In this post:
- Review of the day’s trading performance
- Areas for improvement
- Lessons Learned
- Action Plan
Trading Day – April 20th, 2020
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My trading was phenomenal today!
Risk management was extremely easy today. This is all thanks to the three risk management tables that I created on day 12. At one point, I had three positions open; one in each market I trade. My total risk was never more than $1500 at any time! The simplicity of my rules allowed me to judge when to open a position and the maximum number of contracts to use in that position.
The simplicity of my rules allowed me to judge when to open a position and the maximum number of contracts to use in that position. I was even able to gauge which time frame to take the trade in – the 5 or 3-minute chart. That all of this has taken me less than three weeks to achieve makes me extremely happy.
Trades for today:
|Symbol||Number of Trades||Risk Size||P&L|
The quality of the day’s trading was rooted in patience and rule-following. Discretionary trading did take place. That is, I made a decision that was not covered by my rules. After becoming profitable in ES, I chose to close the position because it entered a range. This made sure that a winner didn’t turn into a loser.
With three trades and how little time I spent trading, that as much as I can analyze for today.
- Adhered to trading plan
- Remained patient for the right setups
- Closed positions when they weren’t progressing in my favor
Areas for Improvement
- None noted for today
- No significant lessons learned today
- Continue to execute trade plan as written
- Be prepared to re-enter trading combine next week