I'm still recovering from a slight bug, but I'm relieved to say I ended up having a solid start to November. Started the day with a better sense of focus and purpose and maintained it until early afternoon. Although by the end of the day, I admit my mind was a bit scrambled and I ended up missing some layup trades.
Tuesday, November 1
Total gross profits: $925.00
Total trades: 10
Accuracy: 87.5% (excludes 2 scratch)
Contracts per trade: 2
NOTES: Yet another gap down day, although the price action today was not quite as narrow as yesterday. It was still a challenging range-bound day, but the size of the range gave enough room for scalp trades to effectively work. In addition to some selective aggressive scalp setups, I also remained focused on Renato's calls (and as expected, it paid off).
What's the best type of market for me?
Based on my performance today, it seems as if I do better in range-bound markets, although I will need to check my journal. So a thought that comes to mind is, "Am I a better range-bound trader or a trend day trader?" Since there are generally more range-bound days vs. trend days, one would think that this may be good trait to have. Although conventional wisdom says that trend days have the potential of generating considerable profits.
For now, I'm not sure either way, because based on some of the analysis I've seen using DS for aggressive scalps, there are still great opportunities to generate respectable profits even in challenging range-bound days such as today. Therefore, in addition to doing research on my limited historical data, time will eventually tell whether market conditions do make much of a difference in my performance.
Breaking the cycle
After a solid day (or week, or month, or...), it's common for many to let down their guard because they think they're Superman. I've been guilty of that! So my goal tomorrow is to break that cycle. I will work to maintain the mindset I had today, which is to remain focused and constantly on guard for the next trade. And regardless of my ending P&L, I will consider myself successful if I minimize careless errors and take all trades that meet my criteria -- quality of execution will be key.
But first, I need a good nights sleep.