Happy Monday everyone !
I was planning to post a video together with the review but am having some technical issues on top of bad weather here today (got a couple power outage already this morning, hoping it calms down for the rest of the day).
This week’s review will be a bigger one because it will include weekly, monthly and quarterly review, all at the same time; so you maybe want to grab a cup of coffee before reading further 🙂
The past 2 weeks have seen much more activity than we have seen since the beginning of the year, with more “normal” behavior in the market giving me more workable moves and opportunities.
But before getting into the detailed stats, I also took time to do a behaviour/psyche check up and I got a few things to work on and some things to continue build upon. I’ve had some highs and lows during the past week and one thing I have noticed is that regarding trades outcomes I do have my emotions in control, meaning that regardless of winning or losing trades, it has not affected me more than “finally out this trade, let’s move on”. Which is great since I don’t need to call my mom on each winning trade or tie a rope around my neck for each losing trade (and there have been some pretty nasty losses recently).
For me that is a big check off of the endless list as I know that outcomes does not affect me emotionally anymore, and will simply need to keep it check every now and then to keep that area where it’s supposed to be : systematic, almost “robotic” placing/managing of trades according to my trading plan, almost like a machine, which is what you want to achieve. It is my trading plan that dictates my actions (placing/closing/managing trades) in the markets !
Now on the other side, I have noticed a disturbing behaviour, probably out of boredom, is coming up with 20 millions new strategies that I start to backtest for a few hours, only to get something inconsistent and “not making sense” rules, dropping it and starting to test another strategy. A fellow trader calls that the “headless chicken running around” syndrome. I have been guilty of that in several areas of my trading, and there it happened again!
Taking time to distance myself from … myself and analyse the reasons for this, I came to the following conclusion : I need more trading education! I do have a portfolio with a couple strategies that are working well and giving results, but to be able to continue improve and develop my trading plan I will need to get more education to build upon everything I have learned so far.
So, action will be pretty simple : I am not allowed to backtest anything else than 2 “already-figured-out” strategies where all rules are clear and sharp (a TCT strategy used by Jason Graystone, and the H4 strategy I have been working on since a few weeks, that I learned from another fellow trader, Steven Hart, called the Aggressive Entry).
As for the rest, it will have to wait I get my hands on the Ultimate Trader Transformation course from Trade Empowered (how things look right now, earliest will be this coming Christmas).
Now that I have made amend and laid that on the table in front of you all, it’s time for some detailed stats.
So far my second worst week this year in terms of pips : -349 pips (my worst week was -350 pips). Started the week on 3 winners with +235 pips, and then got losers one after the other (and big ones). However, in spite of that, they were all good trades where I followed my rules to the letter and the market decided it was time for some donation !
But looking at the yearly pip curve, it’s nothing more (or less) than a retest of previous structure (hidden message for a fellow trading partner : you being a structure trader, I’m expecting you to go long that pip curve 😛 )
Having defined my money management rules, I also started this week to track $ equity curve, but since I still have a trade opened on USDCAD (+424 pips of locked profit so far on trailed stop) with “test” position size, I will only include the equity curve in the stats when that trade will close and I will only have the new position sizes taken into account!
June & Q2 Stats
Now regarding monthly and quarterly stats, June is my third profitable month in a row. It is very encouraging, especially after the rough time since the beginning of the year where I really had the feeling it went no where, and showing that my hard work slowly starts to pay off, giving me that boost to continue the hard work on this never ending journey!
On a total of 28 trades in June, I have about 60% winning rate with 11 losers, 1 BE trade, 8 T1 winners and 8 T2 winners; I’d say it is pretty decent. On the quarterly, I made about twice as much as what was lost during Q1 so it looks good here as well, as long as winners bring more than losers take away, I don’t need an incredible winning rate to slowly but surely build up the account and climb up the mountain, one step at a time
Well, until next time, have a great time in the markets this week!