7/10 Weekly Review
A goal for the rest of the year is to be trading bigger. I have been trading ~50$ max risk for each trade for years now and its going to be something new to get over while risking more. If I want bigger wins, im going to have to deal with some bigger losses as well. The only way to get over that negative feeling of a bigger loss, is to take that big loss. If I want to risk 100$ on a trade and lose 100$, then so be it, I did what I set out to do. I will get used to it the more I trade risking that much.
Still not starting right off with risking 100$, but more like 30$ now instead of 15/20$ and adding as it works.
Had a lot of losses this week. Some really good wins that covered all of them, but an abnormal amount of losses I would say. Not really sure why. To me it looks like all the trades I took were find to take. Not really settling for less. Good locations, good entries. Just couldnt catch a lot of winners for whatever reason.
The market was moving quite a bit this week. We had solid trends and not much grindy action. Always best trades are on the same side, but doesnt necessarily mean it has to be taken that way.
Anchored vwap mid day.
Better planning before the open. I Look at HTF context on the D chart and see that if this level is broken, now I want short. But end up going long on a lesser level that is not that significant. That is not where my edge has been.
I was not ok with not taking a trade around a HTF level. I gave up on thinking about confluence and I strictly traded PA around levels. Which is a start, but its not enough. Its not where Ive been making my money. I believe thats part of the reason my WR was so low this week. Location location location.
KNOW WHAT I AM LOOKING FOR. Dont just trade what you are given. What do you need to have in front of you before you take that trade. Where is your edge the greatest. Do not settle.
Im forcing myself to have a new Daily loss limit. Anything more than 400$ down, I cant put anymore on. Yeah I tell myself it doesnt matter what that number is, theres still good trades, but fuck me I dont need to be down 400$ ever again with the risk I trade with. If I am, I did something really stupid, or have taken a loss much larger than usual. Friday it was me being an idiot, and I couldve saved myself by locking it down.
AT LEAST, I know I can trade much bigger now. I see the possible money I can make now trading how I am and I need to get better with it. Sizing up, taking slightly bigger positions to start and adding right away, im able to get up to 70-100$ of risk easily and let it do its thing. Trades are still risking 1 for 4/5 on avg. The numbers are there I just gotta keep grinding. Stay working with trading bigger.
I have now started listing my favorite/best setups for each day before the open. If one of those does trigger and I get what I need, thats when I really need to be stepping it up. On avg now im up to ~60$ risk on any 1 given trade, and have no problem increasing it when I know its good. But I need to make sure im really increasing it when its there. I will know what that looks like.
1. It was 1 of my top ranked setups before the day
2. Tape cues
3. Market conditions
4. Cleanliness of setup
5. At HTF location
If I got all 5 of those on 1 trade, that when I need to be up to 200$ risk on that 1 trade.
I ABSOLUTELY need to be careful this next week. This is a repeat of what happened to me earlier in the year. I have a solid couple weeks of trading, got careless and took whatever and had a bad week. Then twice as worse next week. This cannot happen again. I feel like im in the same mental state as I was when that garbage began, I have to snap out of it and sit on my hands until I see a good trade. Settling for less and taking whatever, with whatever risk is what crushed me. Not this time.
---------------------------------------------------------------------------------------------------------
This week I typed whatever I felt like typing as I went through the week. So the above stuff is bullet point thoughts I was having throughout the week. Now ill get a little more organized.
NUMBERS
-$731
22/118 19% WR
69% Compliance
-39R
10 breakeven, 33 full -1R loss
30 more than -1R loss
Avg win +$82
Avg loss -$26
Ugly. 1/4 of my trades I let get past my intended stop. Bad record to have.
WR super low.
DAYS
M
Hurt on a couple reversals with late exits/slippage. All good setups aside from one long I took off a level that 1. Was not holding above, 2. Was not significant. Just a regular old losing day. Nothing major.
T
Big SPY win erased by some freak buying. DAL loss fine. Big TSLA win was very clean and clear. WMT reversals no go. TSLA loss on some iffy action. Not at HTF level and had just lost important TL into a lesser TL. Took the long anyways no follow through. Made up for it with a reset long win.
W
Started 0/10 on the day. All solid trades. Only last one I needed to be more patient with and look for re entry. Bad take on ROKU. Was not clearly strong and above zone. Solid SPY reversal. Really good looking SPY short that didnt play out. TSLA reversal that didnt go. Reset but I missed my entry and lost out on a big win. Did well on ROKU. Took an L to start and waited too long to get out, but got right back in as it was still good.
