Overview: Trade off 5m, & double down on taking only GOOD trades. You are making progress. If you had avoided the bad trades this week, even at a loss this would have been a great week. Made meaningful headway in TAST second reading & began internalizing the relationship between volume, price, levels, accumulation & distribution.
Key Takeaways | Week 35 | 2021
- Take GOOD losses and trust that over a number of trades you WILL come out on top
- Do not trade off 1m. Must trade off 5m. Do not justify entries based on 1m patterns.
- Be prepared to lose 50% on every options trade. 50% should be assumed base risk
- Ensure liquidity in contracts before trading
- Set Alerts for Stocks. You can’t watch all of them at once
- Do not bring emotions from prior losses into new trades.
- Do not succumb to GREED
Mistakes | Week 35 | 2021
- Trading based on 1m instead of 5m
- Peewee Paperhands
- Did not consider overall market conditions
- Traded Illiquid Contract
- Did not protect 50% of profits
- Went against trend on larger time horizon
Successes | Week 35 | 2021
- Respected & had faith in levels for entries & exits
- Cut Losses & Managed losing trades well
- Sold into strength on winning trades
- Generally exited trades unemotionally
- Titanium Terry moment
Activity Log | Week 35 | 2021 | 24.25 hrs
- Traded | 8.24
- Charted | 8.23, 8.24
- Game Planned: 8.24.2021
- Read | TAST (198 pgs)
- Studied | SMB Tape Reading, Stan Druckenmiller, Larry Mcmillan
Overview: Studied deeply a tape reading video by SMB took notes, traded & had first losing day in 10 weeks, started TAST 2nd reading, & read a considerable amount. Great week of activity overall especially considering had trip to Denver as well. On losing day, did take a few good losing trades but then lost control of myself, & experienced the equivalent of a speeding over correction swerving car crash. Damage not too terrible & considering this was first losing day in 10 weeks & I’m out of practice with skill of losing, not such a terrible day.
Week 35 | 2021 Statistics:
