Another 10% up this week

My summary for this week is.... another great trading week but a reminder that I still have plenty of room for improvement.

On paper it was a great week as I made $131 profit, which is over 10% of my account, taking the total to $1,201 dollars which is a great Return on Investment (ROI).  However I've discovered trading is all about reflection and then using that analysis to improve,  so each week, as you know, I dig into the detail.

Thursday I was nicely up and then had a losing trade.  I then re-entered after getting stopped out as I still thought I had the direction right. This was my first mistake as my Trading Plan now says that I can only enter each signal once, what's the point of having a Trading Plan if you don't follow it!  Then when this trade started to go against me I decided to reverse my position. Now I justified this in my head as the "clever thing to do".  But in reality there was no clear direction to the market, it was just cutting back and forth through the median line and I was clearly trading my emotions. 

Thankfully as this third trade went against me I realised that I was just trading my emotions so I cut the trade and switched off the computer for the day. The plus point is that previously I wouldn't have stopped and would have just ended up going into full on revenge trading and lost even more money.  It turned out to be only a 35 dollar losing day so not catastrophic in the grand scheme of things. The bad news is that I clearly still have work to do around how I handle my losses.  So this will be my only focus for the next few weeks. 

Thankfully despite 1 losing trade on Friday I stuck to my plan and turned it around with 2 winning trades and ended the week with a profitable day.  So $131 up for the week and now my little $500 account is $1,201!

Until next time...