R
Heres where things started going downhill. I started off the week just getting back into the flow. Had a nice Tuesday, knew I was missing a lot of trades. And yesterday I was getting angry I had so many good setups, but so many losers. I had that itch where I wanted to trade and make up for it. I believe this day is when I started getting a little loose with my risk.
Started with a big 500$ win. and then 4/27 to give it all back.
COST reversal didnt go. SPY reversal didnt go. Attempted long back into SPCE, probably needed to give it more time to digest the move it had already made. Too early I think. SPY reversal again, platform bugged out and crashed for a moment, came back and I would have already been in, but when I did get back in I had gotten in .16 cents past my entry, which means im offsides quite a bit. So what coulda woulda shoulda been a tiny loss, was much bigger than I wanted.
Bad size and rushing on MHK led to early exit and gave up a win. Need patience to get myself right first. Scalp on COST didnt go, then revenge trade and went long off of no HTF context levels.
SPCE went for re entry again, wanted scalp above vwap but missed it so 'chased' lower and got in as the scalp failed, which is not a good time to get into a long + we were seeing big selling + hidden sellers. Bad entry, worse exit, big loss.
At this point I had given back 90% of my profits.
Actually took some pretty good longs on TSLA. All had nice starts but quickly turned on me into losers. Could have done a better job getting out near breakeven to prevent further losses. All these trades should have gone and never come back.
Then made bad choice and went short on TSLA. After all the failed long breaks I thought wed get a good flush. Too many things in favor of the bulls. I fought a lot going for that short. Should have just avoided.
Lack of patience, and me leaving desk for a moment I wanted to put a trade on and come back to a nice win. SPCE looked good enough. Was a loss. Was an avoid, Was not worth the risk given recent action.
F
Nightmare of a day trying to shoot anything that looked good enough. Needed to avoid half of the 45 trades I took. I actually managed myself very very well to start the day. Kept taking paper cut losses, putting size on for the possible big reward. Never came which is fine, the potential is what matters. But damn, I just kept shooting. Losses started stacking up faster and I just wanted my money back. Tried to make the market give it to me. Never works out. Needed to just walk away.
GOOD THINGS
I am sizing up. I am pushing. I am recognizing where my best trades come from.
Anchored vwap mid day. From highs and lows. Adds confluence and more often than not, at the right spots.
I started the week off nice and slow. Taking it easy working back into things. I got careless again. OVERALL im down only 2 good trades on the week and it is a good spot to be in. Just need to be patient and it will come when its supposed to. I cannot force it.
PROBLEMS
Labeling levels that arent that significant. A daily high is not a huge reference point. Previous HOD, D breakout levels. Several times tested areas. Those are what I need to be trading off of as they are what has been working best. Label other possible in play levels, like a D hi, with a different color.
Always be drawing trendlines. Gotta know what to look out for. May give reasons for early exits.
Try to trade off of the HTF levels, not so much intraday levels. Being patient allowing for time to pass and build more traders in positions allows for me to wait for better entries and see who is in control.
Missing trades. I have to be faster. I have to prepared and ready and watching te stock before it gets to the point im looking for a trade. I missed a lot of solid wins this week.
Early morning reversals. Good setups. Gives me what I need to see, but not following through. We are in a strong market. Take the trade, but reduce expectations early on especially if the market is strong.
Trading just to trade. Wait for the best, nothing else.
Forgetting context of trades. The daily chart tells me that there is clearly a better direction to be looking for a trade on that name. If its long, and I get a short setup. That short setup has to be really good. There has to be clear weakness, under a HTF level, with failure to hold above levels/failed breakouts. Moves lower could simply be bigger traders chance to buy lower.
SOLUTIONS
1. Label levels that arent that significant a different color. If they come into play intraday then I can trade off of them, if not, 1st time at them I just need to let it be, dont trade.
2. Always be drawing TLs. Going on sticky note.
3. If a stock is coming into a HTF level that I want to trade off of, I need to be watching it before it gets there, not as it gets there.
4. Early morning reversals must be taken off quicker.
5. Wait for the best leave the rest. No need to take anything other than where my edge is. Trading off of HTF levels. Everything else is not a part of my edge.
GOALS
-Trade your best setups bigger. Before the open I type out what my favorites are and the direction.
If I am given:
1. Favorite setup
2. At HTF location
3. Clean and clear with signs of whose in control
4. Tape cues
5. Following market conditions.
I want to risk 200$ on that trade. That means 75$ risk, add 75, add 50.
-Do not settle. I know that my best setups are clean and clear and obvious, I dont need to settle for maybe trades. If its not around the HTF level, I dont have a trade.
-Dont miss a trade. Be watching it before it gets there.
-Remember contexts of trades. It is a better long or a short, trade like it.
