Trading Week Wrap-Up

Highlights this week:

  • Large losing week – loss of 12R
  • High number of trades – 51
  • Demonstrated good persistence – kept going, tried to learn and adapt – it seems I am not going to give up
  • Risk Management stayed intact
  • Good/deep conversation with Chance, one of my colleagues in the trading office
  • Hard working week – encompassed several long days at the office
  • Made good progress on some of the pointers from earlier weeks

Pointers for next week:

  • Only take valid setups – use the checklist that I have developed over the past weeks – looking over the August trading thus far – out of the 66 trades that I took, at least 17 were invalid setups – the net losses from those 17 trades amounted to – effectively just following this point should have a dramatic impact on my trading results (cf. 80/20 principle!)
  • Reduce the monetary value of 1R from £50 to £30 per trade – if I continue losing, then the less I lose the better!
  • Put more effort into developing a checklist for news-based trades – make it more rigid!
  • Continue dual usage of LMAX and FXCM brokers
  • Always start the day with the visualization exercise
  • Complete the trade documentation on a more timely basis
  • Don’t go for coffee breaks whilst trades are open
  • Position Management – do the best that I can – however, there is no point doing analysis on how position management could work for trades that should not have been taken to begin with – first focus on taking only valid setups, then consider the position management aspects
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