August 21 Weekly Review
Pretty disappointing week. Reminding me that trading is in fact a job. I really got in my own way. I cant count how many dollars of potential p/l I lost by either getting out when I shouldnt, or not getting back in when it resets.
Started getting lazy this week and paid for it. Also size issues came into play a lot. Failing to determine star rating before trade, sizing up on lesser trades, adding too big. Taking the trade at all. Taking too big of a loss on my starters. I have a lot of cleaning up to do.
Destroyed potential p/l this week by not getting back in. Talking $2k +
I get so obsessed with trying to get best price best entry I completely miss the big picture. It cant happen anymore. Best way for me to fix problems is having them down in writing with a plan to implement when the situation comes.
For the market itself, was a really straightforward week. Majority was clean uptrending action. Some days a little harder than others. Monday didnt take a single trade. Longs always win until they dont and i have no reason to even think about shorting yet. Sellers had a chance on thursday and got there face ripped off again.
Tuesday
Ok day, got chopped up on DKNG several times. Ended day green but was a struggle to get there. Mistakes were trading too many on the same name, without clear indication of strength or weakness.
Wednesday
Another ok day. Most profitable trade on MRNA that I choked and cut in half by taking off too early. Didnt follow PT rules, paid the price for it. Risk management was well on everything though.
Thursday
Ok day again. Slow to start but picked up later. Missed out on big DDOG profits by again, taking off too early, not keeping big picture in mind and leaving size on for big picture idea. Good RM again though.
Friday
Bad day all around. Bad risk management. Got real sloppy to start the day and was down $300 real fast to start the day. Overtraded PFE, FSLY missed stop, also not 9star so should have been an avoid. Missed $1000+ BABA long. Shaken out thought I was following TM rules, but didnt. Did not reach +2R so stop is not positive yet. Had to deal with the loss still, and I couldnt. Blew it didnt go for re entry or anything. Missed $500+ win on SPOT as well. Loss was fine. Failed to re enter was the problem. Looked at another name for a few minutes, came back to SPOT as it was popping and didnt get the fill to get in. Scrapped some of the day back though at the end.
NUMBERS
-$142
36/102 35% WR
78% Compliance
+4R
16 breakeven
25 full -1R
21 more than -1R loss
Avg Win +$46
Avg loss -$31
Avg Risk W $37
Avg Risk L $41
71k shares traded. (Past 2 weeks combined 54k)
So. Back to over trading. Back to bad risk management. Back to letting losers run to far. Took a few steps back this week. Ugly numbers here.
My stock selection was ok. Trade locations ok. 90% good on each. It was me getting out and not back in thats the issue. 1/5 of all my trades were losses bigger than what I wanted to take. 1/3.5 of my losers. Never been that much before.
Avg win is a bit lower, same with avg loss. Avg win would be much much better if 1. I was in the trades I should have been in and 2. Held my size like I should have.
Avg risk is inverted which is a problem. 1 It means not betting enough on winners that move right away and 2. starting too big on 1st entries that turn to losers.
Compliance down a pretty decent amount as well. I need to find some solutions.
PROBLEMS
Not getting back in.
-Missing big p/l boosts.
Starting off too big.
-Avg loss too big because of this.
Not finding star rating before hand.
-To know if avoid
-To know how much to add if W.
Getting caught trading in the chop
-Clear strength and PA is always best.
Taking too long to exit
-Massive problem this week. Gave some trades too much space on exiting and it cost me.
-21 trades for an avg of -1.4R with an avg risk of $32 means I lost $13 more dollars on avg multiplied by how many trades, 21, means $273 of excess risk taken for a loss. Enough to turn my week green.
SOLUTIONS
I need to make re entry rules
After exit:
-If not profitable and full -1R loss,
-Look for re entry on retest of HTF level/zone
-Re enter on break of any nearby pivot that makes a HH or LL
-If breakeven, or small win
-Look for re entry right away. Big picture is still in play and correct for moment so long as we are holding above HTF level
-Re enter on break of any nearby pivot that makes a HH or LL
-If candle engulfs prev candle
-Back in no questions asked.
With regards to size
-Restart same way, start small, add when it works
-If on breakout, flat 50$ risk based on last prev held pivot/level/area/TL whatever it may be.
