1. month (february) PNL/reflection/learnings:
I know that I'm a bit late but lets go over it. If someone has a good monthly journal to represent all the numbers better, please let me know.
Doing this for the first time so this will probably/hopefully haha improve after time.
Taken trades in feb: 13 (12 losses, 1 win)
PNL: - 122.9$ (-10%) -> started the challenge with 1220$
Based on numbers it was a pretty bad start to my journey. A winrate of ≈ 7.7% is def not what a wyckoff trader aims for.
However I'm not feeling too bad about it. It’s a challenge that isn’t about making money (yet), but about building habits, developing a system and gaining experience while keeping emotions as controlled as possible.
This is possible with the small risk size and I would advise anyone to do the same thing if you struggle with emotions too much.
Reflection: Like I said it was a bit of a rough start. An emotional up and down in my life this month which def influenced my trading performance.
Some bad losses because of emotions, SL getting grabbed as liq two times, trades around MTF EQ, trades against context and not being able to reenter because of timing.
This adds up quickly.
But there were not only negative things in Feb.
I really stuck to journaling. Was the first time in my whole trading history where i was that disciplined about journaling and posting on here. Thats a huge win for me.
Being aware of all the trades I took and reflecting on them.
Having my emotions intact over a big part of the trades and making right decisions while being in a position.
I kept going even after all those losses still believing in my edge and system. Got rewarded for it in my last trades which i count to march tho.
This was only possible because I again risked only small sizes every time.
Learnings: Lot of those things are not really new to me and sound kinda basic but they truly are important.
- don't trade models in the middle of nowhere (there needs to be a clear highprobability POI to look for models)
- don't use fibs as a POI on its own
- ALT trades need confluence of majors!
- don't set a SL on low liq FX pairs (you have to manage them more but its worth it to not get fucked by spreads
- on higher TF models, a LTF BOS is often not enough for a full reversal (use a local wyckoff or MTF bojan for an entry with higher conviction)
- place your SL at logical wyckoff points (preferably the point stays clearly visible if you zoom out a bit)
Those are the most important ones i reflected on in Feb. Tbh they seem obvious but still I made mistakes on those points which led to losses.
One important thing to understand is that in hindsight everything looks obvious. When you review your trades, it’s easy to say: “It was clear that this wouldn’t work,” and you start finding reasons why the setup failed (points above).
But at the moment of entry, those things are usually not that clear. No model is ever perfect. The goal isn’t to wait for a flawless setup, but to take trades where the probabilities are in your favor over a period of multiple trades.
Going forward its about being more consistent emotionally, to implement and be aware of the things I mentioned above and just keep going.
Too make conscious decisions based on the situation, independent of emotions or a possible outcome.
If I can do that, the question's not "if" but "when" i'll get rewarded.