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Thanks for this. You've given me something to think about. I'll have to get back to you as I figure out what would be important for me to rank and under what scale.
Cheers.
Yesterday's excellence is today's standard and tomorrow's mediocrity
Thinking about this more you could also consider dividing all your grading criteria into 100.
After each trade add all your points up and get a score over 100.
Some other good ideas are different journals like Tradervue, Edgewonk, s5 analyzer.
Still in a mental rut. I think it's a combination of a number of things and I don't want to get into it too much because most of them are outside of trading. They just happen to impact my trading and my overall mentality. I think an end of year break will help with that.
Also, I keep telling myself to have an open mind so not be biased, but that's just the conscious part of me talking. Unconsciously I have a bearish bias, none of this makes sense. We are near all-time highs, we are most likely about to have the first interest rate increase in years, and we are still climbing higher. This seems so artificial and inflated to me so I'm looking for signs of a big failure in the near future but we don't get it. We even had some OTF activity on Wednesday that pushed the price way up, just makes no sense to me. I need to just be comfortable with things not making sense to me, and just trade what I see. Easier said than done
In case you were wondering, I didn't trade on Friday. I didn't do any prep or anything like that but I did set a short ~ 4,900 area just because it's too good of a trade near the end of the week to pass up. I did not get filled though.
Goals set for this week
Update your expectations around risk management rules, grading trades, and managing trades by Monday- Passed
Complete end of month review by Tuesday- Failed, I have all the numbers and all of that done, I just need to write it up and I'll be honest I've been lazy
Journal every day- Failed. I didn't trade every day but I still could've journalled.
I think I'm going to push the end of month review for after this upcoming week. It takes a long time to write up and analyze everything and my mind is focused on other things right now.
These numbers don't look that abnormal, but the payoff ratio is much lower than what I usually get and a big reason as to why I ended in the red this week. It's not that I was aiming for smaller wins, it's that the wins I expected to get, never got filled and only my positive stops were filled. Not the greatest, but that happened 4 times this week. If I didn't move my stops up they all would've been net losses, and that would've made these numbers worse. So I gotta be happy for that. Also this is less than 1% loss, I can move on
Out of those trades
Excellent trades: 0
Good trades: 1
Ok trades: 9
Bad trades: 1
Really bad trades: 1
Looking at this I only had 1 bad and 1 really bad trades but I feel like I performed much worse. The numbers state that I had a bad read on the market this week, it's going to happen. I shouldn't let it get to me and next week should be a busy week so I gotta get my head back in the game!
Yesterday's excellence is today's standard and tomorrow's mediocrity
We hit 4917 at the Sunday open, not quite the all time high of 4919.50
RTH all-time high still @ 4907.50
We then trended bear pretty hard for ~50 pts
We hit ON low of 4863 and are now sitting ~ 4876
Still within long term balance of 4919.50 and 4550, will we break out of balance this week?
No news today
CHTR up 1.5%
REGN up 4%
CL up 4% this morning on non-OPEC production cut deal
I've got a trade going from ON last night that almost hit my stop (1 tick away), so I'm going to hold it expecting the bear trend to continue. My hypothesis has not been disproved yet
Scenarios
Continue bear run, beat ON low and find some strong support, trend bull but don't beat 4900
Continue bear run, can't break ON low and range for the rest of the day
Start up bull, hit 4900 and then trend bear for the rest of the day
Start up bull, hit 4900 and trend bear until we find a resistance area, then range between those 2 points
Continue bear until a very strong support area, then continue the bull run and hit new RTH high, potentially even higher
A bit late on this as I had to leave my house early morning, but I was able to get 2 good trades in.
First trade taken
First I kept my trade from the ON session. It went my way about 8 points so I moved my stop up, not quite to guarantee a profit but to only take ~1.5 pt of a loss if the market turned around on me. This was a good decision as the market moved back up.
Trade grade – Excellent
It was in the plan
Observed signs of entry
Good target and stop
Everything a good trade has but also adapted to the market either by modifying entry for better potential, and exited early/late depending on the market conditions
Yes this was a loss, but it fits the criteria for an 'excellent' trade
Second trade taken
The second trade I took the 4880 pullback setup and I got a fantastic entry at 4882.25, I was very patient and I was rewarded for it.
Move to ~4900, then pulls back a bit until support zone, then we move up and break the ~4900 on 2nd contact, we make new RTH highs easy and trend to ~4920, we don't break new all-time highs
Decided to take a bit of an impromptu break from journaling. I don't want to make any excuses so I'll admit I was lazy. I still did most of my prep and my tracking and all of that, I just didn't feel like writing on FIO these last few days. It's nothing personal, I feel I might just be a bit burnt out.
I have a bunch of posts mostly written that I just never finished, and I kinda gave up on them
Last week I was very happy with my performance 4/5 days. The only day I didn't do well psychology-wise was the FOMC day, I forced too many trades.
As for next week, it looks like news-wise we are pretty done until Thursday, and then nothing for the rest of the year. I think I might not be day trading for the rest of the year, but I might take some swing trades here and there. We will see.
However, I have a big to-do list of things I want to do to review this year, as well as prepare for next, so I'll be working on those.
But journal entries will be lower than normal until next year.
Cheers!
Yesterday's excellence is today's standard and tomorrow's mediocrity
