: $225.00 +4.50 ES points
Total trades: 3
Execution score: 100.00%
Opportunity cost: $0.00
wouldn't categorize today as a true or very strong trend day, since the moves during
the regular trading hours were more of a stair step or grind lower.
Most of the "trend day" took place during the overnight Asia session, as
well as just about an hour prior to the NY cash open. That's good, because in general, I don't do as well on trend days.
I was fortunate to
catch a few moves today during the morning session. I exited my 3rd and last trade
of the day by 10:30 AM, and ended up with an "average" profitable day.
But as I look back, I can't help but wonder if I'm limiting my upside,
since I seem to go into a "coasting" mode after I reach about +4 in
...or not coasting
However, if I was down
for the day, I probably would have continued to be on watch, and would
have continued to pull the trigger, taking trades until the final
minutes of the day. This is the type of attitude that really helps to create those
"comeback" days, where I dig myself out from -8 ES point days over the
There's "that voice" in my head which
says, "Hey, you're up a solid +4 [or whatever] today, don't risk it.
Just take it easy. Those little crumbs add up by the end of
the week and month!"
But then again, on a day like today when I'm
reading the markets relatively well, I can't help but wonder if I
shouldn't really continue to push the petal to the metal and fight until
the end, just like those comeback days.
Starting on March 1st, for the next 20 trades, my goal is to
reestablish my discipline by going for singles (i.e. all out at +2
profit targets). I'm about 12 trades into my goal, and most
importantly, my execution score is currently 100%, which means I'm
following my plan. Right now, execution score is my top priority, nothing else matters.
Ultimately, my goal is to maintain rock solid discipline and continue to
execute per my trading plan, so that it turns it into a habit that will
be very difficult to break. Sure, my trading plan will change and evolve
over time, but to know that I have the ability to properly execute
what's in my trading plan will give me the confidence to scale up.
I consider this 20 trade exercise as part of the ongoing process where I
am earning my right to trade bigger. Once I get through the 20 trades,
I will evaluate my performance in greater detail, and will address
other concerns -- such as whether I am leaving a profits on the table
after reaching a certain profits for the day. And also, help to determine when I should start scaling up.
Until then, I will continue to do my very best to execute my trading plan well -- full speed ahead!