9/6 – 5M charts for 8/6 & 9/6 (12 trades) [choppy markets] – dumped 5R into the markets

Didn’t trade Wed.  Got to the office late, around 8.45am.  Assessed myself at 4.5/10 on the Psychological Assessment, which is below the threshhold required for me to trade.  Spent the day documenting and reviewing my trades, and thinking about my trading.

(Saying that I did actually just enter a long DAX trade, just after 4pm because the setup more or less jumped from the page!)

Trades from Monday, 8th June (Bayreuth, Germany)
418 cable jun8 

  415 417 usdjpy jun8 

416 eurjpy jun8

Trades from Tuesday, 9th June (Trading Office, London/UK)

425 usdjpy jun9 

420 423 eurusd jun9 

419 426 eurjpy jun9 

424 dax jun9

421 422 cable jun9

So let me summarise the last two sessions – I lost 1.11R on Monday (4 trades) and lost 3.84R on Tuesday (8 trades) – these trades entailed the following:

– I had three trades where unscheduled comments regarding Greece triggered volatility that worked against the trades that I had taken (that was just bad luck – it’s part of the job – it could be avoided by trading from higher timeframes and/or to some extent by not using limit orders for entry).

– I had a couple of trades where I left a lot of paper profit on the table – I always beat myself up afterwards – either for giving back unrealised profit and ending up with nothing – or bagging something and then realising that I could have bagged a whole lot more) – this is really frustrating for me – what plays more to my personality? What I rather have a higher win rate and a lower RR, or a lower win rate and a higher RR?  A higher win rate would reduce volatility in my results.  Lower volatility in results would allow me to fluctuate less emotionally, which in turn will help me to trade more competently – to be in a better state of mind. Plus, from a Kelly perspective – a higher win-rate/lower RR combo would allow me to risk more per trade.  I think in terms of position management, the first step is that I get the entry right – this will allow me to set reasonable stops and potentially allow me to move the stops less.

– There were three setups that i took where I was too aggressive in entering – on a EMA-relative basis

Thoughts…..Actions….. ->

– I think I need to narrow my focus – I need to be able to look at the chart and say “There – that’s my setup – that’s when I want to be in the market”

– Why do I take setups that I later mark with ‘X’?  What am I thinking at the time?  What psychological issues are at play?  What would Staanberger say to me if I was lying on his couch?  Is it greed? Am I scared of missing out?

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