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Building Mental Resilience

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A forum post for discussion on building mental resilience while trading.

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    • Did anyone else get an error when they use this? it seems my DAS platform will not let me write hotkey that tries to make Price = Share. I'll keep trying because this hotkey would be great. 
    • Clinched the #1 spot today. BEST 422 also did well at #3 today. I still have crashing issues, but able to work around it when I need to in a pinch using the phone app (also buggy). Turning off the risk controls and being disciplined has kept me on track.
    • Wednesday LIVE -3.0R Max Loss   MSFT 1MinOrbDown -0.73R Would Have Made 2:1?NO This trade was decent, just didn't work out.    DAL 5MinOrbUp -1.0R Would Have Made 2:1?NO This entry was late, I belive I was waiting to clear the MAs and that daily before entering, I figured if it cleared those, it had a good chance to run.....The problem is, waiting to clear those gave me a terrible R:R. I should have seen that.   GS.1 5MinOrbDown +0.44R Would Have Reached 2:1? YES Great 5 MinOrb setup. GS.2 B.O.Down at a Level +0.23R Would Have Reached 2:1? NO This trade is not a current setup GS.3 B.O. Down at a Level +0.27R Would Have Reached 2:1? NO Again, not my current setup     JPM 5MinOrbDown, (Kind Of) +0.39 Would Have Made 2:1? YES I wanted to enter at the break of that first 5MinCandle wick, but again, I had a MA and daily level I wanted to see the price break, it did.     MRNA DoubleBottom +0.27 Would Have Reached 2:1? YES This could have been a nice trade, but I got cold feet and took a quick partial.   Went to work after the MRNA trade, then did the following phone trade.   ROKU No Strategy -2.1R Would Have Made 2:1? NO Dumb.......I'm deleting the DaS app from my Phone, I could have saved 2R's. My phone chart looks nothing like my regular charts. This won't happen again.     I did a good job today waiting after my 1MinOrb got stopped out. I made a rule yesterday about 2 stop outs, I had to wait for 5 Minutes, well I only had one stop out and told myself to wait.     I am going to regroup and get back at it tomorrow, tonight I'm going to do some reviews of my 1MinOrbs and see if I am doing something different or if the market has just changed a bit. If it's the market, I might decide to wait 5 Min before entering tomorrow..
    • Day 127 - Jul 14, 2020  22 Tickets 3 Symbols  Red Day Personal:  Goals for the day: Adjust and focus on new exit strategy, 100% on New Report Card Watch list:   Trades INO (1) - Long - ABCD (Did not follow my game plan, Deserved loss) Was watching INO break out and then pull in on low volume, with bottom wicks - took it long off the big bid at 27.6 which held a few times. Wanted it  to come down to 27.4 VWAP and previous day level but didn’t get the pull back that far as 27.6 bid held (600 lots). Broke through and stopped me out. Improvement: Didn’t follow my game plan - If I waited for proper entry, I wouldn’t have taken the trade. Deserved loss. WFC (1) - Short - ABCD Reverse (A Setup) Major sell off and tried to push at the open - started to move back up to VWAP and looked like rejected with indecision candles, saw it hammer through the bids at 23.7 and took it as it broke down throuhg PML and also major daily level. Tight stop, but not enough confirmation. Saw the big red volume at 9:41 and thought we would see continued selling after rejection. SPY made recovery to green - and looks like WFC getting bought back up. Needed to be more patient. 5min showing strength. SPY getting hammered but WFC holding. Don't like this - should be exiting on this anomaly. Good: Happy with this entry, selling confirmed, waited off VWAP and PML and Daily level.     Morining session not great. No patience, jumping in at times where I KNOW i am not profitable at. Have 2 trades left will be looking for my bread and butter setups - triangles.    INO (2) - Short - Descending Triangle (A+ Setup) Took INO short as it was breaking down at major level, LOD and PDC with selling pressure.  Big bid at 25.5. Got my 1R limit partial and then consolidated at LOD. Don’t like it and want to take some off to lock in profits…but there is no need as we still look weak and buyers keep getting stuffed. Selling pressure is still there even tho SPY Is bouncing back. Got out on break of uptrend, rest out for Breakeven, SPU turning and clear bottom and hold at 24.64 level Good: Good entry, happy with the setup. Major level, weakness on the tape, selling pressure.   WFC (2) - Long - Asymmetrical Triangle Took it long on the INITIAL spike through triangle - absolute rookie move, didn’t take look at Lvl 2, 5min chart, volume wasn’t anywhere near breakout vol……seemed like it was just a test to see if there was any buying power. Took half off as we came back down, fake breakout and the rest off below 23.8 - brutal trade. Improvement: No patience, this was weak, 5 min didn’t even breakout and volume is around avg. With such an extended stop, you can expect a big move up, but volume HAS to confirm.   