This trading journal is mainly a reflection of a personal discovery for an edge of my own.
What is an edge really?
At least for me, it represents a technique that is both unique and personal. Something that provides "me" with a seemingly capital advantage over other market participants. More or less, anything that will assist in keeping me more positive than negative and is second nature only to me.
Developing this edge will undoubtedly require a refining of my strategies and rules. Of which will position me to develop a more keen sense of better setups that are more profitable than the average trade. This of course will also take further development of my patience, something that is a work in progress and is getting better.
More importantly, my main motivation for this journey stemmed from an increasing awareness that I actually have no edge. I, more than likely trade like the majority of traders who have read the same books, thread posts, and watched the same videos available to all retail traders. So in one way or another, a lot of us are doing a slight variation of the exact same thing. Now of course this isn't a bad thing if you're profitable.
However, in the process to develop one's edge, I would suspect that you also learn more about "you" as a trader. Sure, I know what kind of trader I am now. But am I trading like a lemming? Or am I truly demonstrating a continued mastery of my craft?
Ultimately one's edge will hopefully provide you with a strategic advantage in the market. Even if said edge is simply a personal refinement of known strategies personally adjusted and tailored to you; yielding results that out perform the typical retail trader.
All of that said, my goals are simple. Post the trades I make during the week. Include charts, short analysis's, and technique used. Keep a running tally of wins, losses and scratch trades.
As of this moment in time, I am not tied to a particular strategy. I also don't consider myself <insert trade method> type of trader. I will day trade and swing trade, etc. Depending on the market and the opportunity found. I might use price action, trend line trading, or look for setups based on a particular chart/candlestick pattern. My trading plan rules e.g., time of day, risk management, lot sizes, etc, remain the same regardless of style I chose to enter the market.
Also, I have started a new trade explorer a couple of days ago. It is a live account and will remain fully transparent throughout this process for now. I figure it is one of the best ways to keep me honest about all aspects of my trading. As far as funding, I will continue to make bi weekly deposits until the account balance reaches 5K. At which point, as long the account doesn't fall under 5K I will cease making personal deposits.
More importantly, there is no time set for when I think my personal edge will/should be discovered and or fully developed. Although, developing an edge is the ultimate goal. The journey along the way and establishing consistency is at least for now most important to me.
Lastly, I figured now would be the best time to start and not make this a "New Years Resolution" as resolutions typically seem to fail and fade
Cheers
What is an edge really?
At least for me, it represents a technique that is both unique and personal. Something that provides "me" with a seemingly capital advantage over other market participants. More or less, anything that will assist in keeping me more positive than negative and is second nature only to me.
Developing this edge will undoubtedly require a refining of my strategies and rules. Of which will position me to develop a more keen sense of better setups that are more profitable than the average trade. This of course will also take further development of my patience, something that is a work in progress and is getting better.
More importantly, my main motivation for this journey stemmed from an increasing awareness that I actually have no edge. I, more than likely trade like the majority of traders who have read the same books, thread posts, and watched the same videos available to all retail traders. So in one way or another, a lot of us are doing a slight variation of the exact same thing. Now of course this isn't a bad thing if you're profitable.
However, in the process to develop one's edge, I would suspect that you also learn more about "you" as a trader. Sure, I know what kind of trader I am now. But am I trading like a lemming? Or am I truly demonstrating a continued mastery of my craft?
Ultimately one's edge will hopefully provide you with a strategic advantage in the market. Even if said edge is simply a personal refinement of known strategies personally adjusted and tailored to you; yielding results that out perform the typical retail trader.
All of that said, my goals are simple. Post the trades I make during the week. Include charts, short analysis's, and technique used. Keep a running tally of wins, losses and scratch trades.
As of this moment in time, I am not tied to a particular strategy. I also don't consider myself <insert trade method> type of trader. I will day trade and swing trade, etc. Depending on the market and the opportunity found. I might use price action, trend line trading, or look for setups based on a particular chart/candlestick pattern. My trading plan rules e.g., time of day, risk management, lot sizes, etc, remain the same regardless of style I chose to enter the market.
Also, I have started a new trade explorer a couple of days ago. It is a live account and will remain fully transparent throughout this process for now. I figure it is one of the best ways to keep me honest about all aspects of my trading. As far as funding, I will continue to make bi weekly deposits until the account balance reaches 5K. At which point, as long the account doesn't fall under 5K I will cease making personal deposits.
More importantly, there is no time set for when I think my personal edge will/should be discovered and or fully developed. Although, developing an edge is the ultimate goal. The journey along the way and establishing consistency is at least for now most important to me.
Lastly, I figured now would be the best time to start and not make this a "New Years Resolution" as resolutions typically seem to fail and fade
Cheers
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Do more of what works and less of what doesn't.