Review of last week:TFT Royal Pro 25k Phase 1 Review – Week 8
In Week 9, I made 11 trades, focusing on only the following 4 instruments:
- USDJPY
- XAUUSD
- AUDUSD
- GBPUSD
Friday was Easter, so I only traded for 4 days this past week.
The week concluded with a net profit of $15.88 (+0.06%). My 5-day average profit per winning trade was $18.98, while my average loss per losing trade was $13.06.
My win rate for the 5 trading days was 36.4%, and my cumulative win rate now stands at 42.1%. The current drawdown on the account is -1.67%.
Conclusion of Week 9:
Monday: Three wins, one loss. Winning day.
Tuesday: One loss.
Wednesday: One loss.
Thursday: One win, four losses.
Friday: No trades.
Review of This Week’s Performance:
Last week I was riding high, but this week has been pretty disappointing.
The 'hopium' is still clinging to me lately. On Tuesday, I saw a clear target on AUDUSD and found a long entry opportunity based on it. However, the trade quickly went against me. Mentally, I knew it was highly likely I'd need to take the stop loss. If I had exited early, the loss would have been minimal. But with the target seemingly within reach, I decided to hold on, and ultimately it just kept dropping, eventually hitting my stop loss.
Thursday was a rough one; I was feeling really off and exhausted. I could clearly sense my judgment was impaired, and even my self-control was weaker. I took a total of five trades throughout the day, with four consecutive stop-outs.
One of them was an absolutely terrible trade – I jumped in even before the Market Structure Shift (MSS) had confirmed. The other two were clear cases of over-trading. It was past the London Close, and with the holiday weekend approaching, a contraction in volatility was a reasonable expectation, yet I still entered those trades.
Journaling: ✅ Completed.
Emotional control: ✅ Achieved.
Eliminating wishful thinking: ❌ Failed to control myself properly.
Avoiding adding to losers: ✅ Achieved.
Awareness of High Impact News: ✅ Achieved.
Adherence to Trading Sessions: ⚠️ Don't trade randomly around holidays.
Limiting trade frequency: ❌ Don't participate when physically exhausted, as it impairs judgment and self-control.
Following Trading Rules: ❌ Don't participate when physically exhausted, as it impairs judgment and self-control.
Week 10 Goals:
I need to keep in mind the pitfalls of wishful thinking. My plan is to gradually build the account back up to $24,800 using 0.1% risk per trade.