---------------------------------------------------------------------------------------------------------------------
I start off too big because
-I am unaware of star rating to decide whether start bigger or smaller
-Anticipated risk is incorrect. Not account for slippage/spread
-Laziness
I have my risk plan already in front of me. I still like it, and think the rules are good to follow. 10star means risk more so I do it, favorite means risk more so I do it. This week I did it on just about every trade. Laziness. Wanting to make back my losses right now all at once. Solution here is to find my star rating faster. So what goes into it
Every day I chart, give the setup a 4 or 5 depending on context. Majority are 5s. So that means I need 5 intraday points to get my to a 10 star setup. What are those points.
-Tape. I count it as 2 as its the most important factor.
-Volume cues. Heavy on moves up? Low on pullbacks?
-Market correlation
-RVOL
-Failed breaks opposite direction
-MAs
-Clean and Clear PA above HTF level showing strength.
Very frequently I do get setups with more than 10 stars. Thats good. Still counts as 10 in my book.
Anything less than an 8 Is a do not take.
Theres no special fix here, just dont be lazy, count them up before you get into the trade so you know where your risk needs to be.
-------------------------------------------------------------------------------------------------------------------
Running into problems with revenge trading and stuck trading chop.
-Avoid all that doesnt have any HTF context around trade location.
-If taken 3 losses on name. Stand aside wait for clear resolution
Remember what your best trades look like. If the setup isnt clean and clear, its an avoid until it is. No need for guessing.
-----------------------------------------------------------------------------------------------------------------------
Follow Trade management rules. They are there to protect me from myself, capitalize on strengths, reduce losses. There is no reason to stay and wait when I know what my best trades act like. Take the quick L and reset.
GOALS
Every trade the star rating needs to be known before the 1st entry.
Follow risk plan to the T. Start correct small size. Add big. Add big again.
Follow re entry rules to the T.
Follow TM rules to the T.
Goals: Just follow your rules
FINAL THOUGHTS
I got everything I need this next week on sticky notes next to me. No excuses. Just follow my rules, the rest will take care of itself. Take care of the downside, and whatever happens on the upside happens.
Started getting lazy this week and paid for it. Also size issues came into play a lot. Failing to determine star rating before trade, sizing up on lesser trades, adding too big. Taking the trade at all. Taking too big of a loss on my starters. I have a lot of cleaning up to do.
Destroyed potential p/l this week by not getting back in. Talking $2k +
I get so obsessed with trying to get best price best entry I completely miss the big picture. It cant happen anymore. Best way for me to fix problems is having them down in writing with a plan to implement when the situation comes.
For the market itself, was a really straightforward week. Majority was clean uptrending action. Some days a little harder than others. Monday didnt take a single trade. Longs always win until they dont and i have no reason to even think about shorting yet. Sellers had a chance on thursday and got there face ripped off again.
Tuesday
Ok day, got chopped up on DKNG several times. Ended day green but was a struggle to get there. Mistakes were trading too many on the same name, without clear indication of strength or weakness.
Wednesday
Another ok day. Most profitable trade on MRNA that I choked and cut in half by taking off too early. Didnt follow PT rules, paid the price for it. Risk management was well on everything though.
Thursday
Ok day again. Slow to start but picked up later. Missed out on big DDOG profits by again, taking off too early, not keeping big picture in mind and leaving size on for big picture idea. Good RM again though.
Friday
Bad day all around. Bad risk management. Got real sloppy to start the day and was down $300 real fast to start the day. Overtraded PFE, FSLY missed stop, also not 9star so should have been an avoid. Missed $1000+ BABA long. Shaken out thought I was following TM rules, but didnt. Did not reach +2R so stop is not positive yet. Had to deal with the loss still, and I couldnt. Blew it didnt go for re entry or anything. Missed $500+ win on SPOT as well. Loss was fine. Failed to re enter was the problem. Looked at another name for a few minutes, came back to SPOT as it was popping and didnt get the fill to get in. Scrapped some of the day back though at the end.
