Since this is my first midweek recap I’m just gonna kind of wing it and talk to myself then work on layout and structure details for next time.
Obviously from my tone on twitter I’m not loving the action right now. Don’t get me wrong there are trades to be had out there – it’s just that there are more landmines lurking than normal and small mistakes I had gotten away with at the beginning of the year aren’t sliding like they used to. I’ve had to mentally shift from balls to the wall trading to being more selective and that means missing more moves and trying to be ok with that.
What am I doing well/what’s working
In the past when my 20 name watch list got whittled down to 2-3 each night for an extended period I started to think “oh no what if what’s been working never does again” and I begin the famous strategy hopping. But not this time. I’ve promised myself I am going to try and perfect my current system this year before trying to add a new system to the playbook. Yes I will have to accept periods where other peoples systems are blowing mine out of the water and it feels like I’m losing ground, but I’m just going to keep building my account up slow and steady so that when the tides turn I have a full war chest ready for battle.
Right now I am focusing on keeping the same processes in place (nightly scans, creating a game plan, journaling thoughts during the day, etc) even when there isn’t as much to do and staying nimble for when random opportunities appear during the day. I’m sticking with the names I am more familiar with and not attacking names of the intraday scanner like I do in risk on environments. It aint sexy, but its payin the bills.
Where I need improvement/what’s not working
I’m finding myself wasting time/watching trades that are going nowhere. I scan for potential breakout trades at night and then have a few sectors I always keep tabs on and man it really feels like I’m watching and hoping for things to happen vs getting in there and finding where the action is. One could argue I’m being patient and that’s a good thing – but it’s def something that’s on my mind.
Makes sense – but buying dips really is not being rewarded right now. Typically I like to start into a position I am interested in on a dip and then build into a potential breakout but that’s turning out to be death by 1000 paper cuts. I’m going to keep an eye on this and if it continues to be an issue look to add an extra layer of confirmation before starting a position.
Im happy with the fact I’ve been able to stay green for quite a while – but I don’t want to get too soft because trust me traders – we will feast again.
Good luck and keep grinding