- 6 trades (-137)
- 1 winners
- 4 losers
- 1 B/E
- Traded 1 contract
- Demo trading
Improvements from last week
a) Determine the right order flow to trade. Remind yourself of the last live streams you have watched where that was addressed in detail.
This improved a little, but still needs a lot of attention.
b) I have noticed I suffer from the syndrome of FOMO (Fear Of Missing Out). Don't do that anymore. Future possibilities will present themselves. Be patient.
This improved a little, but still needs a lot of attention.
c) Stick to your trade plan. Don't trade outside the hours that are in your trade plan.
Although I did trade within my trading hours, I did move away from my trade plan on multiple occasions.
d) Stop overanalyzing your trades. Like Damian said in one of his live streams. There's only 3 things you have to do:
1. Determine the expectation.
2. Determine how deep of a correction you would expect.
3. Execute when criteria no. 2 is met.
Mostly I just traded the expectation, but it did not work out very well this week. It gave me more confidence that other people were struggling as well, so I have to keep following the steps above.
e) Determine an expectation for a correction based on projection, momentum and depth and wait for this expectation to play out.This improved a little, but still needs a lot of attention.
f) Stick to the order flow that you are trading. Don't switch to longer or shorter term order flows over the course of a trading session.
This improved a little, but still needs a lot of attention.
g) Wait for price to develop. If price is in a complex correction for a longer period, be patient and wait for a break of the NSH/NSL or LH/HL.
I did not get into trades too early, so I am happy with this improvement.
h) Anything my fellow traders give me feedback on.
I received some very great insights from Evo and Prock on a trade and that is something I will look into in more depth over the weekend.
Improvements for next week
All the improvements from last week are still valid for the coming weeks. I do want to add some things to my routine that might help me improve.
- I will look into creating some kind of framework for myself to be able to determine strength and weakness without overcomplicating things (just some basic questions to answer). This is something that is keeping me busy over the last couple of days. I will keep you updated on that.
- Since I deviate from my trading plan so easily, I want to measure my trading a little differently. I am thinking about some kind of a score system to measure if I followed my rules or not. For each score there will be a reward waiting. I will keep you updated on that as well.
Below my charts. Comments are welcome as always.
Regards,
Gunnar