August Trading Recap π
P&L: +$1,319.40
Win rate: 100%
Trades: 6
Initial days of the month was mostly spent figuring out my strategy, backtesting and front testing it.
Averaging ~2 trades/week isn't bad, especially with how choppy August PA has been.
Nothing fancy. No prediction, no chasing.
Just waited for the setup I know and executed when the confirmation came.
That's the kind of trading I want to repeat.
NQ NY session recap:
Took longs targeting the News High and got the TP.
Clean 1:1 trade, but the entry only came after waiting for my full confirmation.
The setup:
2m IFVG β waited for the retest β shifted to 1m β waited for CISD on the retest β entry on the CISD.
No rushing the entry. Just followed the process.
A 1:1 RR setup isn't automatically worse than a 3:1 setup.
If the 1:1 setup wins much more often and fits your edge, it can be the better choice.
RR looks good on paper. Expectancy matters more.
Traders, what's harder for you?
1- Waiting for your setup
2- Taking the setup when it appears
3- Staying out after a loss
4- Not overtrading after a win
Curious what everyone struggles with most.
Don't choose a prop firm just because the evaluation is cheap.
Check the drawdown, payout rules, consistency requirements and restrictions first.
The cheapest account isn't always the easiest account to trade.
No trade today on NQ.
Had the 9:30 open marked as DOL. Price tapped it and reversed exactly as expected, but my entry never formed.
No chase. No trade.
Sometimes following the plan means accepting a missed move.
One thing I'm trying to get better at:
Not reacting to every opportunity.
Some opportunities are meant to be missed.
I'd rather miss a good trade than take a bad one because I was afraid of missing out.
After the 5m IFVG retest, I waited for the 1m CISD.
The entry came on the CISD.
Price moved in my direction and hit TP.
Good trade, but the real win was following the process from DOL β 5m IFVG β retest β 1m CISD β entry.
NQ NY session recap:
The setup formed, I took the trade and it hit TP.
The important part wasn't the TP.
It was waiting for every condition to line up before entering.
Once price moved toward the DOL, I waited for the 5m IFVG.
Then I waited for the retest.
No entry on the initial move.
The retest was part of my plan, so I waited for it.