July Trading Recap and Goals for August

I ended July today with my best trading month since I started to trade full time at the beginning of this year.  Here is a snap shot of my performance tracker…

july

I am proud of this accomplishment.  I did not journal my beigest day on the 19th which I regret.  Its hard for me to remember some of those details.  I will try to be better at that.

What I did right this month:  I did well this month keeping my risk under control.  I did this by being more patient on adding into parabolic shorts.  I would wait for toping action before I added.  I also did much better cutting my losses at my max stop loss, though I did have s few stubborn holds.  I would also cut my losses when price action showed my trade plan was wrong, instead of just adding to try and be right.   I did better at holding a small pieced for further downside.  I did well at controlling my emotions on days with big losses buy not revenge trading.  All of these things contributed to a great month.  Of course I need to continue to hone these things as well.  But, most importantly I must continue to avoid having large losses that wipe out weeks of work.

What I did wrong this month:  I did have a few stubborn holds that caused me some great headaches.  The risk was not worth the reward in all cases even though the worked out.  I must realize that it is better to cut the loss and try again, then it is to average up by adding and increasing my risk.  There were more times then I care to admit, that I let my P&L convince me when to get out of a trade.  What I mean by this is I would cut a position out of fear of losing the unrealized gain instead of price action helping me to make that choice.  This resulted in missing out on some big wins.

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