+15.75 Points – The Trading Week in Review – July 26th to 29th
After a brief hiatus I'm back with another Trading Week in Review for you guys! For the most part I've been keeping up with the daily trading recap videos on our YouTube page but I realize it's been a few weeks since the last full weekly review post here at our STA trading blog. I blame the beautiful summer weather as it's made it hard to find much time to stay home and put these together on the weekends!
Anyway, as we come into the end of July I'm quite happy with the overall results this month. Volume has been quite low, particularly since things calmed post-Brexit, and price has been working its way into fresh all-time highs thanks to good employment numbers at the start of the month. Yet even though volumes are down and we're definitely in the middle of a slower summer trading environment there's still be plenty of opportunity to be had.
The last week of July was no exception as I ended it with +15.75 points of profit on 15 trades (10 wins and 5 losses). That's a very solid weekly result as far as I'm concerned and especially so when you take into consideration the lower volumes and smaller daily price ranges. Had I traded Monday as well it could have been an even better result and there were some opportunities for more profit that I missed out on throughout the week but there's no use fussing over what could have been.
What matters is how I traded when I was in front of the screens, how well I followed my trading plan, and that I managed my risk effectively. As I review my results I had a passing grade on all those counts so that's a very positive week for me even before I take profit/loss into account. Good execution first, results second!
The Trading Week in Review Video
This week there were a few key lessons I thought were worth sharing and I've covered them in some detail in the video below. They include not fearing the possibility of a losing day, the fact that markets whipsaws can occur but that you don't want to change your approach in sheer panic when they do, and that it's crucial when you have a good trend to trade it to its conclusion, so check out the video for more on those topics!
If you're interested in a daily breakdown of results and my trading decisions then you can also view some of the daily recaps below:
Trading Recap for Tuesday, July 26th
Trading Recap for Wednesday, July 27th
Trading Recap for Thursday, July 28th
Trading Recap for Friday, July 29th
- Strike While The Iron is Hot - March 1, 2021
- The Path to Becoming a Full Time Trader - February 22, 2021
- Looking to 2021 and Beyond - January 20, 2021
What does DLC stand for in your charts? -Len
Hey Len. DLC is a type of trading setup I utilize that’s a bit more advanced. It stands for Deep Level Continuation. These are pullbacks into levels within larger trends and allow precise entry at areas of likely supply/demand with very high reward to risk. They have the highest positive expectancy of any of my trading setups by far.
Love the consistency you’ve shown.
Totally agree that it doesn’t really matter what happens on a single day and that the focus should be on the week or month.
I’ve found that any time I focus on trying to reach a specific daily result my trading becomes a mess!
Yeah, Rami, keeping your focus too narrow usually leads to poor results! I’ve found a lot of people focus far too much on the outcome of single trades and get elated when they win or crushed when they lose, but those single outcomes don’t really matter within the context of a trading plan. Stick to the system, keep to your rules, and let that edge play out!
Thanks for posting another one of these weekly results! I was missing them and I find them really helpful. I’m trading 600 tick charts mostly but theres lots of overlap and I’m picking up some really useful tips from you!
Thanks for the kind comments, Roger! Glad you’re enjoying the weekly reviews.