Mental trading


Hi there. I am new member and like to add a piece of my trading journey here. I am trading part time since 15 years now . I am a baby of 2007 bull market just before 2008. Since that time i went thru all types of trading instruments etc... I am not going to discuss much about strategy, I like to focus on risk, mental/ emotional side of trading and try to build some edge about myself and markets in long-term.

I've been reading many psychology stuff which is around but what actually pushed me to start it is Jared Tendler book "Mental game of trading" and his materials I found on the internet.

I faced big losses from time to time, but being profitable over the long run. I trade only money i can afford to loose.

Anyway I decided to try built some consistency in profits and I found out that my worst times was caused by acumulated emotions, and problems /changes i been facing from real life. I believe at some point all serious traders find out that market is changing, your strategy will change, your life will change and the only thing you can control is your mental game and risk.

What i like to start with is posting screenshots while trading with short sentences about what I feel about my positions, emotions etc. It is called in book I mentioned "mapping". I will try to find these moments where for example i act not according to plan or just stupid. Later I will try to apply some solutions or try to work with this edge.

About trading:
I will assume my account is 60R and daily max loss will be 10R. This is actually procent of account but I like to stick to Risk-reward ratio rather than PnL or% . I am day trader looking for spots mostly on h1 but if there is nothing there I will go to m5. For me every week is begining fresh new story, so I like to start on Monday with 1R first trade. After market will show me what the game is and I book /lock some profits I will try open another positions. Sometimes I will scale up, sometimes close partially we will see.

The most important is control overall risk so I do not loose more than 10R a day.

Will post some screenshots soon from yesterday results and what i trade at the moment.

Apologies for grama mistakes, and also everything might be bit chaotic at the beginning, anyway this is long-term journal.
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First trade 19.09.22 (monday)was counter trend on ChfJpy 1H. Loss after close was 0.72R . This was risky trade but big RR opportunity.
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19.09.22 second trade was long ETH. Reason was too much downside during weekend, this was reversal trade with 1R at begining. Emotions was stable after first CHF loss, again good Risk reward opportunity. Later on added one more position after market moved my way. After that market started correction, I was worried to take loss, but still had some unrealized profit on this one so decided to stick to plan and wait till evening what happen. After all closed most of position at the end of us session with 3R profit and left 1/3 for next day.
Last position 19.09.2022 was 3xbuy on S&P . Total risk was 1.5R bit too much for one trade, but at evening there is mostly choppy market at fx so i had to put bit more risk on this one. Closed part on the way up and rest at us close.

It was good day.

summary 19.09.2022

Biggest risk 3R during day on opened positions
profit : 6.8R
At morning i opened short EURGBP (broken trendline , ranging for a while , time for correction ), after price reached support closed part (FEAR OF LOSING PROFITS ) , then i reenter short twice during the day. Original position was closed before end of US.

Also i closed and reenter ETH L from previous day (no performing).

I opened also pure intuitive trade - Short AUDNZD for possible bigger reversal, closed with small profit.

At evening i opened L at SnP and been stopped out. After that emotions came to play and i opened revenge trade and second smaller one . Technically trades been open as market bottomed at support and it was ok. But from Mental side i felt fear of losing some daily profits and also being greedy to book some extra profits before end of US session.

Summary 20.09.2022
Max risk on opened trades 4R
Profit 6.6R

I like to explain "Max risk on opened trades". By this parameter i mean potential biggest risk for the day (if not unexpected news happen) if all positions hit SL. for example today i had 4 positions with 4R total SL risk in same time, but before that i already booked around 3R profit in morning, so risk was limited. I like to monitor risk this way because actual drawdown or report history from mt4 just shows what happened when positions been closed. For me it is more important what could happen in worst scenario and i believe this is good way to measaure risk.