NUMBERS
-$142
36/102 35% WR
78% Compliance
+4R
16 breakeven
25 full -1R
21 more than -1R loss
Avg Win +$46
Avg loss -$31
Avg Risk W $37
Avg Risk L $41
71k shares traded. (Past 2 weeks combined 54k)
So. Back to over trading. Back to bad risk management. Back to letting losers run to far. Took a few steps back this week. Ugly numbers here.
My stock selection was ok. Trade locations ok. 90% good on each. It was me getting out and not back in thats the issue. 1/5 of all my trades were losses bigger than what I wanted to take. 1/3.5 of my losers. Never been that much before.
Avg win is a bit lower, same with avg loss. Avg win would be much much better if 1. I was in the trades I should have been in and 2. Held my size like I should have.
Avg risk is inverted which is a problem. 1 It means not betting enough on winners that move right away and 2. starting too big on 1st entries that turn to losers.
Compliance down a pretty decent amount as well. I need to find some solutions.
PROBLEMS
Not getting back in.
-Missing big p/l boosts.
Starting off too big.
-Avg loss too big because of this.
Not finding star rating before hand.
-To know if avoid
-To know how much to add if W.
Getting caught trading in the chop
-Clear strength and PA is always best.
Taking too long to exit
-Massive problem this week. Gave some trades too much space on exiting and it cost me.
-21 trades for an avg of -1.4R with an avg risk of $32 means I lost $13 more dollars on avg multiplied by how many trades, 21, means $273 of excess risk taken for a loss. Enough to turn my week green.
SOLUTIONS
I need to make re entry rules
After exit:
-If not profitable and full -1R loss,
-Look for re entry on retest of HTF level/zone
-Re enter on break of any nearby pivot that makes a HH or LL
-If breakeven, or small win
-Look for re entry right away. Big picture is still in play and correct for moment so long as we are holding above HTF level
-Re enter on break of any nearby pivot that makes a HH or LL
-If candle engulfs prev candle
-Back in no questions asked.
With regards to size
-Restart same way, start small, add when it works
-If on breakout, flat 50$ risk based on last prev held pivot/level/area/TL whatever it may be.
---------------------------------------------------------------------------------------------------------------------
I start off too big because
-I am unaware of star rating to decide whether start bigger or smaller
-Anticipated risk is incorrect. Not account for slippage/spread
-Laziness
I have my risk plan already in front of me. I still like it, and think the rules are good to follow. 10star means risk more so I do it, favorite means risk more so I do it. This week I did it on just about every trade. Laziness. Wanting to make back my losses right now all at once. Solution here is to find my star rating faster. So what goes into it
Every day I chart, give the setup a 4 or 5 depending on context. Majority are 5s. So that means I need 5 intraday points to get my to a 10 star setup. What are those points.
-Tape. I count it as 2 as its the most important factor.
-Volume cues. Heavy on moves up? Low on pullbacks?
-Market correlation
-RVOL
-Failed breaks opposite direction
-MAs
-Clean and Clear PA above HTF level showing strength.
Very frequently I do get setups with more than 10 stars. Thats good. Still counts as 10 in my book.
Anything less than an 8 Is a do not take.
Theres no special fix here, just dont be lazy, count them up before you get into the trade so you know where your risk needs to be.
-------------------------------------------------------------------------------------------------------------------
Running into problems with revenge trading and stuck trading chop.
-Avoid all that doesnt have any HTF context around trade location.
-If taken 3 losses on name. Stand aside wait for clear resolution
Remember what your best trades look like. If the setup isnt clean and clear, its an avoid until it is. No need for guessing.
-----------------------------------------------------------------------------------------------------------------------
Follow Trade management rules. They are there to protect me from myself, capitalize on strengths, reduce losses. There is no reason to stay and wait when I know what my best trades act like. Take the quick L and reset.
GOALS
Every trade the star rating needs to be known before the 1st entry.
Follow risk plan to the T. Start correct small size. Add big. Add big again.
Follow re entry rules to the T.
Follow TM rules to the T.
Goals: Just follow your rules
FINAL THOUGHTS
I got everything I need this next week on sticky notes next to me. No excuses. Just follow my rules, the rest will take care of itself. Take care of the downside, and whatever happens on the upside happens.
Comments
Post a Comment