INO (3) - Short - Asymmetrical Triangle Break (Poor Execution, -1 Poor Trade management ) INO was putting in consolidation around PML and PDC, forming a triangle and looking weak. Took it on a delayed entry (way too late) as it broke down, the right entry would have been break of 25.45, stop is WAY too wide. 25.91 - risking above the huge offers (couple thousand lots between 25.88 - 26). Improvement: Terrible executions - Figure out your RR and do a calc before just jumping in. This is brutal. Triangle has broken down, if it comes back up above previous pivot then technical setup is no longer valid - FOLLOW GAME PLAN. Trading Plan Entry: 24.45 break of previous pivot low (2/3 candle out of triangle) with a stop above previous pivot high at 25.71). IF played properly, would have had 1R and 2R hit, and then stopped out on the final partial ending up in a winning trade. MRNA - Long - Asymmetrical Triangle (Secondary Watchlist) MRNA on secondary watch, but came across it as it was pushing up to the apex and matched up on all time frames. Good sized offer sitting at 75, ended up trying to time it but caught it late as it hit that level and broke out on major volume. Fakebfreakout on next candle, held thinking this thing could rip to HOD. Pennies away from my first partial, but rejected and broke down hard stopping me out. Improvement: Hindsight - Lots of topping tails signaling a reversal, on heavy selling pressure. Should have taken partial off.   INO (4) - Short - Descending Triangle (Did not follow my game plan, Deserved loss) INO looking short - was biased here with selling coming in heavy on selling side, and upper wicks on lower highs being formed. Initially was a descending triangle, and tried to take it near resistance, but then turned into a falling wedge (bullish) with HUGE bids at 25.5 and 25.48, dropped and then shot up. This will probably rally now. In hindsight clear limit player dropping and reclaiming bid showing sign of strength….. Improvement: Not in game plan to start shorting at top - freestyling….also was ignoring the fact that it turned into a falling wedge potential to spike up. (3rd pic = hindsight pic) Trade Ideas 9:34 - NIO potential ABCD short but don’t like the wick on 5 min. 9:35 - this is better ABCD but 5min and 2 min are not weak at all (Loser) 9:34 - WFC break of 23.67, descending ish, also a big bid that broke (Loser) 9:50 - WFC - this would be the entry if it breaks consolidation after confirming rejection off VWAP. Entry 23.6 break stop 23.8 (Loser) 10:03 - NIO looking like potentials Asymmetrical triangle below VWAP could squeeze with the bottoming tails. Above 13.2 pop but not an A+ setup. (No Entry) 10:12 - NIO was looking for a short, out of this asymmetrical. Everything setup nicely confirming the failed bounce 12.75 break for entry, 12.93 stop. (Loser) 10:33 - UAL looking like ascending triangle, all buying on the 5 min. Would like to see little more consolidation right above 32 (Loser) 10:57 - BNTX I like it for a 5/15 min Reverse ABCD but would be better if it was right aty VWAP (Loser) 11:00 JPM setting up for descending triangle 11:04 JPM broke but waiting to see a retest of 98 level - consolidated a bit tand then broke at 11:11 was looking to take it but didn’t like the slow consolidation - seems like its not moving today..although that was the descending I NEED TO TAKE (1.9R = Small Winner / Breakeven) 11:04 - WFC popped outside of 24 should be a long but no conviction. Maybe on retest (Loser) 11:15 - JPM Failed pop right at PDC risking the pivot high around 97.7 (No Entry - Not in gameplan) 11:18 - INO setting up for ascending breakout from mirror level 25.77 below VWAP though - don’t want to takel ong below VWAP - also 15min looks super bearish WAY too much offers to upside. 500 at 25.90, 500 at 25.94 200 lots at .99 (this should have been a short entry - right on the failed breakout shooting star ) (No Entry - Not in Gameplan) 11:24 - NVAX Ascending triangle throug 106 could squeece (Just over 1.2R - Breakeven) 11:32 - INO late on the short, but if it comes back up to 25.76 and rejected short risking VWAP at 26 want it to get up to VWAP and reject for confirmation  (Winner ~3R) Trade Review Goal 1: Hotkey Limit Orders (Entry, Profit, Stop): 5/7 = 71% Rough day today, but upon review it was manageable. 2 trades were great setups and I would take them anytime. 2 Trades I did not follow game plan and got deserved loss. 1 of the trades shuold have been a winner, but poor execution. Change from the last 2 weeks as I have had quite a bit more trades and felt a little more "On Edge" today….   Also have double my R per trade (2x) with same max loss, so what used to be a max loss took considerably more trades. Its part of the game, know my mistakes and today I just was not patient and disciplined enough. Learning from these. Noticed I was trading more today, even after the fact that i pointed out I wasnt on my game. Maybe thats a sign to take a breather, and shut screens down for the day or atleast a few hours. Also my trade ideas were terrible: 13 Ideas, 1 winner, 7 losers.....   Things I did well:  Things I did poorly:  No patience on entry, R/R calc before trade, Early and Late entries (no confidence)   Daily Report Card 1. Hotkey Limit Orders (Auto Calc Entry, Profit, Stop and Adjust only in front of Major Level, and on Major Reversal Candle) = 5/7 = 71%
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