Report Card 25/6/25

Droneshield back in play

Every time I sit down to hit “publish” on my latest newsletter, a new catalyst pops up.

This market has thrown one trade after another recently. You can’t predict when it will come, but the discipline is in showing up - doing the work each day, going through the process, focusing with intent, and receiving what the market is offering. No complaints on my end.

Certainly, one of the good things about an active market is the number of reps and experiments you get exposure to. If you approach each trade as a chance to ask, “What did I learn?” and “What can I improve?”, you set in motion a very powerful performance feedback loop.

So, instead of trying to finish a previous draft post, I thought I would share my write-up from yesterday and the work I am doing behind the scenes every day to try to get better. It helps to build the unconscious for real-time execution.

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25/6/25

1 win for the day:

• One good trade in DRO

• New order and stop loss automation via IRESS API

1 point of tension:

• Succumbing to a trap in EML. Perhaps some overconfidence given DRO win earlier in the day. I thought the catalyst was solid, but the stock is too thin to make this meaningful for me. The time of day creates the trap. On review, what’s the delta of a one-off cash hit that is 5% of the market cap?

1 improvement I need to make:

• Be more aggressive with sizing in my see-it moment. Specifically, this was adding into the 198/200 wall in DRO post-match. Use automation to double up in these spots vs limp adds.

Overview:

• Really good process again today with full focus on DRO. I loved this catalyst and knew how meaningful it was, having researched the stock in the past. This eclipses CY Broker revenue estimates, with still 1/2 the year to run. Clearly building momentum and the biggest contract to date. Cashed up in a hot sector with more potential news to come.

• Most importantly, after grading and planning the trade, I took my pre-open visualisation routine. I knew exactly what I wanted to see and where. I planned an adverse move and the risk to stop out.

• When the trade started working, I focused exclusively on this name with particular awareness of exit rules. Speaking to a colleague in real time again helped facilitate this process. More detailed trade write-up below

• Having said that, I did give back in the afternoon with a needless EML short. This was perhaps due to complacency. I started shorting on the pop into 103s, but it is a thin stock and clear trader trap, which I knew straight away. The catalyst was ok, but I just don’t need to be there given the liquidity. I can’t add value here and it didn’t screen for my minimum $10k opportunity set. I cut realising my error

• What did I learn? Be aggressive in the best hands! What is the worst that can happen? My automation now takes care of the downside, so I have to maximise the upside. I also have to keep learning where to pick my fights and where to deploy my capital. Say NO to the trivial.

• What do I need to do to improve? Plan an “Add” size in my morning planning. Add this to my automation

• No overconfidence tomorrow. Same template as per what I am doing.

DRO write-up: