: $0 0.00 ES points
Total trades: 4 [1 scratch]
Accuracy: 66.7% [excluding scratch]
Execution score: 87.5% GOOD!
Opportunity cost: $100 +2.00 ES points
A bit under the weather tonight, so this will be short and sweet. For
me, it was one of the more difficult days to read and trade. The lack
of volume, range, and volatility was "challenging" for someone like me
trying to go for many quick hits. However, I kept the number of trades down
to 4 (yes, NO overtrading!), but best of all, my execution score was above 80%.
Even though my P&L was $0, and I could have booked +2 on a trade I
scratched, as well as missing a couple good +2 winners
completely, I consider this a very solid winning day because I nearly
flawlessly followed my plan. On a more active and favorable type of trading day, I'm certain the mindset and attitude I had today would have helped me to generate +10 points or higher.
Even the last trade, which was intended to be an aggressive scalp trade
for a quick +2 points, took nearly *2 hours*, and I exited with a +1
tick profit before the close. There were many opportunities to bail out
early, and I did move my profit and stop orders around a few times, but
I reminded myself that I needed to follow the plan and quickly
corrected any erroneous actions. Just shows I still have some work to do.
Right now, I'm not worried at all about the trades I miss. But as I get
more consistent properly selecting and managing the trades that I do
enter, only then will I begin to analyze what I can do to better capture
those missed opportunities. So for now, I need to learn to walk before
I can run.
A constant reminder to myself: It's not about the P&L, it's all about the process and proper execution.