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.
Remember how I was hoping for that big smile. Well it never came.
- Wins were on average bigger than losses
- P&L was close to break even
- Took small number of trades
- Accuracy is still terrible
- Made a few chases in this set
- Set 4 and Set 2 look about in P&L terms – one step back and one step forward. So back to square one in a way
Writing this was a bit tough. Up until yesterday I was actually green on P&L but red on net. That would have been nice to report about today. At least it would have been progress. Today, the story is different after two losing trades. I am sure every trader who made it at some point questioned the journey. None of them quit though so that’s probably what I am going to do. I just got to do more watching and less trading.
Now I have the third set of data in. Just after this I took a huge break to re-think and strategise.
Basically 1 step forward and 1 step back. I look ok number of trades but my accuracy was off. My losses were on average higher than my winners. The only icing on the cake was the the biggest loss was smaller than my biggest win in absolute terms. I guess it means I was cutting losses well but my strategy was just on average not viable.
I am excited to see how my 4th set comes in. Hopefully I will have a big smile on my face.
In this genre of posts, I am going to compare the current 10 days vs the previous 10 days
Voila! Those are my stats
- Much fewer trades! That is good as it means my aim to focus on better set ups is working.
- Accuracy has improved tremendously and almost doubled
- Losers are much smaller
- Losses are still greater than winners. Got to lower this amount further if possible
- Still not at ideal accuracy. Aim should be around 70-80%
- Commissions are killing me slowly. I have to manage size and number of executions better to limit those for the time being. I told myself to not break my exits into two if my share size is smaller than a certain number
- Had no big wins this time, this is more of getting in the right trades and sharpening my strategy more. There was opportunity – I just missed the best ones.
Alright the tunnel has brightened up by marginally. Things are at least moving in the right direction. My data set is still pretty small though and lets get this bigger and better soon. I am going to keep fighting for this dream. You have to believe your dreams first before you can go out there and achieve them. I do and I am working my butt off to get there.
Accuracy : 50%
KOOL – Pre-market break, a set-up I vowed to take along with 5 min scalps. Today this did not work and I just have to suck it up
IMGN – Not kool. I chased this, i hit the trigger too quick and there was literally no set-up. I thought I saw a scalp set-up forming but I did not wait for that candle to close.
What I need to do better on Monday:
- Up or out! – I am hanging around my trades a tad bit too long, gotta get out sooner when i’m using momo set-ups
- NOT CHASE.
On other news I decided to do recaps every 10 trading days or so. See my accuracy and P&L on a more big picture level. Then I will compare that with my previous 10 days compare for improvements etc. Stay tuned for that