Jan 23 • Reframe Games
Day 3 Reframe Games
So yesterday I forgot to post my trading, because I did actually trade for a bit. It ended up being a not bad day, but I did incur losses on one account but reached profit target on the second account.
I traded today and one account I lost just trading completely wild and I wound up resetting the account, trading and then hitting my daily goal. The second account I completely revenge traded and gave back all my profit, but did not lose the account thankfully.
Some things I learned from the past 2 days, I need more time for preparation and to learn how to put together a daily "trade plan". I have a really bad habit of just getting the levels that I use and then kind of winging it. Instead of utilizing "if, then" statements or really formulating a plan based on what the data is telling me. I just look at the levels get a "feel" for where I think the market is heading and then just wing it if something different happens.
As an example, this morning I should have sat out trading and waited for the market to pick a direction, instead I traded a lot of chop and got rightfully beat down by price action.
Some things I need to work on:
- formulating my trading plan for the morning after my analysis is done
- write out my plan in the trade journal so that I can have it in front of me while trading
- stopping before I reach the Daily Loss Limit, I have to set a Personal Daily Loss Limit and not remove it or change it (which I do quite often)
I also need to develop a better routine around my preparation, currently it consists of basically getting my data, plotting that on the chart then waiting for my account(s) to unlock and start trading. Not much in the way of analysis which is hindering my decision making.
In addition, I would like to start working on the mental preparation as well, such as visualization or meditation which probably would help improve my thought processes while trading.
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Day 3 Reframe Games
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