Video & Quick Stats

 

Posts In Review

 

Patterns & Overall P&L

Frontside = 1,752.69 (Chop central)

Ranging = -$2.26 (Only 2 Trades, okay ranging can be tempting)

Backside = $0 (Also 0 Trades!!!)

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Total = 1,750.43

 

July Analysis

Near the end of the month I started focusing much more on risk managment. I want to get my Risk Reward Ratio (R:R) to be atleast 1:1, less focus on avg position size and winning ratio and more focus on getting that R:R where I want it. I've been avg down into loosers when I should just cut the positions. When you avg down into a looser you not just risk a big loss BUT you also risk closing right before the pop back up, which you want have a level head to trade anymore. Best to cut if the move didn't happen, you can always jump back in.

Summer months are slow and it's import to (1) keep your profits and (2) not have big loosers because the opportunities to "make back losses" are far and few between. 

So... here's what I've decided.

Max Loss (RULE UPDATE)

During summer months which I'll just broad brush stroke as Q2 & Q3, I'm doing half max loss. Period.

Back Under 5%? No More Trading. (NEW RULE)

When I am over my min profit target for the day, which is 5% and then go below it. I stop trading for the day, that way I would avoid what happened earlier this month where I hit $1k profit and then hit max loss shortly after in revenge trading fury. I should for the most part then end any day I'm over my target green. Unless I get stuck in something really nasty.

New Ticker (NEW RULE)

Only trade half avg size. Once I've got flow start sizing up very quickly to 1x, 2x, 3x, 5x+ avg size. It's it's a good day, capitalize on it.

Summer Time One & Done (NEW RULE)

If I nail a frontside move or have some scattered trades and I'm over dialy goal I call it a day. This only applies to summer.

Phone Alarm (NEW RULE)

Made an alarm on my phone 10 min before 7am that says "Trading Stations!!"

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I'll make a new post of all my trading rules here: Day Trading MOMO | COMPLETE RULEBOOK

 

Trading Analytics Analysis

  1. Insights
    1. 7am didn't have it's usual action
    2. Monday's were really bad for me
  2. P&L Calendar
    1. Lot of holidays and extra short weeks for me due to my 3 day = 4 day weekend rule
  3. Running P&L Calendar
    1. Gave back loads of profits, lead 2 rule updates

 

Trading Sayings To Tattoo On Your Forehead

"Breakout or Bailout"

"Patience, Aggression, Size"

>> This not so catchy one I came up, really engulfs my strategy. Maybe I can add some alliteration or rhyme

"Trade The Best, Forget The Rest"

"Survive Until You Thrive"

"When in doubt, zoom out, and look to the left"