FINAL THOUGHTS
Just reel it back in. Take it slow. Take the obvious. Dont force it. Confidence will come back when it is supposed to. 2 steps foward, 1 step back. Only 1.
Still not starting right off with risking 100$, but more like 30$ now instead of 15/20$ and adding as it works.
Had a lot of losses this week. Some really good wins that covered all of them, but an abnormal amount of losses I would say. Not really sure why. To me it looks like all the trades I took were find to take. Not really settling for less. Good locations, good entries. Just couldnt catch a lot of winners for whatever reason.
The market was moving quite a bit this week. We had solid trends and not much grindy action. Always best trades are on the same side, but doesnt necessarily mean it has to be taken that way.
Anchored vwap mid day.
Better planning before the open. I Look at HTF context on the D chart and see that if this level is broken, now I want short. But end up going long on a lesser level that is not that significant. That is not where my edge has been.
I was not ok with not taking a trade around a HTF level. I gave up on thinking about confluence and I strictly traded PA around levels. Which is a start, but its not enough. Its not where Ive been making my money. I believe thats part of the reason my WR was so low this week. Location location location.
KNOW WHAT I AM LOOKING FOR. Dont just trade what you are given. What do you need to have in front of you before you take that trade. Where is your edge the greatest. Do not settle.
Im forcing myself to have a new Daily loss limit. Anything more than 400$ down, I cant put anymore on. Yeah I tell myself it doesnt matter what that number is, theres still good trades, but fuck me I dont need to be down 400$ ever again with the risk I trade with. If I am, I did something really stupid, or have taken a loss much larger than usual. Friday it was me being an idiot, and I couldve saved myself by locking it down.
AT LEAST, I know I can trade much bigger now. I see the possible money I can make now trading how I am and I need to get better with it. Sizing up, taking slightly bigger positions to start and adding right away, im able to get up to 70-100$ of risk easily and let it do its thing. Trades are still risking 1 for 4/5 on avg. The numbers are there I just gotta keep grinding. Stay working with trading bigger.
I have now started listing my favorite/best setups for each day before the open. If one of those does trigger and I get what I need, thats when I really need to be stepping it up. On avg now im up to ~60$ risk on any 1 given trade, and have no problem increasing it when I know its good. But I need to make sure im really increasing it when its there. I will know what that looks like.
1. It was 1 of my top ranked setups before the day
2. Tape cues
3. Market conditions
4. Cleanliness of setup
5. At HTF location
If I got all 5 of those on 1 trade, that when I need to be up to 200$ risk on that 1 trade.
I ABSOLUTELY need to be careful this next week. This is a repeat of what happened to me earlier in the year. I have a solid couple weeks of trading, got careless and took whatever and had a bad week. Then twice as worse next week. This cannot happen again. I feel like im in the same mental state as I was when that garbage began, I have to snap out of it and sit on my hands until I see a good trade. Settling for less and taking whatever, with whatever risk is what crushed me. Not this time.
---------------------------------------------------------------------------------------------------------
This week I typed whatever I felt like typing as I went through the week. So the above stuff is bullet point thoughts I was having throughout the week. Now ill get a little more organized.
NUMBERS
-$731
22/118 19% WR
69% Compliance
-39R
10 breakeven, 33 full -1R loss
30 more than -1R loss
Avg win +$82
Avg loss -$26
Ugly. 1/4 of my trades I let get past my intended stop. Bad record to have.
WR super low.
DAYS
M
Hurt on a couple reversals with late exits/slippage. All good setups aside from one long I took off a level that 1. Was not holding above, 2. Was not significant. Just a regular old losing day. Nothing major.
T
Big SPY win erased by some freak buying. DAL loss fine. Big TSLA win was very clean and clear. WMT reversals no go. TSLA loss on some iffy action. Not at HTF level and had just lost important TL into a lesser TL. Took the long anyways no follow through. Made up for it with a reset long win.
W
Started 0/10 on the day. All solid trades. Only last one I needed to be more patient with and look for re entry. Bad take on ROKU. Was not clearly strong and above zone. Solid SPY reversal. Really good looking SPY short that didnt play out. TSLA reversal that didnt go. Reset but I missed my entry and lost out on a big win. Did well on ROKU. Took an L to start and waited too long to get out, but got right back in as it was still good.
R
Heres where things started going downhill. I started off the week just getting back into the flow. Had a nice Tuesday, knew I was missing a lot of trades. And yesterday I was getting angry I had so many good setups, but so many losers. I had that itch where I wanted to trade and make up for it. I believe this day is when I started getting a little loose with my risk.
