Overview: I’m proud of my June trading month, as this feels like the first month that I traded well on the majority of my trades. I define trading well as executing procedurally according to a predefined game plan for every stage of the trade & every potential outcome. On almost all my trades this month I executed procedurally with a predetermined set of rules based on thorough technical analysis conducted before hand. I completed painstakingly detailed game plans before market open for each trading day and traded according to them. As this process is still new to me, I traded infrequently (4 days this month) but was disciplined. I resolved before each trading day, and I resolve again now, that unless I am trading according to a predetermined game plan that has been thoroughly executed, I cannot—and will not—trade at all.
There is, of course, lots of room for improvement. I did poorly when exiting my trades, likely because my game plans surrounding exits where not as specific as they could have been. I got scared out of some of my trades by predictable fluctuations and paid for it as a result; missing out on much larger profits that I might have secured had I traded my plan and trusted my levels. But all in all, even with these short comings, I protected my profits in the trades I took and did the best I’ve ever done in terms of being disciplined, making thorough plans and following through with them. I have a lot of work to do trusting my analysis, being sure to define the time horizon & style of my trades before entering (Scalp vs day trade), exercising new knowledge around implied volatility, employing further out expirations to my trading style, and cultivating a stronger stomach for fluctuations in trades I take. The true test of my discipline will come when I am doing everything right and taking a loss. This is an inevitable reality that I will, and must, face and to maintain my discipline and faith through the process in face of these moments will be the measure of my capacity as a professional.
Key Takeaways | June | 2021
- Have faith in your analysis and let your trades work out within it. Trust your levels.
- Break even is better than loss. Protect Profits.
- Make explicit to the minute game plans.
- Develop greater tolerance for fluctuations
- Get more out of your winners.
- Establish explicit rules to protect paper gains. Consider combining EMAs as well as levels for stop out points.
- Identify & embrace trading style & Time Horizon before entering trades.
- Eliminate Peewee Paper-hands trading. Employ Onyx stone.
- Systemize trade review time horizon break downs (Daily to Weekly, Weekly to Monthly, Monthly to Yearly.)
- Finish Game plans earlier
Mistakes | June | 2021
- Did not adhere to EXIT PLANS
- Did not have faith in my levels
- Pewee Paper hands
- Did not Define Time Horizon prior to Trades
Successes | June | 2021
- Followed Game Plan
- Respected Levels
- Executed Decisively
- Protected Profits
- Great Technical Analysis
Activity Log | June | 2021 | 128.8 hrs
- Traded: 4 Days (6.3, 6.9, 6.22, 6.23)
- Charted: 4 Days (6.2, 6.8, 6.21, 6.22)
- Game Planned: 4 Days (6.3, 6.9, 6.22, 6.23)
- Read:
- TAST | 56 pages (Finished 1st Round)
- The New Trading for a Living | 44 pages (Started)
- Reviewed:
- Trade Performance | Daily (6.3, 6.9, 6.22, 6.23), Weekly (23,24,26), Monthly (May)
- Game Plans | Daily (6.22)
- Studied:
- Option Hub
- Trades with Rama (Finished)
- Francis Hunt
- Youtube & Other
- Created:
- Solace Website
- Activity Logs (D, W, M)
- Format for tracking study links
- Key Takeaway Journal (D, W, M)
- Success Journal (D, W, M)
- Mistake Journal (D, W, M)
- Game Plan Journal (D, W)
- Activity Logs (D, W, M)
- Trading Hierarchy Pyramid
- Solace Website
- Organized:
- Computer
- Trading Folder
- Solace Image Files Google Drive
- Refined:
- Data Journal
- Caduceus Scythe
- Charting Tool
- Solace Website
- Trade Review Journal (D, W, M)
- Activity Logs (D, W, M)
- Format for tracking study links in site
- Trade Journal formatting for trades/mistakes/successes/activity logs
- How to Trade Matrix
- Game Plan Tool
- Updated:
- Game Plan Journal (D)
- Activity Logs (D,W,M)
- Caduceus Scythe
- Trade Journal | Daily (6.3, 6.9, 6.22, 6.23), Weekly (23,24,26), Monthly (May)
- Solace Instagram
June 2021 Statistics:
