EURAUD: Reviewing The Tape (Education not a trade idea)

FX:EURAUD   Euro / Australian Dollar
I've already written my "Trading Recap" blog post for today but I wanted to share something with you guys. For you guys that have been following along with my blog you know that I've been working on an article looking at professional athletes and professional traders. One of my main comparisons is the amount of preparation and review that both do.

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 bearish Cypher 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 Bat pattern 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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Oh shit; that was sweet
Well said Akil. Like they say, hindsight is 20/20. So it really does pay to review your day. Although I'm not trading real $$ just yet, I like to do an informal review on all the trades I've identified and 'placed'. It is great to see where you went wrong and how the market moved in comparison to your own forecast.

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.
+1 Reply
I agree Dan, one of the reasons i started front running my entries and targets was do to exactly what you said. I had noticed I was missing entries or targets by the spread. Winning is good, so if we can figure out what we're doing right when we win that's a positive.
Wow, your right. Im going to start doing that. What do you feel is important to look at after your trading day is over?
Akil_Stokes daniel.garnier.10
Missed opportunities are key. I like to scroll through and take mental notes of the "whats" and "whys" of the day
Thank you for the post as always! Looking forward to seeing you and Jason at the workshop :)
+1 Reply
Akil_Stokes StarProsper
Thanks, I'm super excited for it. We only do it once a year so I'm pumped every time it comes around
Very worthwhile and very appreciated.
+1 Reply
Great post Akil, thanks!
Thank you, figured I'd try something different since there are so many ideas posted on this thing. Hopefully it's worthwhile
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