Weekly Summary 110114 First Break Even Week

Intraday Weekly PL: R-0.25    £-6.04

Summary:
Closed Trade P/L:		-6.04
Balance:		2 219.12
Details:
Gross Profit:		54.70		Gross Loss:				60.74	Total Net Profit:			-6.04
Profit Factor:		0.90		Expected Payoff:				-1.01
Absolute Drawdown:		54.72		Maximal Drawdown:				54.72 (2.46%)	Relative Drawdown:			2.46% (54.72)
Total Trades:		6		Short Positions (won %):				2 (50.00%)	Long Positions (won %):			4 (25.00%)
Profit Trades (% of total):								2 (33.33%)	Loss trades (% of total):			4 (66.67%)
Largest		profit trade:						40.30	loss trade:			-25.92
Average		profit trade:						27.35	loss trade:			-15.19

SUMMARY
As you can see I've called this week BE (I hope quarter of a percent off BE is near enough). This is the first BE week since the beginning of this blog so I'm pretty happy but obviously have a lot of work to do.
The week was cut short because I couldn't trade on Monday due to family commitments. Despite only winning 2 out my six trades, four of the trades were essentially good but I screwed 2 of them up with my in trade discipline (discretionary exits, or fighting price action).  The 2 poor trades (due to entries) and my lack of trades Friday were caused entirely by poor price prep (getting the direction wrong) and patience (pre-empting a PB rather than waiting for it). Got to tidy up my Prep method and keep working on my Prep, Patience and Discipline but with a bias on Prep. Focusing on how best to execute the next piece of PA is far more important than how it makes me feel!

SUMMARY OF TRADES/TRADING
1. poor prep( missing BW) poor patience (not waiting for price to touch S) =  poor trade
2. good prep , good patience, poor disicipline (discretionary early exit) =  essentially a good trade.
3. a fuck up from not not prepping correctly and getting flustered =  poor trade.
4. Good Prep, Good Patience,  Poor discipline (discetionary early exit) =  essentially a good trade.
5. Good prep, good patience,  Poor discipline (discretionary late exit due to fighting market) =  essentially a good trade.
6. Good Prep, Good Patience, Okay Discipline (still discretionary exit but held longer) = essentially a good trade.
Friday:  was a balls up (no trades) because of poor prep.  Luckily I didn't take any trades as would likell have had poor entries.

POSTIVES
1. First BE week
2. More good trades than bad trades

NEGATIVES
1. Poor prep/patience  =  poor entries thus losing trades
2. Poor  Discipline = discretionary early exits due to fear ( not reading price action)
3. Poor Discipline = discretionary late exits due to fighting the market ( not reading price action)

FIXES
1. Need to tidy up my Price Prep method.  I am basically using an amalgamation of Al Brooks and Level Headed Trading method and my guides a little off hence confusion sometimes.  This is the obvious first step to clearing the fuzz.
2&3.  Were both due to poor price prep once in the trade. One fearful early exit because I had not acknowedged that price had reversed so took a scalper loss, rather than holding for a swing profit.  The other was me holding through what should have been a scalpers profit for a swing profit that was never going to happen. Both occurred because I was concentrating on my emotions (fear and gutting it out) rather than PA,  I must focus on PA and nothing else!

ADDITIONS
Just would like to emphasize to myself and have on record that I know all that matters is price action and it's context. Your feeling are irrelivant George, you must trade PA not your emotions to be successful and the proof of that is above.

SWINGS: NA