The past week wasn’t a particularly great week for me, trading wise.
Made a few poor decisions, got greedy/impatient and jumped into a few bad trades, took trades which did not perfectly fit my strategy, and needless to say, I ended the week red.
The only thing I’m sort of thankful for was that I did not lose that much.
I mean, don’t get me wrong, it was a significant overall loss nonetheless, but it could definitely have been much worse had I not practised risk management and limited the amount I would lose per trade. (This is why it is always very important to practise risk management in day trading, because it can go really wrong really quickly.)
Bad Things That Happened This Week:
- Got impatient as there were very few good setups this week, and ended up jumping into some bad (i.e. losing) trades.
- Got greedy when I saw some setups with strong trend indications, and jumped into them even though they did not perfectly fit my entry criteria.
- Ended the week red due to poor decisions, and it is not a good feeling.
Good Things That Happened This Week:
- Faithfully stuck to my intended stop-loss for each trade. Did not hesitate to exit the trade when my stop-loss target was hit.
- Got less and less emotional with each losing trade.
- Through my losses, I analysed them and came up with significant adjustments to my strategy which I’m confident will increase my win-rate.
It is obvious that I still have a lot of learn in this game, and I still have a long way to go.
Through my struggles this past week, I came up with a number of adjustments which I’m confident will increase my win-rate (based on the results of new backtesting).
I’m spending this weekend going through my mistakes, analysing the new adjustments that I came up with, and training myself to be an even better day trader next week.
You just have to be resilient in this game.
Take your knocks and get stronger (while not blowing up your account).