In this post:
- Review of the day’s trading performance
- Areas for improvement
- Lessons Learned
- Action Plan
Trading Day – April 23rd, 2020
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What a difference being the right state of mind makes to trading. I was able to process information as the market provided it. This allowed me to enter trades that complied with my trading rules and allowed me to manage the trades well.
Yesterday was not a good trading day but I knew that going in. I knew that my state of mind was not up for trading but I did so for reasons I’ve discussed. What I didn’t delve into in yesterday’s post was how important identifying a trading day is. I’m not referring to the market and determining if price action is in your favor, though that’s very important.
It’s you! You have to be in the right place mentally and emotionally to trade. Why this is a great topic to explore today is because of the dramatic difference between how I felt yesterday and today. Now, how you feel and your state of mind doesn’t guarantee a profitable day. What I posit is that feeling "off" more than likely guarantees an unprofitable day.
The most important book in my trading library is Trading in the Zone by Mark Douglas. This book is so important that I own it in both printed and audio formats. I can’t count how many times I’ve read the book or listened to the audio book. At one point, I committed to listening to it monthly. Having its lessons ingrained within me gives me calm as I trade. I will do book reviews on all the books in my library so be sure to subscribe to the podcast and the YouTube channel to keep posted as they’re published.
I understand that I am on a journey, one that I hope you’re taking with me, to become the best trader I can be. Truthfully, I am on a journey to become one to the greatest traders EVER…but…one step at a time, right?
I am so ready and excited to re-enter the trading combine next week! My strategy is ready and I am ready mentally and emotionally to succeed in this, the next phase of my trading career.
Trades for today:
|Symbol||Number of Trades||Average Risk Size||P&L|
ES and CL had good price action today. Both were in a smooth upward trend that was easy to join with minimal risk. GC, on the other hand was sideways during my trading session.
Both CL and ES would go on to have stronger recoveries during the US open. Had I been able to trade into that session then it would have been a very profitable day. Instead, I captured $962 of profit because I had to log off and go to work. I am not complaining about $962, it’s just a shame that I could have made enough to more than offset yesterday’s losses.
- Followed my trade rules
- Further reinforced the importance of not trading on days like yesterday
Areas for Improvement
- None noted for today
- No significant lessons learned today
- Continue to execute trade plan
- Prepare to re-join the trading combine on April 27th