Weekly Review: 02-15-2015

Net PnL for the Week: By my calcuations approximately breakeven. My account statement is confusing the crap out of me because of the MTM pnl versus realised so relying on my calculations (note that this probably won't reconcile with the screenshots because of a couple of reasons). This figure is a little bit disappointing, and obviously the cause is the SPI trading which was an absolute stuff up. However, all things considered I'm reasonably happy with it because apart from the shitty SPI trading it was a great week.

Net PnL for Intraday Trades: +$889.

Net PnL for Swing Trades: +$4632.

It's good to see these sort of results on swing and intraday US stock trading. It was only a short time ago that I was net profitable on the SPI and really struggling with US stock trading.

Net PnL for Forex: -$114.
Was only one trade on EURCHF. Need to allocate a little more focus/trades to this area this week. Plenty of volatility and opportunity here, I missed some USDCAD layups this week.

Net PnL for SPI (USD): -$5472 (AU$7043).

This is really frustrating because this is a prime example of how by simply controlling losses you end up net profitable. However, it is a very rare mistake for me, and focus on entries still take priority.

Goals for the coming week: Again, it will be the same focus as this week. That is, a real focus on getting the right low risk entries. My bigger picture ideas are still pretty accurate. To focus on this I have developed a list of 7 things to focus on when entering into the position:

(1) Get the really good entries when everyone either really wants it (short), or really doesn't want it (long).

(2) Get the good entry by anticipating (i.e. how much momo is left, trend, prior levels, where has it come from, has the well been visited before?).

(3) Get the good entry by determining the max pain point, and that is your spot for enormous RR entry. You will never be out of the money on a successful trade if you get your entry here (e.g. line in the sand wash, entry then reclaim -- false break idea). This is also allows for a better placed stoploss.

(4) Patience!!!

(5) Remember and lock-in the feeling of a trade going straight in your favour because you were so patient by getting perfect entry.

(6) For swing trades it doesn't matter if you don't get in today, because even if it gaps down it is likely to retest the current zone at some point in the opening madness.

(7) The 9:30-10:00 can't really prove a thesis wrong. After 10am that's the time to reevaluate (exceptions to this of course), but entering a bigger picture idea into 9:30-10am madness can obtain an excellent entry.

Overall, good entries reduce the risk of positions.