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First a word about my post-analysis methodology. It is the process followed in the Anatomy of a Trade series of YouTube recordings that Roman Bogomazov and I record each week. You can find them here: https://www.wyckoffanalytics.com/wyckoff-video-blog/
The first rule of my Trading Plan was put in place as a result of trades I took last August (2020) in SQQQ, a leveraged ETF that moves inversely to the QQQ’s. I am not including the chart because the important thing about these trades is that they were not aligned with either of the instruments I normally trade. I was trading on a whim without any sort of plan.
Here is the post-analysis summary:
The rule that resulted from this post-analysis deals with Selection. It became my Rule #1. There are two types of instruments that I am currently trading. I have a Trading Plan in place for each of them that has involved a significant amount of development, including thorough back-testing. Having this written rule keeps me from straying from the path.
Rule #1 – Selection – No new position may be taken for any instrument or strategy that does not have a completely developed Trading Plan in place.
Trade with (not against) institutions!