Daily Report · Dip up · Others

#46 – In a rut

Trades: 1
Executions: 2
Accuracy: 0%

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So today I tried this dip-up strategy again I was kind of eyeing. I cannot deny that I am in a bit of a trading rut. In the last 10 trades I have had 20% accuracy, which is pretty disgusting.

However, there were a couple of things I did correctly today. I put orders at target entry points and waited for the stock to hit there. It felt way more controlled and calming and I think I will employ this for my bottom bounce strategy if it comes by. Secondly, I also managed my loss super well because I was in with manageable size. When the stock washed hard I waited for a bounce as you can see in the second trade. They were both the same strategy and hence I put it as the same trade. I figured by timing was off on the first try.

Either ways, I need to commit myself to taking only set-ups I have tracked. This one felt like something I saw worked 2-4 times and assumed it was the norm. I really got to stop doing that though.

On the other side of things, ever since I got back I realised I have lost about USD $280 but only USD $30 before commissions. This speaks volumes. MY accuracy has not been up to standard but it does show that my winners are quite strong and an average win is significantly more than a loss. Now I just to work on making em more consistent.

Trading Psychology · Weekly Recap

Weekly Recap #5

It has been a while since I did one of these but this week I traded on all 5 days. It is rare for me to do so but it does depict my growing passion and addiction to the art. Still being relatively new (based on hours spent studying and in the markets), I made a ton of mistakes. I also made some significant strides but today I would like to just pen down my three biggest takeaways:

  1. Have confidence in your strategy. Many times this week I got scared out of positions quick only to be proven later that the stock did exactly as I expected and according to the pattern that I had studied or analysed.
  2. It is okay to miss set-ups. I found myself chasing things a couple of times even when my target entry point was missed or even worse, was not hit yet. I realised, the markets will constantly provide opportunity and its ok to miss some sometimes. That ticker you been analysing for 2 hours before the market opens just may react quicker than expected or hit a support much later than expected. Its okay if it goes down as a miss!
  3. Trade the chart, not your emotions. This ties in well with the above two. Be patient and wait for you entry. Once entered follow chart patterns to take profit or cut losses. Do not follow what you feel may be the best thing to do at that time. Take guidance from the chart