Started with a big 500$ win. and then 4/27 to give it all back.
COST reversal didnt go. SPY reversal didnt go. Attempted long back into SPCE, probably needed to give it more time to digest the move it had already made. Too early I think. SPY reversal again, platform bugged out and crashed for a moment, came back and I would have already been in, but when I did get back in I had gotten in .16 cents past my entry, which means im offsides quite a bit. So what coulda woulda shoulda been a tiny loss, was much bigger than I wanted.
Bad size and rushing on MHK led to early exit and gave up a win. Need patience to get myself right first. Scalp on COST didnt go, then revenge trade and went long off of no HTF context levels.
SPCE went for re entry again, wanted scalp above vwap but missed it so 'chased' lower and got in as the scalp failed, which is not a good time to get into a long + we were seeing big selling + hidden sellers. Bad entry, worse exit, big loss.
At this point I had given back 90% of my profits.
Actually took some pretty good longs on TSLA. All had nice starts but quickly turned on me into losers. Could have done a better job getting out near breakeven to prevent further losses. All these trades should have gone and never come back.
Then made bad choice and went short on TSLA. After all the failed long breaks I thought wed get a good flush. Too many things in favor of the bulls. I fought a lot going for that short. Should have just avoided.
Lack of patience, and me leaving desk for a moment I wanted to put a trade on and come back to a nice win. SPCE looked good enough. Was a loss. Was an avoid, Was not worth the risk given recent action.
F
Nightmare of a day trying to shoot anything that looked good enough. Needed to avoid half of the 45 trades I took. I actually managed myself very very well to start the day. Kept taking paper cut losses, putting size on for the possible big reward. Never came which is fine, the potential is what matters. But damn, I just kept shooting. Losses started stacking up faster and I just wanted my money back. Tried to make the market give it to me. Never works out. Needed to just walk away.
GOOD THINGS
I am sizing up. I am pushing. I am recognizing where my best trades come from.
Anchored vwap mid day. From highs and lows. Adds confluence and more often than not, at the right spots.
I started the week off nice and slow. Taking it easy working back into things. I got careless again. OVERALL im down only 2 good trades on the week and it is a good spot to be in. Just need to be patient and it will come when its supposed to. I cannot force it.
PROBLEMS
Labeling levels that arent that significant. A daily high is not a huge reference point. Previous HOD, D breakout levels. Several times tested areas. Those are what I need to be trading off of as they are what has been working best. Label other possible in play levels, like a D hi, with a different color.
Always be drawing trendlines. Gotta know what to look out for. May give reasons for early exits.
Try to trade off of the HTF levels, not so much intraday levels. Being patient allowing for time to pass and build more traders in positions allows for me to wait for better entries and see who is in control.
Missing trades. I have to be faster. I have to prepared and ready and watching te stock before it gets to the point im looking for a trade. I missed a lot of solid wins this week.
Early morning reversals. Good setups. Gives me what I need to see, but not following through. We are in a strong market. Take the trade, but reduce expectations early on especially if the market is strong.
Trading just to trade. Wait for the best, nothing else.
Forgetting context of trades. The daily chart tells me that there is clearly a better direction to be looking for a trade on that name. If its long, and I get a short setup. That short setup has to be really good. There has to be clear weakness, under a HTF level, with failure to hold above levels/failed breakouts. Moves lower could simply be bigger traders chance to buy lower.
SOLUTIONS
1. Label levels that arent that significant a different color. If they come into play intraday then I can trade off of them, if not, 1st time at them I just need to let it be, dont trade.
2. Always be drawing TLs. Going on sticky note.
3. If a stock is coming into a HTF level that I want to trade off of, I need to be watching it before it gets there, not as it gets there.
4. Early morning reversals must be taken off quicker.
5. Wait for the best leave the rest. No need to take anything other than where my edge is. Trading off of HTF levels. Everything else is not a part of my edge.
GOALS
-Trade your best setups bigger. Before the open I type out what my favorites are and the direction.
If I am given:
1. Favorite setup
2. At HTF location
3. Clean and clear with signs of whose in control
4. Tape cues
5. Following market conditions.
I want to risk 200$ on that trade. That means 75$ risk, add 75, add 50.
-Do not settle. I know that my best setups are clean and clear and obvious, I dont need to settle for maybe trades. If its not around the HTF level, I dont have a trade.
-Dont miss a trade. Be watching it before it gets there.
-Remember contexts of trades. It is a better long or a short, trade like it.
FINAL THOUGHTS
Just reel it back in. Take it slow. Take the obvious. Dont force it. Confidence will come back when it is supposed to. 2 steps foward, 1 step back. Only 1.
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