10/23 Weekly Review

 The beginning of the week I had had enough. Monday started off as another day of good trading to start, then gave it all away and then some on sized up setups and trades I didnt need to be in. 

I finally caved and wrote my trade entry checklist. It covers what I need to see before hand to decide if I need to be in the trade or not, and covers $$risk depending on circumstances. 

-BIG PICTURE TRADES

Is it on the correct side of HTF level/zone?

Is market not hurting?

Volume cues?

Above/below VWAP?

Do I have 5/7?

 

^^^^^^^^^^^^^^^^^^^^if any are a NO, then I do not have a trade

 

Is it 1/2/3star?

Where is my stop for my core

      -size accordingly with room for chop.

If trade work immediately, where is stop for adds?

     -size accordingly with extra tick to account for slippage. Double position size, then add same lot

 

-REVERSALS

Is it over extended?

Is it para/capitulation volume?

Is it vshape?

If yes to all risk is 50$ per entry

        -size dependent on 1min lo/significant tape level hold

Add if works right away same stop

 

If NO risk is 25$ per entry, same stops

       -Becomes scalp. 

       -Entry on break of pivot/clear level of entry. 

       -Take most on 1^st WS.

 

 

 

SCALP

Is it coiled tight?

Is there a failed move before hand?

Is there vol cues?

Is there clear level of entry?

Is there a TL break?

Is there huge tape bid/offer?

Is there HTF level?

Is there Increased RVOL?

 

Do I have 4/8?

If no, then no scalp

 

If yes then

Risk based on momentum and tape. Last held 1min pivot if nothing else notable.

Size 25$ and add same lot size if goes.

Take most on 1^st warning signs.

 

Its not difficult, its clear, its right in my face at all times now before every trade. Theres no one here to hold me accountable except myself. Follow my rules, win or lose, trust the process. No more wasting money away trying to scalp a tiny win on something that I have no business being in.

My other big issue is not taking the loss fast enough. Big reason alongside that is me revenge trading/taking these trades im not supposed to be in in the first place. I sit there and hold through the loss just adding to the mistakes. A snowball effect.

TUESDAY

I followed my rules and plans. Stayed patient until I got exactly what I needed. 100% WR. No regrets. Traded very well. 

WEDNESDAY

Pretty uneventful, Took a ton of scalps and got plenty of small wins. Had a lot of gappers and market wasnt super clean so big picture ideas werent really around. Played small ball and left happy. No complaints.

THURSDAY

Things got away from me. Was all over big picture ideas when market was clean holding and trending. Then when things got choppy I got sloppy and started trading whatever wherever. Was up $400 on the day, clean scalps and SPY trades, and gave it all back and then some. Sized up on scalps that I should not have taken in the first place. Didnt cut losers fast like I was in the beginning of the day.

Plain and simple, got in the gambling habit, didnt care to focus on rules and kept spinning the reel on anything that was good enough. 

Gave myself a few cues to stop this 

1. 3 Ls in a row, walk away 5min.

     -I gave myself this rule a very long time ago and never followed up with it. It needs to come back

2. When P/L is green for 1st few hours and hits 0$, its over. No questions about it. Ive done it to myself enough times now I have to stop. 

FRIDAY

Really uneventful. Followed rules well, stayed away from just about everything. Not meant to make money. Good job. 

Big picture ideas really werent in play that much. Beatdown names saw a good pop, I did but some calls and am taking swing trades, but intraday im not seeing a lot of clear moves out there. 

Best big picture was on SPY, had a big position going and cut half of it just before the dump. 

Others just didnt go, but I did a good job cutting them short when not going right. 

Started getting into small scalps. Im pretty good at getting money out of simple pattern breaks, taking clear ones for a quick pop. 

I recognize that my big money wins come from my big picture ideas, which have a separate risk plan and expectation for each entry and exit. Starters and adds. These are the ones that I trade to hold. 

Scalps are not these trades. Scalps are trades I think I can squeeze a quick 20$ from. Not large risk, not large adds, remove quickly when not work. These ones I hold as long as its ticking higher, soon as its not, I leave. 

NUMBERS

-$708

61/137 45%

74% Compliance

-13R

21 % breakeven 23% Full -1R 18% More than -1R

Avg Win +$34 Risk $34

Avg Loss -$38 Risk $41

Risk is inverted again. Part of it is my adds, poor planning ahead of the trade. It always seems to be the case that my losers end up with larger intended risk from the beginning, compared to losers. 

I think the REAL big case, is the my later in day revenge trades. Trying to make my money back in a trade or two, taking upsized risk on it, on trades that dont deserve it. 

