A really light month, trading-wise. First and foremost, recall that I was ill for the first two weeks of July. So, this was more-or-less a two week month for me. And, I just have not seen many trades I wanted to take over the last two weeks. As I mentioned in my weekly review post, I will be doing some serious chart review this weekend to see if the trades aren’t there, or if I’m just not seeing them for some reason.
On the other hand, 6 of my 7 trades were winners, so it may really be that I’d rather focus entirely on getting more profits out of fewer trades. I mean, at 1% R, it only takes 8.4 R a month to have a 100% return for the year, right? I am close to that with my lowly 7 trades.
Here are the stats for July:
| Total P/L: | 7.39 R |
|---|---|
| Trades Taken: | 7 |
| Winners: | 6 (85.71%) |
| Expectancy: | 1.06 R |
| Biggest Winner: | 2 R |
| Biggest Loser: | -1 R |
I’m also not happy that my biggest winner was only 2 R this month. I’ve supposedly been working on not leaving money on the table, but I haven’t seen any results from that effort, yet.
Here is the R P/L chart (click to enlarge):
My records show three trades from early July that didn’t make it into StockTickr, as I didn’t have StockTickr quite as embedded into my workflow as I do now. Next month’s report will be completely inclusive.
I’ve started making these posts because I enjoy the performance reports I see at ugly’s blog so much. I wish all active traders would share their performance, and their thoughts on their performance. It helps traders who trade in isolation (like me!) to understand what the climate is like. For instance, is everyone else trading 100 times a day, or has everyone been trading lighter lately? That helps me understand my recent undertrading in context.
August 1st, 2006 at 10:15 am
[...] Richard takes a meticulous approach to daytrading and looks for setups in different timeframes to confirm entries. It’s apparently working pretty well for him as July was a good month for him. His Evolution of a Trader articles talk about where he is on his trading journey and where he wants to go. [...]
August 31st, 2006 at 10:04 pm
[...] If you compare with last month’s stats, you can see by the lower win rate that I struggled a little bit. I made more money, but not in proportion to how many more trades I took. It’s also apparent on the chart below (click to enlarge) that I had a couple stretches where my losses cancelled out my wins. Those are hard on me, as it doesn’t take long at all to feel like I’m in a rut. [...]