Total trades: 4
Execution score: 100.00%
Opportunity cost: $0.00
I was given some good advice the other day, as I went back on the road to recovery -- just trade the next 20 setups and simply use a profit target of +2.00.
The last time I got into a rough patch, I was also very given similar advice to "hit for singles" by sticking with only a +2.00 profit target. It worked, and I look back and wonder how I could have deviated from that plan.
So starting this month, I'm getting back to basics, and keeping my process as simple as possible so that I can begin to establish focus and trading consistency once again.
After 20 trades are successfully completed, I will evaluate my progress. Right now, it's all about achieving a 100% execution score, every trading day. And after reaching a certain profit objective, I will then earn the right to trade bigger, and with bigger target objectives.
I'm not willing to trade larger now just for the sake of trying to recoup my losses quickly. Because if there is something wrong with my fundamentals, increasing trade side is basically a recipe for financial disaster.
Some key points for my journey:
- Focus on identifying the best setups and executing them flawlessly
- I can not control the outcome of the trade, but I have total control in how I manage the trade
- Once my trade is closed, the outcome following the trade is irrelevant. If a +2 trade could have been +20, so be it
We'll see how "simple" and "effective" this plan becomes. I know it's tougher than it looks, but I'm ready to take on the challenge. 4 trades down, 16 more trades to go until the next check-in point.