
Total trades: 9 [3 scratches]
Accuracy: 50.0% [excluding scratches]
Execution score: 94.4%
Opportunity cost: $100 +2.00 ES points
Yet another choppy narrow range day, but that doesn't mean there
weren't any opportunities. If I had not made one error, I could have had a +3.25 day, which isn't too bad for a relatively narrow range day.
With others that I communicated with today, it seems like it was one of those days where a 1 tick difference in your order entry or exit price made all the difference.
For example, for many of my trades, if I had entered the order right on the sup/res level, instead in fronting it by a tick, I would have tightened my stop and exited many of my trades for at least +2 ticks (+0.50) instead of breakeven, per my trade management rules. That would have added +1.50 to my bottom line, which would have resulted in a potential day of +4.75.
Or, on some other trades, my stop would have been just 1 tick farther away so instead of getting taken out and then watching the trade go +2.00 without me, I would have remained on the ride to the profit-land.
WHAT IF I WENT FOR SMALLER WINS?
I tried to determine whether getting out with +1.50 target would have
worked on a day like today, and yes, it might have helped a bit.
Assuming I didn't make any errors or get any slippage, when comparing profit targets
at +1.50 vs. +2.00, I would have left with potentials of +6.00 vs.
+3.50, respectively.
NAWWW, KEEP IT SIMPLE
In the big scheme of things, the profit potential of all my hypothetical "what if's" (blah blah blah!) is just not much of a difference to warrant a change or complication to my trading plan. No need to overthink this. But it's good to know that as long as I stick with the plan, on a good (and lucky) day with more volatility, this could have easily been a +10.00 day.
SUMMARY
Luck always has some element in trading, and today was not necessarily a lucky day (nor was it unlucky, thank goodness). But with an execution score of 94% (on one trade, I moved my stop order to b/e 1 tick too early on one trade, and missed a +2), and ending the day knowing that I followed my plan pretty darn well. I am very satisfied with my performance.
However, we start over again tomorrow, with a clean slate. What I did today and how well I followed the plan today will no longer matter, and frankly, no one cares. All that counts will be how well I am mentally prepared and how well I execute my trades according to the plan.
I'll continue to research and analyze smart after the market closes. But I will continue to "trade dumb" in accordance of my trading plan -- as if I don't know any other way.
With others that I communicated with today, it seems like it was one of those days where a 1 tick difference in your order entry or exit price made all the difference.
For example, for many of my trades, if I had entered the order right on the sup/res level, instead in fronting it by a tick, I would have tightened my stop and exited many of my trades for at least +2 ticks (+0.50) instead of breakeven, per my trade management rules. That would have added +1.50 to my bottom line, which would have resulted in a potential day of +4.75.
Or, on some other trades, my stop would have been just 1 tick farther away so instead of getting taken out and then watching the trade go +2.00 without me, I would have remained on the ride to the profit-land.
WHAT IF I WENT FOR SMALLER WINS?

NAWWW, KEEP IT SIMPLE
In the big scheme of things, the profit potential of all my hypothetical "what if's" (blah blah blah!) is just not much of a difference to warrant a change or complication to my trading plan. No need to overthink this. But it's good to know that as long as I stick with the plan, on a good (and lucky) day with more volatility, this could have easily been a +10.00 day.
SUMMARY
Luck always has some element in trading, and today was not necessarily a lucky day (nor was it unlucky, thank goodness). But with an execution score of 94% (on one trade, I moved my stop order to b/e 1 tick too early on one trade, and missed a +2), and ending the day knowing that I followed my plan pretty darn well. I am very satisfied with my performance.
However, we start over again tomorrow, with a clean slate. What I did today and how well I followed the plan today will no longer matter, and frankly, no one cares. All that counts will be how well I am mentally prepared and how well I execute my trades according to the plan.
I'll continue to research and analyze smart after the market closes. But I will continue to "trade dumb" in accordance of my trading plan -- as if I don't know any other way.
2 comments:
hi grove,
the important thing is you trade the system right, no rogue trades. I think you did very well. Patience and disappointed. Take care before
ps sorry about punctuation, using tablet
ooh hell, meant patience and discipline, hector
Post a Comment