Some good points coming out of latest 1/2hr skype with my trading coach:
Trading SPX on Labor day – PW suggests not to trade SPX on US public holidays – likewise don’t trade the DAX on German public holidays and so on.
Review of Trading Statistics:
o It seems when Mondays and Tuesdays are profitable then the rest of the week turns out fine – when Monday and Tuesday are negative, then the rest of the week is also negative – thus Mondays and Tuesdays seem to be quite pivotal days – I need to bear in mind that things I do on the weekend – e.g. drinking, not sleeping enough – will linger over into my physical and mental state on Monday – it’s case of prioritising what is most important and making the relevant sacrifices
o Once I make 3 losses in a row, I very seldom manage to recover from it – thus PW suggests that if I have 3 losing trades then I should stop trading for the day. To clarify, previously I took this to mean 3R, but I should interpret it as 3 losing trades.
o In terms of R, Mondays seem to be the best day of the week (+1R) and Wednesday the worst (with -11R); Tue, Thu and Fri are all about the same with -5R.
o These trades are based on limited data – 200 trades – I should keep an eye on how these things develop in coming months