Goals: November 2023 - Moving Forward
It’s been a tough month, not with respect to losses but in terms of missed opportunities. And opportunities that I saw coming (or at least somewhat). Missing out on the uranium theme was a tough pill to swallow. In the moment you think “I have enough time”, but things sort of slip, not focusing on what’s important, like where my entry will be or how much to risk. It is a lack of preparation that. But at least I have the wherewithal to take a step back and re-evaluate how I approach the days leading up to potential breakouts. One thing I do know is that the more theme analysis I do, the more prepared I feel about the particular industry. That said, I should be determining setup details beforehand or at least, as much as possible to where, the emotional component of, whether should I take this trade or not, is inexistent.
Key Areas to Focus on this Month:
Double down on trying to find another strategy to implement into my system.
As we continue in this choppy market, finding another strategy to trade may be the best use of my time. I will be working on my historical database for breakouts but I feel like in the meantime with the extra time I do have, this might be a worthwhile pursuit. Possibly intra-day strategies could be an option.
Have patience:
Continue to only trade when the market shows consistently higher prices. For the long-swing trading strategy I am using, it’s not worth forcing trades with such a low success rate at this time.
Improving my ability to execute the trade when required:
More so comes down to having a plan in place before the market opens, knowing if a ticker breaks or gaps a certain way I will buy it using the rules set out. One other thing that has and will help me in the future is understanding the past setups of the trend I am trading (similar to the uranium analysis) as that gave me more confidence to trade those setups (that doesn’t say much because I missed the trades).
Reviewing October’s Goals
Learning from Traders - I have been working on a “Trader Database” for a few weeks and have added some great traders to the list.
Looking for other Trading Ideas - I have been reviewing shorter time horizon strategies because of how lackluster the market is. Still in the works here.
Historical Database Creation - I have grouped portions of my historical database on set themes to understand the drivers behind why certain setups worked and didn't. Also, going forward, any favourable theme or industry that has potential setups, I will create a theme analysis on. I will use the same framework I used in my “A Case Study: 'Uranium' - Trend Analysis” post and try to add to it with different perspectives or metrics going forward.
-F4VS