Journal Entry: my trading notes (7/31 – 8/6)

Discipline is key. Habits can be broken. It’s almost like saying prayers throughout the day.

1. Trade with my eyes, not my head. Because I don’t have time to gather  facts nor inside info on the many markets.

2. If stopped out, wait for clearer signal before re-loading. Fight the greed.

3. Started opening 2 order windows, long and short one-click, prior to trade set-ups. But I keep forgetting that

4. Trade the chart. Prior statistics are not always correct in times of great volatility. I missed out on half of the downside move in $SPY because I took profit too soon, thinking that it won’t drop more than 2%.

5. Grains will either follow crude or each other, but crude more in stressing times.

6. Not too many things sticking to a rally in stressful macro environment. Better to fade the rally or take profit @ key levels or once the action becomes choppy.

7. Keep forgetting that the initial pull-back or pop @ news release is the shorts covering or longs selling to closed out. Volatility can last for a few minutes as the market interpret and absorb the new info.

8. Be discipline to sit out of choppy trades. Sit on your hands and watch if I have to. Rule the empire by force!

9. In general, during uncertainty, there is a pull-back Friday’s close as traders closed out for the weekend.

10. Disciple that gets me the most, like today eating lunch while trading, n enter a stop for ES using EC cauz used to trading Euro.

11. After manually closing out, I forgot to cancel my stop loss for ES_F but I got a profitable short position wow. Check your fire!

12. When I took a hit, I can trade out of anger without a care and just shoot. Wait for the pitch!

13. Once daily volume for the Japanese Yen reached fresh highs should’ve been a signal to get out.

14. I don’t need to trade all the time. Focus on high probability 5-7 trades per week. More reading, research, and study.

Conclusion:

I’ve developed an ongoing short-list of mantras to help me focus during the thick of battle. Maybe a mnemonic device?

[UNDER CONSTRUCTION]

1. Check your fire!

2. Rule the empire by force (sarcasm).

3. Wait for the pitch!

4. Fight the greed!

5. Don’t buy into the rallies.

6. Don’t short the dips.

7. Look for a target before entry.

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