Made 31 trades this week -$65
10 trades were over-trades. I have lost $1008 due to this issue.
I have analyzed my other 21 trades and see if I could have played them better and perfect them. While doing so I only judge if realistically with my present knowledge and all indicators I could use at that time I could have made better decisions.
Mistakes I done:
- Did not assess resistance and support levels correctly, and that made my entries too early or too far from it ruining my RR and whole trade.
- Did not wait enough for confirmations either on the trend change at key levels, price action or volume confirmation.
- My profit taking was terrible, it pretty much ruined my week.
In theory I could have made this week a whooping +$4538 week instead of -$65.
My two main issues was profit taking and reading price action.
I have left around 2.5K overstaying in my trades, where I could take safe 7-10% profits. As Tim would teach, I was getting too greedy.
Due to bad price action reading, on couple of my trades I assessed support and resistance levels terribly and ruined my whole entry and RR. This cost me around 1K.
I have upgraded and added couple new rules on my setups. I also implied new simple, but effective rules for profit taking. I am very hyped to put this in use next week.
My overtrading issue is still dominant. Approximately 30% of my trades are still overtrades.
Goals for next week are:
- Reduce overtrading
- Imply new profit taking rules
- Be in the zone, when reading charts, don't rush into trades.
Have a great next week everyone!
The first part of getting better is downloading and analyzing your mistakes. And guess what, even some of the most successful traders still do that on a weekly basis. Once you can figure out how to consistently minimize the losses, pick better intraday or swing plays and NOT overtrade, you'll make progress. Remember, position sizing is incredibly important. That's one thing that I personally continue to struggle with. Example: Jumping all in / Using more than 50% of your damn capital / forcing a
forcing an avg down because you don't want to let the stock beat you. Stuff like that. Hope this helps.
@ragincajun83 Oh yeah. Thanks for your insights man!
Thanks for sharing your mistakes and lessons!
Join now or log in to leave a comment