Weekly Review January 3/4

GTOs from Last Week:

GOALS FOR THIS WEEK:

1)  Execute modified Visualization techniques to include 3rd person +Boss/Employee visualizations.  Monitor adherence to daily routine.  This went well, I have attached it to my meditation habit and replaced the memory palace visualization with the 3rd person+Boss/Employee visualization.  This is also how I keep track it and keep myself accountable.
2)  Monitor execution of After Action Reports, refine as needed.  Every single day I review my trades, I attach it to my habit of going to starbucks.  I record my AAR on my Trading Journal google spreadsheets and this is how I track and keep myself accountable.
3)  Monitor adherence to daily preparation routines, refine as needed.  Every single day I log my habits on my google spreadsheets, daily prep routines could be improved by giving myself more time in the morning, sleep on time the night before.  I also came up short twice on my PM habits this week.

TRADING GOALS FOR THIS WEEK:

1)  Trade 1 1min Playbook/GOOD TRADE in the open.  Other than thursday, this rule has achieved the intended goal of slowing myself down and being very selective on what stock to trade.

2)  Timeout 1 5min Playbook/GOOD TRADE after 10am.  This has forced me to be very selective and slow myself down to prevent reacting to fomo.  Having this also gives me a clearer mind to analyze support/resistance levels as well as trends to set my trade plans with increased accuracy.

3)  50$=R, 100$/day max loss.  I followed this well this week !!!

Thoughts/Learning Lessons:

At the beginning of the week, I started out with more confidence than last week.

8 Trades
6 Good Trades, 1 Fomo, 1 Misc Error (3 Good Trades were based on flawed Playbook Trades which are now refined)

Learning Lesson #1:  4 Max ACTIVELY WATCHING STOCKS at the open.

Learning Lesson #2:  Feeling rushed/improper preparation = No trading the first 5mins = GOOD RULE !! Make sure I execute proper sleeping procedures so I'm refreshed for preparation the next day.

Learning Lesson #3:  AFTER TRADE PROCEDURES MUST BE DONE !!

Learning Lesson #4:  Look for signs opposite of my trades--BUT either size down or Let myself get stopped out.. Only those two decisions are appropriate so I don't get scared out.

Learning Lesson #5:  CHOOSE A BIAS for the OPEN BUT make sure your head is leveled when your ACTIVELY listening to the market so you don't get stuck on the WRONG SIDE of the TREND !!!

Overall:  My playbook is getting more refined, my analysis skills have increased and my execution skills/habits are stronger.  My current trajectory is improving each day and each week.  I'm a little worried about my results but I tell myself that as long as my current trajectory is up.. the results will follow later.  PATIENCE... Having more patience than others will provide me the emotional edge and clear mind to base/execute decisions from..  I also have a MUCH stronger support/resistance/trend analysis than last week.  Work on HABITS, Discipline is a LAGGING INDICATOR...

GTOs for this week:

GOALS FOR THIS WEEK:

1)  Execute modified Visualization techniques to include 3rd person +Boss/Employee visualizations.  Monitor adherence to daily routine.
2)  Execute Patience/Meditation consistently, Monitor and refine as needed.
3)  Monitor execution of After Action Reports, refine as needed.
4)  Monitor adherence to daily preparation routines, refine as needed.

TRADING GOALS FOR THIS WEEK:

1)  SLOW IT DOWN !! Do the prep work required and Analyzed the Support/Resistance Levels + Where's the trend at?
2)  Trade 1 1min Playbook/GOOD TRADE in the open.

3)  1 5min Playbook/GOOD TRADE after 0935.

4)  25$=R, 100$/day max loss for MoMo. $50=R for MeanRev.  2 Losses Max/day.

PREMEDITATIO MALORUM

FEAR SETTING / FEAR REHEARSAL for the week:

DEFINE ----------------------------- PREVENT ----------------------------- Repair

1)  FOMO ------------------------------Pre-Market Preparation -------- Sleep on Time to wake up on time

2)  FOMO ----------------------- Follow ONLY Playbook Trades --- There's always opportunity LATER

3)  Fear of Losing $$$$------ Bracket the orders and let SL get hit ------- Reassess if Entry was correct

WHAT ARE THE BENEFITS OF PARTIAL SUCCESS:

1) As long as I remain resilient and refine my systems--I am one step closer to CPT

2) If I wake up early enough--I will be awake for screen time and accomplish more tasks.

3) If I reduce FOMO  trades--I will preserve my capital and improve my discipline.

Subconscious Decision-Making vs Conscious Decision-Making

I forgot where which research article I read it from but it stated that most of our daily decisions are decided by our habits/behaviors well before our mind consciously makes its decision.

In the last few months, I've been visualizing myself getting into trades i'm not supposed to and that I AUTOMATICALLY without thinking just get out.  This week, I fomo'd into a trade and as soon as I entered the trade, I instantly felt my body saying GET OUT, GET OUT, GET OUT.. It felt like minutes and I couldn't think/analyze my situation well-- I ended up going flat and got out of the trade.  The trade eventually went on to make money without me but the MOST IMPORTANT thing is that I followed the appropriate decision at THAT SPECIFIC MOMENT in time.  Hindsight trading is very dangerous, i could've made money on that trade but it would've either reinforced a bad habit/bad planning and I could get BURNED SEVERELY in the future.  It's the 2nd trade below:

What was crazy about this was it felt like minutes went by.. Looking back.. it took me 16secs to finally get out of the trade.

So the problem with this trade is that I had 2 contradicting habits in play.  The main problem was that the strategy/plan was flawed.  This was a perfectly good squeeze but I missed out on it because I didn't give it enough time to work and I've programmed myself to get out asap if it didn't meet the time criteria per what the plan required (which the time criteria was too low).  The trade did not hit the planned stop level of the previous low of the 5min candle but I got scared out because I thought I was fomo'ing when I really didn't.  Since I felt like I was fomo'ing, my capital preservation habit kicked in and I got myself out.

Pros:  Capital Preservation habit is working..
Cons:  Trade plan was flawed and is NOW refined.