My trading results have continued to be negative this past fortnight. I just don’t understand what’s going on. Nearly every trade I place produces a losing result. I am talking 80-90% losing trades. I even attempted to trade AGAINST my established trading strategy on several occasions – but even then the results were losing trades. Nuts!
However, at this point I have decided to focus on some good developments in my trading, in other words, the actions I complete as a trader – how I spend my day….
Firstly though I have to admit that sometimes it’s very difficult to keep going during these times- I need to constantly pick myself up from the floor. Crazy!
Note I am working carefully to look into the trades – assessing what the market conditions are saying, assessing my execution, assessing my setup reading and so on – so I am not just sitting still and letting the market pound me in my face.
So here are examples of how I am developing stronger traits as prop trader:
- My discipline has increased even further in recent weeks – the extent to which I place and manage trades – how I progress through the day – the daily 6am starts!
- Pre-session preparations –
- End of Day Reviews (encompassing both ‘Trader Performance’ and ‘Strategy Performance’)
- Thus, generally speaking creation and compliance of processes/routines throughout the trading day – use of checklists for these – pre-session preparation, end of day reviews, setup checklists
- Documentation – of all trades, of missed setups, of interesting points
- Conversations with other traders – sometimes in the role of coach, sometimes in the role of student – such as with colleagues in my small trading office or with professional hedge fund traders
- Widening my horizons by emulating and looking at what other traders are doing – Twitter has been really helpful for that!
- Risk/Money Management – although this has never really been an issue for me – this aspect of my trading operation is well in order!
- Constructive analysis regarding strategy development – constantly trying to get better
So, all in all, I have to say that most traders and/or trading coaches should be at least a little bit impressed as to how I go through each trading session, even if they wouldn’t be impressed by the profit & loss account.
In due time, if I am putting in the right actions, the positive results should eventually come (assuming I have a good strategy in place!).
All right, that’s my update for the week.