An important Subject for this week.
Transcript of our daily EU Debrief Trader8:
So rather than talking about individual trade setups and market developments, I’m going to talk about
00:09 overcoming a bad runs and ways to maintain a good run and discuss some of the experiences and mistakes I’ve made along the way so hopefully we can all learn from them. To put things into context I’ve been trading since 2007, and I’ve been fortunate enough to have been very successful at some points in my career but I have certainly had my fair share of dark times as well,
0:45 the ultimate goal of day trading is consistent profitability and understanding and analyzing why we go through good and bad runs should help us:
00:55 focus on what we do well and do more of it, and understand what we did badly and try really hard to do less on it, therefore hopefully becoming more consistent overtime. So from my experience, every trader, during every year will go through good runs and bad runs or more fruitful and leaner periods but bad runs are relative to the individual like everything else in trading and everyone goes through it but what’s really important is
01:35 to identify early and understand why it’s happening before it snowballs into something worse and gets out of control. So identifying the reason behind poor performance is the key there what are you doing differently what’s changed it could be external circumstances it could be very specific to your trading it could be subconscious and you’re not even aware of it whatsoever. On that there’s a great example where just last week and one of the many times last last week and Ilja pointed out that I’ve been trading in a much more contrarian way than I would usually do And I was completely oblivious to actually doing it and so it makes you sit back and think he was actually 100% on point and I didn’t even realize it was happening so going back to communication if you communicate with that’s why he’s there to help you and actually pinpoint areas where you do you may be doing something differently that you’re not even realizing you do differently so once we’ve identified what’s changed then we can make adjustments and it’s really important to not let a bad run snowball and have the discipline to control yourself um you don’t need to get everything back all in one trade just go back to basics and build your day and go back to maintaining consistency just go back to the plan and have you plan really be it your monthly weekly daily plans go back to just following the plan and also remove PNL from your mind that will not help you get back on track you start thinking about PNL you start putting trades on anything on site but it’s only 100/200€ and you don’t take care because you think it’s not there’s not enough but the truth is going back to the basics of building your day will help you get back on get back on the right path so just going back to bad runs remote just worry about getting green on for the next day it doesn’t matter by how much and then you get another Green Day and slowly slowly your confidence will come back and performance will improve so I mean just from my experience consistency comes from focusing on the process and executing your plan and sticking to your plan being patient and most importantly sitting in your trades for as long as it needs to play out and having the conviction in your trade being comfortable with your risk as well as being flexible and adaptable enough to know when you’re wrong how often do we sit in a trade and we and then I guess it stop out let me scratch it or you know doesn’t feel right and only 10 minutes or an hour or 2 hours later and that would have been the best trade of the day so give the market time to build positioning and be patient in your in your trade …..