Chapter 2 Trading journal #91 — 05/20/2019 -$57

Not much to say here. Was biased. didn’t take the profits. Feeling extremely disappointed that I have these trading mistakes at this point.

Checklist to go over prior to every trade:

1. Premarket. Identify if you have any bias and delete it from your mind.
2. Mark Premarket highs and Y highs premarket (also to clean the charts update volume profile and get rid of highs and lows — they are not extended and I do not see them.
3. Is the volume abnormal ( 200 K, 500 K candles?) — That’s where you ALWAYS lose money.
4. Is the time ok for certain setups?
5. Are you close to MATA or VWAP or level A?
6. Evaluate candle formation prior to the setup ( grind/ steep)
7. Start with where it would be a decent risk/reward. Add R/R fibs to the chart! (prior to the trade) Take covers of it.
8. What are the probabilities?
9. Where is the right stop?
10. How much risk I’m willing to place on ( if one entry — should be 0.6–1R)
11. If a frontside entry — identify if there is a level before HOD that will signal you to get out. (or half and a half) If Backside make sure your stop is against A level.