Quiet Friday afternoon ahead of Monday’s President Day in the US. Following the ‘popularity’ of last week “nuts+bolts” post, I figure I do a repeat of it this week.
In the post below I take a look at my performance for the trades (independent of results achieved), the results themselves, an analysis of performance by trade entry time, a list of lessons learned, as well as screen shots of some of the key trades.
Happy reading (plus some brand new street art at the bottom of this post)
Trade Performance Points
This week I commenced rating my performance on executed trades – tried to complete this right after the completion of each trade. [Note this is not the same as determining whether a setup is valid or not, and it’s also different from my trader mental/physical assessment.] I achieved the following average ranking for each of the following (the maximum score is always 2.00):
- Self-Awareness (of physical and mental state) 1.58
- Bigger picture assessment (using Voigt) 2.00
- Assessing time of week/day/news context 1.95
- Considering long/short/flat perspectives 1.35
- Selecting good quality setup 1.48
- Entering at good price level 1.78
- Assessing potential targets, stops, re-entry points 1.55
- Managing trade according to rules & plans 1.33
- Total Avg Score per Trade (max = 16) 13.00
Trading Results for this week
I had fewer trades this week, 20 in total. This is partly a reflection of me being more selective and self-aware. There were 5 winners (+4.33R), 8 scratch trades (-0.63R) and 7 losers (-2.64R). The average reward-to-risk ratio was 2.3.
Half of the trades were on the indices (the DAX and the Dow), the rest on Cable, USDJPY and EURUSD.
Performance by time of entry
This data collection continues to show an interesting trend. In a nutshell, it shows that I have been losing money on trades entered before 12pm (London time), and am making money on trades entered after 12 pm. The sample size for this is now up to 120 trades. Notice also the seemingly strong performance of trades entered at the time of the Wall Street Open at 2.30 pm London time (thanks to fellow trader B for pointing that out).
Key lessons learned this week
- Trading is very tough – losing trades can occur even if I have done everything right, and price behaves (almost) as expected – sometimes a couple of pips can make the difference between a winning and a losing trade.
- Being self-aware of my feelings and thoughts is making me more selective and slow in entering trades, which is really starting to work in my favor. Listening to slow music most of the time is also helping in this regard.
- On the whole I am getting better at holding onto my trades rather than closing them early, though i still royally screwed that up at least 2-3 times this week
- Using the market structure approach explained by Voigt in Markttechnik is really helping me to assess the trend and bigger picture in conjunction with my use of the exponential moving averages (EMAs). [That said I am only 1/4 of the way through the book]
Screenshots of key trades
By ‘key trades’ I am referring to trades that really illustrated a point, that helped me learn something.
Before I go, I thought i share the latest piece of street art to appear on my street this week – catch you all next week: