Week 3 Review

Week 3
Trades: 10
Total pips: +13

What did I do well?
Kept trades open a little longer and also using dynamic stops, based on local support/resistance. Also, exiting a trade that reversed immediately and losing the minimal amount. Additionally, I didn't try to chase the market after that to force pips for a breakeven or positive day.

What mistakes did I make?
One glaring mistake, though it wasn't directly related to trading, it still has an impact on it. I went to sleep way too late on a couple of days. I still woke up on time in the morning but it was harder. And being tired could drastically effect my performance in the future. I will have to make sure I'm in bed no later than 9:30 pm each day, preferably 8:30, from here on.

What did I learn?
I learned that dynamic stops are the way to go. Also, I learned I need to get in on the trends a bit earlier, but still with reliable and high probability entries, which I started working on the last couple of days. I will continue to work on that.

I learned how to read price action a bit better. I still have a long ways to go but I'm quite happy with my progress this week. I don't intend to pick tops and bottoms, but I think it will be hugely beneficial to detect likely trend changes earlier in the game.

I learned that I must continue to be vigilant in my mindset. Today I almost took a trade that clearly violated a rule. Everything looked so perfect except one rule said no. I intended to break it because I felt so strongly that the trade would be a winner. Then I thought about throwing $10 in the street and canceled the pending trade. In the future there may be times to bend the rules but before I reach that point I need a rock solid foundation. At this point I'm still building it and have a long way to go.

What will I do to improve my trading?
I will get to bed on time each day.

I will continue to monitor my thoughts and feelings to make sure I'm trading my rules 100%.

I will continue to enter markers where I think trend changes are soon to occur. I will analyze the results to see where price action can be exploited in the future.

I will make a stronger effort to feel the flow of price when I first open my charts. I find that when I do this, things somehow seem to make more sense.