Military mode is still in full effect, because I'll have to be focused and highly effective with my time and energy in order to get all of this work completed and be rested and ready for trading on Tuesday morning.
A review of the week
Marine recruits are welcomed to either MCRD (Marine Corps Recruit Depot) San Diego or MCRD Parris Island.
Recruit Training is 12 weeks. It takes 3 months for the "transformation" to occur. And that just gets you in the corps.
I see something of a parallel with my current training, and my first thought is....
Welcome to DTRD (Day Trader Recruit Depot) Dallas.
I'm beginning to firmly believe that the most effective way to become a successful day trader is through a transformational process similar to Marine Corps Recruit Training.
My current exercise in consistency so far is showing me how short-sighted my view of my own development has been. I'm realizing how much longer it will take - and how much discipline it will require - to build the skills and attitudes necessary to become a consistent, competent, confident, and successful day trader.
I feel like I've been at this exercise for ages, but it has only been a little over a month (20 trading days). And while I've already developed a much different perspective, I see more clearly how far I have to go yet.
Additional benefits of this exercise
I'm finding that the benefits of this exercise are extending beyond just my trading work.
I have become more focused and effective when I'm doing my other job which is extremely helpful right now.
It's also motivating me in my health and fitness. I'm eating in a more disciplined way and my exercise is far more consistent and effective.
It's having the effect of making my body feel better while I'm trading. As I sit at my trading desk each day I feel the slight soreness and bulge of my muscles, and it causes me to sit up straight and strong. It's giving me a surprising boost to my mental toughness and my ability to stay the course through this difficult process.
It is also affecting my mental clarity. My diet is free from a lot of garbage that I used to eat and because of it I find my mind much clearer and more alert than it used to be. I don't find myself nearly nodding off mid-morning or mid-afternoon like I used to.
The bottom line
The bottom line is that this exercise so far is worth its weight in gold. I don't have a specific time frame for ending this exercise, and for the time being it will remain that way.
A look at the stats
Expectancy has popped up slightly over the 20SMA due in large part to the good day on Thursday using 2 lots. So far I've only had one trade using 2 lots where the second target exceeded the first target level. I'll have to wait for market conditions that will give more of those.
Profit-wise I had a pretty good week (for me), but my maximum drawdown was significantly higher this week too.
3 comments:
Thanks for the links to Mark Douglas talks. Always like to listen to him.
You had a good week. Progression towards the goal. You are really creating a new habit. I noticed you do not talk to much about homework. Is the preparation for the trading day all the same? Keep it up.
Thanks RK.
I understand why you're asking, but I don't have/do "homework." My entry levels are based solely on dynamic intraday price movement.
In other words, I'm waiting for a combination of factors to line up for a trigger, but I'm not looking at specific levels from past days' activity.
It's more like I'm trying to go with the flow of the market at the moment rather than trying to anticipate levels to enter.
In fact, if you'll recall from my posts here, when I tried looking at prior day (larger time frame) activity for levels to "do business," it was very counterproductive for me. But understand that it is only in relation to what I'm doing now. I'll probably be trying to incorporate "homework" in what I do at a later time because I certainly think there is value in it.
-AT
Thanks for feedback on HW. Nice, keep the strengths and remove the weak parts.
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