This journal is the passion for trading. not money. not ego.
This journal will be the pursuit of expectancy.
Retail traders may be broken down into two groups.
-Group one take this seriously, and understand the importance of basic business economics.
-Group two do not realise they're punters, and are fumbling around in ignorance.
One of these groups makes up the vast majority of retail traders and participants on this forum.
Retail trading is a negative sum game. It is imperative that you are trading with an edge.
If you are not entirely sure that you have an edge or not, you would be wise to step aside until you are sure.
There are three locations an edge may be found.
-Entry
-Trade Management
-Exit
I will only be focusing on Entry and Exit for the purpose of this journal.
The first step is a stop loss on every trade. This is your risk (R).
You need to know where the stop loss is going before you enter a trade.
Take profit is not so important. This is the pursuit of losing.
I read not using a stop loss is gaining popularity, because people are focusing on winning. This is a mistake.
Focus should be on losing.
Some trades will result in a loss, other trades will result in a profit. This is a given and out of your control. It dose not matter if it is a profit or a loss. What matters is entry and exit is correct location. The trade is a success regardless of profit or loss as long as it was executed correctly.
This journal will be the pursuit of expectancy.
Retail traders may be broken down into two groups.
-Group one take this seriously, and understand the importance of basic business economics.
-Group two do not realise they're punters, and are fumbling around in ignorance.
One of these groups makes up the vast majority of retail traders and participants on this forum.
Retail trading is a negative sum game. It is imperative that you are trading with an edge.
If you are not entirely sure that you have an edge or not, you would be wise to step aside until you are sure.
There are three locations an edge may be found.
-Entry
-Trade Management
-Exit
I will only be focusing on Entry and Exit for the purpose of this journal.
The first step is a stop loss on every trade. This is your risk (R).
You need to know where the stop loss is going before you enter a trade.
Take profit is not so important. This is the pursuit of losing.
I read not using a stop loss is gaining popularity, because people are focusing on winning. This is a mistake.
Focus should be on losing.
Some trades will result in a loss, other trades will result in a profit. This is a given and out of your control. It dose not matter if it is a profit or a loss. What matters is entry and exit is correct location. The trade is a success regardless of profit or loss as long as it was executed correctly.
Well sir, looks like you're playing checkers at a chess match.