In this post:
- Review of the day’s trading performance
- Areas for improvement
- Lessons Learned
- Action Plan
Trading Day – April 22nd, 2020
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If I were trading live then I would not have traded today. This day proved to be similar to day 7. I woke up really tired after having a long night. Regardless, I still traded. Why? For the same reason I gave on day 7.
If I’m to succeed in being a day trader then I need as many trading days as possible.
Needless to say, it was not a profitable day. I attempted to trade the evening open, understanding that I would have conflicts during that time. The evenings belong to my family. The goal was to explore how well my system worked with the evening session. I didn’t give trading a fair chance. We were enjoying our time as a family and watching Ellen’s Game of Games. Neglect is the word for any trading I did, which were two positions.
I don’t regret giving it a try but my next attempt is going to be after my wife and son have gone to bed. That should give me 2 hours of uninterrupted time to trade the evening session. The morning session should have been more telling.
I started trading this morning later than usual. The three markets I trade – ES, CL, GC – were completely sideways. Price action was just ranging. That was my cue to shut everything down and get on with my day. Like I said, had this been real money then I would have. I was fighting the urge to go back to bed and was very lethargic.
When I opened positions, I did so regretfully. Meaning that they "somewhat" met my trade criteria. They were all losers. When I finally called it a day, both ES and CL began to explode. At this point, I decided that I was going to adhere to my daily loss limit and stop trading. I was processing everything through the haze of sleep deprivation.
Trades for today:
|Symbol||Number of Trades||Average Risk Size||P&L|
The CL trade and one GC trade were done during the evening session. CL had a nice trend up but it proved a little choppy. The 2 contract trade hit its target, which along with a progress stop, minimized losses to $120. Rules were followed for this trade.
The evening GC trade also followed my trade rules. Unfortunately, it went sideways after I entered my order. I should have, and might have, exited the position after noticing this. I was half heartedly paying attention to the market. The checks as to where to move my stop to were irregular. Meaning I could have missed moving the stop potentially resulting in a greater loss.
The morning GC trade was marginally within my rules. My reaction after placing the trade was "Why did I do that?" The decision was not as clear as it would have been. I could feel my mind’s gears trying to spool to process everything that needed to be analyzed. I decided to stay in the trade since I was in it. Under normal circumstances I would have exited the position immediately. This trade accounted for more than half of the day’s losses – $1100.
- I recognized from the beginning that I was not in any condition to trade yet did so to adhere to my training protocol
- Remained as engaged as possible
- Was able to get great analysis and experience today
Areas for Improvement
- None noted for today, I understand what role a day like today plays in the grand scheme of my training
- No significant lessons learned
- Continue with current trade plan
- Trade in the evenings from 10 pm to 12 am. Understand that this means that I may not be able to succesfully trade the morning session.