Weekly Perspectives: Building Trading Consistency

Weekly Market Outlook For July 6 – 10, 2020 – Closing Out Q2 and Setting Clear Q3 Goals
July 4, 2020
Weekly Market Outlook For July 13 – 17, 2020 – Prepare For Earnings Season
July 11, 2020
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Weekly Perspectives:  Closing Out Q2 and Setting Clear Q3 Goals

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Hi traders, I hope you had a chance to enjoy Canada Day and the 4th of July!

Here is your weekly newsletter — perspectives on trading and financial markets.

Click here for the previous edition.


Closing Out Q2 and Setting Clear Q3 Goals 

As we enter into the second trading week of Q3 if you haven’t done so already now’s a good time to properly close out Q2 by taking some time to reflect back on your Q2 and to begin to set some clear intentions and goals for Q3.

Q2 was a historical one by all accounts and measures so ask yourself –

  • Were you satisfied with your trading performance?
  • What were your biggest mistakes?
  • What was your greatest success?
  • What was the most important and salient market lesson?

It is easy sometimes to simply try to distill our trading success down to a $$$ figure but money never captures the entire trading process.
Money is a by-product of your trading process and more important is an outcome that is never entirely in your control.

If your goal is to get better as a trader you’ll want to focus on not just your PnL but improving the quality and execution of your process.

Here are 2 questions I often ask myself, now ask yourself in Q2 –

  • How good was your trading process at objectively evaluating and adapting to market conditions?
  • How good was your process at identifying risks and opportunities, and executing your trading edge free of and disencumbered from personal bias?

Now looking forward, for Q3 –

  • What do you want to do more of? What do you want to do less of?
  • How can you better improve your trading process?
    • Preparation
    • Planning
    • Evaluation
    • Execution
    • Review
  • What kinds of qualitative goals can you also set for yourself so that whether or not you make money in any single trading day you are satisfied and content with your time spent trading?

In this week’s video I:

  • Discuss the importance of reflecting on the previous quarter and setting proper process and qualitative goals for Q3
  • How the monthly and quarterly opening levels have been drawn and how we want to see how price trades in relation to those levels
  • How to be thinking about breakouts that don’t work out right away
  • How the emerging markets have been showing strength

Now watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching as well as the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD MGC BTCUSD EEM and more for the week of Weekly Market Outlook For July 6 – 10, 2020.


How To Build Your Trading Consistency

In keeping with the discussion of improving your trading process, this recent article by Dr. Brett speaks to a goal that many traders are seeking and that is –  better trading consistency.  

The funny thing is that the key to consistency is consistency.

We can’t build a building jumping from one set of blueprints to another.  Ultimately we have to decide on our structure and lay the foundation brick by brick, gaining relevant experience as we go along.  The consistency of our trading will never exceed the consistency of our learning processes.


Large and In Charge? Giant Firms atop Market Is Nothing New

So how unusual is it that the FAANG names represent such a large share of the market and how long do the market leaders stay the market leaders? 

This graphic illustrates the largest 10 US stocks and their combined market share at the start of each decade.

 Source: Dimensional


Top Emojis Used on the 4th of July Last Year

And here are some emojis to close out this week’s newsletter.   🇨🇦🇺🇸🤣

4th July 2019 Emoji Cloud

Source:  Emojigraph


Weekly Perspectives: Building Trading Consistency

by editor time to read: 3 min