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Quote: " And knowing the areas "you suck at" is such an advantage I would almost call it an "edge"
Finally October contest is over and it was a closely fought contest for top 10 and specially for top 3 position. I finished the month on 11th position with just 1 point lower than 10th position. However, I am hopeful to get into top 10 when approximately 4 blog points are included in official results.
Since it's first day of the new contest month and being weekend markets are quiet, in my opinion it's the best time to look back at your past month statistics and identify your strengths and weaknesses to improve statistical edge.
In my opinion after the fact thought process is good for future reference, but nothing to do with a particular trade and the outcome of a single trade should not matter in your trading routine. If we start thinking about fine tuning every individual trade, we could always come up with some kind of reason for a) either not taking a trade b) closing the trade well before the target is hit c) running the trade beyond our desired profit. We can always learn something from our past mistakes, but only rectify that mistake and fine tune our strategy, if it gives us statistical edge in the long term viz. if implementation of that change has a probability of giving better result in next 500 trades or 1000 trades.
Here are my last month's statistics for traders who are interested in subscribing my contest account to their demo or live account. Please note that I have also subscribed my live account to my contest account, as it is one way I don't get complacent as I am also risking my real money when trading in contest.One of my main goal this month would be to reduce my maximum drawdown.
October Net Accumulated R/R = +9.27R
October Average R/R Loss Per Trade= -0.82
October Average R/R Win Per Trade: +1.20
October Net Accumulated Equity Profit/Loss= +94.25%
Win Rate: 50%
Maximum Drawdown= 24.64%
