Yesterday in Am I trading well? I described how I’m tracking my trading with a focus on “trading well” instead of expectancy & other metrics. The reason is if I’m not trading my plan well then the metrics are irrelevant. So far I’m finding this approach very helpful. Here are the results from yesterday:
In the morning I moved my stop on my stoxx trade. It ended well (positive) but I didn’t trade well. I studied this and put in place the excel spreadsheets I showed yesterday.
I’m happy to report I only had one trade in the afternoon that I didn’t trade well. After stopping out twice on ZN, I reached my loss limit for that market yet I took a second attempt on the 2nd trade which was not allowed. This is a new rule for me and I can understand how I overlooked it, after all I got stopped out and desperately wanted to “make it back”. But this is precisely why I have a loss limit for each market. If I stop out twice in a row then the market isn’t behaving normally and it’s best I wait until tomorrow.
Also of interest is that I traded not well in the morning yet made money, while I traded well in the afternoon and ever trade stopped out. I’m actually happier with my afternoon trading despite losing!
On my first ES trade it missed my target by 1 tick and I followed my plan and my stop got it. That’s a tough break but I stuck to my plan.
Yesterday was a risky day for two reasons: First it was a bank holiday in Europe, second it was the first trading day after a long holiday period in the US. There was a lot of business to do and the market was not behaving normally. So I don’t get upset about my loosing day. If this happens the rest of the week then I will re-evaluate. Until then I continue trading my plan.