Gross PnL: -$4508.
Net PnL: -$4771.
Preparation: 7/10
Patience: 3/10
Risk-reward: 5/10
Discipline: 2/10
Flexibility: NA tried to be flexible and failed miserably.
Greed: 4/10
Over-trading: 5/10
Pretty terrible day. Quite early on I passed the comment that I had good trade ideas, but a bad mindset - compared to yesterday where I had a good mindset and bad trades ideas (but made money). I passed this comment roughly 10:30 and it held true for the rest of the day (got worse).
As a kind of punishment to help avoid a repeat of today am doing a post on full trading methodology, and why I trade that way. Advantages and disadvantages. I really need to bring it home, because I broke the core tenants of this style of trading that I have developed.
So today, I bought strength too much overall. I also went way over max size and held it too long. Pretty funny because I went to pull the order that would put me over max size (when I realised it was a mistake), and at that moment it got filled. It then gave me plenty of chances to scratch out of it... But I didn't - complete retard....
Honestly though, am happy to be punished for breaking core rules. This loss is nasty, but it's recoverable.
I will go through this on my "trading methodology post" however if you look at BSPM. I took quite a large stop on my morning short (-1700 which I am somewhat okay with, was part of process and just unfortunate). If I had kept my short bias, and looked for new opportunities to short strength I would have shorted on each fakeout, covered risk into dip keeping a core - would have made back roughly what I lost on original short probably.
Likewise, if I had flipped my bias (which I did), and got long any dips to vwap covering risk quickly I would have caught some nice moves and made back what I lost on short (roughly).
Point is, if I had followed my process I would have been fine; no matter the direction.
For the next two days. Important for me to acknowledge that I am unlikely to be able to pull the week into positive (so I shouldn't focus on that pnl goal). Best thing I can do is focus on having a good process for the coming days/weeks.
No comments:
Post a Comment