So it goes back to compliance. Planned risk before every entry.

My biggest losses this week

-Sized up WAY to big on a big picture breakout add, that I then held through my stop and took a fat loss.

-Got huge on a reversal trade with A+ signs, took Huge loss by waiting and not exiting when giant bid broke. -5R trade there. 

-Another revenge reversal scalp, too big size, and held past stop signs and got killed.

-Option big pic adds on SPY, that I held as a core, and took huge L on. Twice

-Reversal trade I misjudged slippage/spread

-Poor reversal setups I added too many times to with larger risk than intended.

-Revenge trading reversals with too big risk.

PROBLEMS

-Emotions

     -Too heightened when market was moving, it led to me ignoring rules. All my rules. Size, management, selection. 

-Not taking losses faster. 

    -On my adds im having issues cutting them fast after they dont go. I give them too much space. 

-Revenge trading. 

    -Was up good money almost every day this week. Gave a lot back in the afternoon on lesser setups which compounded the negatives by also trading them too big, and then trying to hit them again just because I think I can get a quick buck on a pop/drop back in my favor. 

SOLUTIONS

-Heightened emotions usually come from me getting pissed at not trading well. In order to trade well I have to follow my rules. My risk was on point for the most part, but my management is what hurt the most. 

17 of my total 36 non compliant trades were from holding losers too long and not cutting fast enough.

Just knowing that I took a larger loss than what was planned already puts me on tilt. The solution? get out when I am supposed to.

I know several trades I just waited to see if it would come back. Never does.  

It becomes a snowball effect. One tilt trade leads to another and so on and so on. 

Im noticing a trend this week. I had a really good start to the day on 2 separate days, and then one bad trade in the afternoon that was a mistake led to the bleeding off the rest of the day.

So I need to make a rule for myself.

I already have 3 losses and take a break, that alone would have stopped me from giving back my days. 

But at some point I have to call it quits on the day, and make sure I keep the money I have.

-If I am up more than $200 by 11am, My day ends when it hits +$100 regardless how I feel. I need to lock in the green day.

-If it is 11am and I take a non compliant trade, I need to get off the desk for 5 minutes and reset. 

-If it is 11am and I have taken 3 non compliant trades, my day is over. Regardless how I feel or what the market is doing.

Hurts honestly to do this to myself. I am a trader that has convinced myself 'regardless how I feel or what my last trade was, it has nothing to do with my next trade.' Emotions shouldnt get in the way of my trading, the market doesnt care. But I have proven to myself it just doesnt matter. I cant get a grip on myself sometimes and my trading turns into gambling and I lose money. I have to protect myself. These are rules that tell me when I need to end my day. 

GOOD THINGS

Entry Plan

-Helping me avoid trades that arent plan. I have it  up all day and check it to remind myself of what I need to not take. 

Scalps / Reversals

-Low stress

-Easy outs

-Quick wallet pads

-Worth it?

Excluding Monday which included terrible gambling with scalps and poor management, Scalps

24/39 62%

Avg win +22 risk 23

Avg L -27 risk 32

Overall +116$

Reversals

15/42 38%

Avg win +28 risk 31

Avg loss -28 risk 38

Overall -301$

90% Compliant on all.

Risk is the problem. I cleaned up well towards the end and have a clear picture of what it is im trying to do with each trade.

Risking 25$ to make a quick pop, and if it doesnt I get out. Adding is still a thing here and looking to make quick money. These arent big picture trades at all and was really happy trading like this. 

Plenty of setups throughout the day, clear and clean price action. Small risk. 

The idea is that if im right, ill be right right away, and if not, I get out. 

Chat Room

-Found a new group to hang out with. Its fun again talking with others, shooting ideas out and seeing what they see out there as well. 

OVERALL

Things are getting better. Confidence is coming back. There isnt as much emotion as there has been in my trading. Mainly because I have a plan for every aspect again. And every time I say that, I still dont and something new pops up that I dont have covered. But still overall, feeling like I have good plans going into everything. Selection is covered to avoid trades I dont need to be in. Risk is covered to know how much goes into ever entry to take small losses and capture bigger wins. Management to save money and not worry about being right. 

GOALS

-Cut losers faster. Do not hold the adds to wait and see. They are not core positions. 

-90%+ Compliance. No excuses. Selection. Risk. Management. 

-Do better with walking away when I need to.

-Scalp more. Worked well, why not continue it. 

-Keep big picture in mind. Take the trade at the open if it is blasting through levels.