Total gross profits: $-337.50 -6.75 ES points
Total trades: 9 [0 scratch]
Execution score: 100.0%
Opportunity cost: +$0 +0 ES points
A tough way to start the week, and the shape of the P&L curve today
brought back the ugly memories of Tuesday, December 20th. But unlike
that day, I was in a good frame of mind today and executed
my trading plan well.
However, no system or
methodology or person is perfect in all market conditions -- we all have our good days and bad. The usual explanations (excuses) apply to this particular day, as I've already done so many other times....stop hit to the tick, target hit but no fill, blah blah blah....
After enough experiences recently with days that don't click well with
my particular trading strategy, today was a day that hit a nerve which
said, I need to start expanding my vision. My thoughts posted yesterday regarding a sense of complacency was also in the back of my mind. And then Renato posted a quote today which said:
"The market is constantly changing, we have to adapt or die."
I sincerely believe that if given a specific trading plan, I can execute
it very well. But what if it's a plan that's not best suited for the current conditions? No matter how perfectly I execute it, the outcome will leave a lot to be desired (or lots of red ink).
So it's time to start considering the incorporation of
other elements into my plan, to primarily help adjust and
accommodate for changing market conditions. There were many instances today when I "knew" that my signals were not necessarily ideal, but I still went ahead and executed them just so that I could say I was disciplined.
Although I have put
"Rogue Grove" in a somewhat negative light within this blog, I believe there's a way to utilize the thousands of hours of valuable study and
screen time that I have gained through the years, by allowing his "good
side" to have a greater voice in my trading. As destructive as his bad side can be, he also has a brilliant side that has scrambled out of many more deep losses than not. That's the side I need to isolate and capitalize on.
How will I do this, and how "discretionary" do I really want to become? I don't know, but by writing my thoughts, I'm
hoping that more ideas will eventually surface. As a start, before implementing anything, I believe I should continue to perform the daily analysis of "What would Rogue Grove have
done?", and then evaluate how that may or may not have
impacted my current trading plan. This process will be a calculated
evolution, based on the analysis of data, and carefully implemented, so that I don't
go back to the old days when Rogue Grove ruled and went wild.