Just a few pointers for myself to reflect on following this week. Journalling is a great way of analysing and assessing retrospective events, reducing your emotional capital and identifying positives from the negatives. Note, the rhetorical questions are aimed at myself :).
Lessons learned following 2 red days for week ending 9th October:
1. Complacency- trading on mobile phones is not for traders, but for vloggers. Are you looking to develop and progess in the investing sphere or the Social media influencer scene (obvious answer).
2. Rollover- this falls into complacency, if you do not trade rollovers as part of your plan, why start now? If you'd like to start. backtest it properly and don't let complacency creep in.
3. Volatility- the known catalysts can be found everywhere, not incorporating them in the timing of trades is poor planning. Given there are many uncertainties with Brexit/ presidential election I mitigate these with a time stop loss. If you're using a 1-15 minute time frame for trades and it hasn't gone your way within 2 hours of key periods of liquidity, are you willing to keep the money on the table? For me, this becomes 'hoping' as it isn't going with my strategy but rather against. 'Cut your losses from the knees'. You can always get back in when the tide turns, in addition it mitigates against the news releases from the uncertainties causing prices to tick over in each direction.
Lessons learned following 2 red days for week ending 9th October:
1. Complacency- trading on mobile phones is not for traders, but for vloggers. Are you looking to develop and progess in the investing sphere or the Social media influencer scene (obvious answer).
2. Rollover- this falls into complacency, if you do not trade rollovers as part of your plan, why start now? If you'd like to start. backtest it properly and don't let complacency creep in.
3. Volatility- the known catalysts can be found everywhere, not incorporating them in the timing of trades is poor planning. Given there are many uncertainties with Brexit/ presidential election I mitigate these with a time stop loss. If you're using a 1-15 minute time frame for trades and it hasn't gone your way within 2 hours of key periods of liquidity, are you willing to keep the money on the table? For me, this becomes 'hoping' as it isn't going with my strategy but rather against. 'Cut your losses from the knees'. You can always get back in when the tide turns, in addition it mitigates against the news releases from the uncertainties causing prices to tick over in each direction.