Below you will find a brief summary of my trading statistics since we started the month. Key data that jumps out of me are as follows:
- Plan compliant trading carries an 86.2% win rate
- Non compliant trades lost a net total of 183 ticks or $915.00 trading a 1 lot
- Winning trades last twice as long as losing trades (let your winners run)
- Almost half of my trades are whimsical, impulse, unplanned trades. WTF?
- Eliminating half of my impulse trades only improves the win rate to 62.4% aka not good enough
- There are 4-6 quality trades available per trading day
I failed to complete stage 1 of my trading plan during this set of trades. The goal is simple, a 70% win rate over a set of 50 trades. To do so requires supreme patience and complete avoidance of unplanned trades via impulse management. I have just two trading pictures. Technically 4, two shorts and two longs symmetrical in nature. If you have been paying attention to my full disclosure trade entries then you know my pictures too. The challenge is to consistently seek only my two quality pictures and avoid the other trades.
Finally, this is 1 lot trading and the next of all my trades is an egregious -1 tick loss. Commissions equal about $280.00 bucks. This is a cheap but necessary education if you ask me, a core building block before advancing to more size and employing trade management tactics to achieve consistent profitability. The key is to actually learn because what I am currently wasting is the greatest resource of all—time.
STATS:
VIDEO:
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“complete avoidance of unplanned trades via impulse management” – seems to be a psychological issue. I’m sure you know there are a bunch of books on a subject.
Meditation (don’t laugh) is a way to go. Being in a right mindset is the key! As you can see, you are trading not against the market, but against yourself.
Also, relax and visualize yourself doing ‘right’ trade vs. unplanned trade. I actually couldn’t do it, so I set up a video camera to tape myself during a day. Reviewing it produced striking revelations…
And don’t say ‘wasting time’. Time is the ONLY resource you really have. God willing, you will be trading well into old age. The next one is just 1 of 1000’s of trades (Ivan Krastins, yes).
Relax
Nicely put, i Bergamot
Thanks, I am in week 5 of a meditation book/program right now, I would never look down my nose at such practice.
I have been recording all of my trading sessions, these unplanned trades are pretty comical, sometimes disgusting, in review. They are so random.
Structure and discipline 🙂
+1