Emergency Review August 06

Target Problems:

Impatience:  

I'm running into problems of impatience, possible factors are as follows:

1)  Not finishing AM routine fully = Not doing all the trading prep work necessary for the highest probability of success.

2)  Not set in a familiar environment or in a Familiar environment but with potential interruptions that will cause distractions from trading.

3)  Not doing Daily Visualizations/Meditations.  Too much winging it and I'm getting sloppy and impatient entries on the front side shorts with too big of size.

Plan of Action:

1)  Adherance to Routine !!!  MANDATORY TIMEOUT + CAN'T TRADE UNTIL AM ROUTINE IS COMPLETE..  Fucking Hanoi all over again !!  No Visualizations +  Meditations = NO FUCKING TRADING !!!

2)  Verbalizing + Visualizing Play PRIOR to entering the trade.  If Price Action doesn't hit my visualizations = Fuck it and just MISS / LET THE TRADE GO !!!

3)  Plotting Support / Resistance PRIOR to entering the trade, if no resistance = NOTE it in the chart using TEXT !!!

4)  Confirming Behavior change using VOLUME !!!  MOST FCKING IMPORTANT SHIEEEEET EVER !!!!

5)  There will be some stress relating to finding a new apartment.  Until we can get settled in, I need to quantify and track my stress/mental resources MUCH closer at the:

     - AM Routine

     - Prior to trading

     - After I traded

     - PM Routine

This will be enforced using an Index Card located on my monitor.  MANDATORY for 2 weeks!!

Side note to track this month:

Track Progress if I Stop out on the Front Side 1/4th Instead of Sizing up???

August Playbook:

1)  Bounce Short- 10m>30m>50m resistance, >50%+ on HOD = $15k, $25k, $35k Max Pos Size

*** No more than 1/4 Size on the front side and Only add the last 1/2 on the b/d of 15m candle, cover 1/3 on 15m EMA, cover up to 1/4 at 50% of spike, 1/4 size at EOD.
2)  Bounce Short FMC- up at least 40% on HOD wait for 400k+ 5m stuff candle or trend breakdown near resistance = 1/4-1/3 of Bounce Short Size
3)  AM Mean Rev / Intraday Gap Reversal- Must be 1:2 Risk/Reward from EMA + LowrHighs = 2R on 5EMA, 4R on 15EMA.  Size in 1/3rds.  5min cover 1/4 at 1st target and 15min cover ALL at 2nd target unless it's a bounce short !! Can hold 1/4 up to 30m Target if situation provides the opportunity.  Max Position Size = $10k.  If 2 Factors from High Risk Play, Max Pos Size = $5k.  Revisit at Mid-Month and double if doing well after 1st week. If >$20 stock, Max Pos Size $30k
4)  AM Mean Rev 1st Bounce- Avg must be in upper 60% of range, use 5m candle minimum= 1/4 of Max size for that trade Cover ALL at 1st target unless a Bounce Short.

TRADING GOALS TIL END OF August:

1)  Maintain Mandatory >50% Setups until mid August for mid-month Review, SLOW IT DOWN !! Do the prep work required-- Recon 1 + Recon 2 !!  Set Alerts and turn off Trading Setup after 11AM if slow day !!

2)  ALL Trades must fit ONE of the Playbook Plays, Verbalize play PRIOR to entering
3)  ALL TRADES are Mandatory based off the 15m Chart Post 10AM, and 30m TF Post Noon.
4)  HIGHLIGHT HIGH RISK PLAYS PRIOR TO ENTERING !!:
          - Fresh Chart or NO DAILY RESISTANCE and shorting <50%
          - <2m Float
          - >1m Volume in Pre-Market
          - Positive Phase II or III Trials
          - BigCap Company mentioned in Press Release

5)  No 2nd Green Day/No resistance Trades unless it 100% 1st day and 100% on 2nd Day.

Discipline is a lagging indicator.  Focus on your behavior in the NOW moment.

Learning Lesson:  Listen to Emotion > Change my state > ASK QUESTIONS > Focus on the process/grind.  Shrug it off and keep moving forward !!

If there is nothing today fitting the criteria, either study or take the day off !!!