Just like Peyton Manning or Tom Brady do after every game, after each trading day I review the tape, meaning that I go back through my trading day and critique myself. After all, in this industry we are our own bosses so if we don't do it who will?
Last night I posted a trade looking for a potential breakout to the upside on EURAUD , although we did test the highs of our previous structure level we never got the break that I was looking for and it ended up being a scratch trade (breakeven). This morning in our Warroom meeting Jason Stapleton fired off 2618 idea for this same pair. (I'll attach a link to the FREE 2618 training at the bottom of this post). In the live room we ended up finding a at the same level and ended up getting short as well. After banking some good pips, I spend the rest of our session going through the rest of my portfolio and basically but this pair on the back burner.
BIG MISTAKE, if only i would have paid more attention to it, i would have seen that IF our 2618 setup were to rally to 2nd targets THEN we'd also have a completion which we plant a stop & reverse at. So yeah I left a few pips on the board today but the important part is that I was able to identify my mistake and turn it into a learning experience. For those who don't take the time to review their day, well that mistake may continue to be a future mistake.
Thanks for taking the time to read this and I'll see you next week at the Technical Trader Workshop!!!
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2015 FREE Technical Trader Workshop: http://promos.tradeempowered.com/technical-trader-workshop-2015/
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One big one I am seeing/doing is incorrect entries. You know the ones, getting stopped out by a few pips only to see the pair turn and hit your targets! It really makes you look at your entry reasons, how you read your levels & why your stop level should have been your entry point!
I also like to review my winning 'trades' as it helps refine your strategies. Plus, we all like a pat on the back for a job well done. You can still learn to improve from those winners as much as the losers.
Keep up the good work Akil, your posts are very much appreciated.