I think I will start doing this weekly so I can keep myself more accountable instead of leaving it all in my excel sheets. So after reviewing my tradings last week for the 2 days I traded I noticed a few alarming things.
- lots size is still way to large
- risk to high
- too many trades during work hours
- traded on phone during high volatility
- more than half my trades were outside of my plan (how I’d like to trade)
so how will we go into this week doing a little less of those. I think the best way to conquer these all at the same time is to create a process geared towards risk, lot size, and clearly identifying my trading hours. This way I can be waaaay more process oriented and find ways to tweak and modify my process which will inturn change my behaviour once I consistently follow the process.
CREATE A CHECKLIST to use for alllll trades!!! thats it.
anyway just a thought for the week. I will begin working on the process and document my journey as I continue trading.
failed before I even got to POST THIS LMFAO
anyway, eliminated phone trades. legit did 1.5K on my phone in an hr.
I know I constantly talk about risk management and why it’s important. I believe one should never risk 50% of their account to only earn 25% or anything less than what your risking a matter of fact. Earlier this year I made a trader flow chart but after reflecting this week I realized that I was missing another question. The question would follow after “Calculate risk and setup position.” The question is “are you comfortable with the risk? if the answer is no then recalculate the risk and ask again. I realized knowing your risk and being comfortable with the risk are 2 different things.
“If you are too comfortable in a trade then you probably do not have enough size”
-GMan, ONE GOOD TRADE
This quote is kind of counter to what I am saying but I believe in it so much. Nothing is wrong with taking calculated risk as long as you realize the damage it can do and willing to setup the proper reward given the risk. My max risk for a day is 5% so I have the opportunity to make 15% if my risk:reward is on proper.
In addition, you also have to be willing to be have reasonable take profit. After reviewing a lot of my profitable trades I noticed that some never hit tp and I closed prematurely ruining my risk:reward ratio. over the long run this is no good because your SL will be hit and your wins will never out-weigh the losses. of the few that would hit Stop loss I need to determine if my TP is completely out of whack because I’m not trading the structure or if I’m forcing a specific risk:reward just so I can play the trade.
Anyway, trading this week begins on Wednesday and I’m so glad to be back.
Since I have a week and a half off I have had a lot of time to think & reflect about the long term & where I’d like to be as a trader and in my career. Truthfully I’d love to quit Continue reading “Work-Trade Life Balance” →