The above charts are showing trading done by me on 15th Sep and 30th Sep 2015. I have taken a long time to accept the reality of the act done by me which is quite clearly visible on the above charts. I badly hit my accounts and my confidence to trade too. It took me a long to analyze my mistakes and pen down those mistakes and then to find a way to check these mistakes. The details are as below:
15th Sep 2015 - Mistakes
(a) Lack of Discipline
(b) Entering into Trades one after another seems like doing revenge trading and trying to chasing the market instead trading
(c) Lack of Trade Management
(d) Money Management is Totally Missing
30th Sep 2015 - Mistakes include the above and below line
(a) Trading against the market Bias.
I recognize the above mistakes needs to be corrected and after various + and - processes, finally I developed a process which automatically prevents me for doing these mistakes. The only requirement is to update the data in the excel file and it will automatically calculate the data and I need to analyse and refer this data on regular basis during the session . The snap shot of the process is as follows:
On-Going Analysis:
The sheet is self explanatory and inspired from the chart technical.blog.com. It will be used to log the on-going analysis during trading sessions so that I can concentrate on the well determined DP and I should not chase market one after another trade.
Trading Sheet:
It will be used to log the trades to know and get updated about the current account status so that I can judge and take a effective decision on upcoming trading session. It also includes a "Trading Feasibility Check" Module which gives me a correct idea that if my SL get executed then what will be my account status and on the basis of that I can make the effective decision.
I am sure that if I will follow the process then I will skip the above mistakes automatically.
Happy Trading :)
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