I live in New York, USA.
This is my first attempt at keeping an online journal. I have been meaning to do so for some time, for a number of reasons. I believe this will benefit me on the following levels:
1) First and foremost, this will make me accountable for all trading decisions that are made. This will force me to be more disciplined and controlled.
2) It is good way to keep track of my progress as a trader, and will hopefully allow me to identify the type of behaviour and decisions that were the most profitable. When i inevitaby hit a tough streak i think this will ground me and allow me to rethink my current decision making process - and go back to what works.
3) It will giove me something to do when there arent any viable trade setups - and hopefully minimise the temptation to overtrade.
I have been trading for a fair while, and have been in the financial markets as a player and as a professional for a few years now. Im only young. I have been to hell and back with my initial trading endeavours in forex, and have learnt all the big lessons the hard way. Hopefully this reporting medium will help to stop me from repeating them.
I have recently refunded my account - after building up and blowing out the first one - and aim to achieve consistent profitability this time round. I have been out for about 3 months now, and have been working hard on developing a rock solid trading model from which i can turn a consistent profit. This methodology will probably flow through to the thread through various screenshots and commentaries i will be posting.
The main trading errors that i have made in the past - which we have all battled with at some stage, are as follows:
- Trying to pick tops and bottoms (this typically occurred after taking a loss)
- Overpostioning myself right from the start.
- Adding to losing positions, sometimes repeatedly untill it became ridiculous.
- Letting a winning trade become a losing trade (by allowing fear and greed to creep into my psychology. This was often acknowledged, however i was too undisciplined to take action) This often led to the point above.
- Not keeping solid reports and trade documentation.
In an effort to combat these common trading errors, the following rules will be adhered to. If i anyone notices i break any, i expect to be ruthlessly berrated:
1) Risk 5% or less on all trading positions.
2) Never add to a losing position. This is different from scaling in.
2) Always take half off to achieve a free trade as soon as 1:1 R/R achieved.
3) Allow all winning trades to run using my trailing stop method.
4) If i become aware of euphoria or depression whilst managing/looking for trades, close positions, close trading station, come back tomorrow.
Discipline is key for me. Once mastered, i will be successful.
Statements will be posted monthly validating all trade calls.
My starting balance is $2504.92 USD. Small, however 1 year of consistent trading will take care of that.
Cheers,
This is my first attempt at keeping an online journal. I have been meaning to do so for some time, for a number of reasons. I believe this will benefit me on the following levels:
1) First and foremost, this will make me accountable for all trading decisions that are made. This will force me to be more disciplined and controlled.
2) It is good way to keep track of my progress as a trader, and will hopefully allow me to identify the type of behaviour and decisions that were the most profitable. When i inevitaby hit a tough streak i think this will ground me and allow me to rethink my current decision making process - and go back to what works.
3) It will giove me something to do when there arent any viable trade setups - and hopefully minimise the temptation to overtrade.
I have been trading for a fair while, and have been in the financial markets as a player and as a professional for a few years now. Im only young. I have been to hell and back with my initial trading endeavours in forex, and have learnt all the big lessons the hard way. Hopefully this reporting medium will help to stop me from repeating them.
I have recently refunded my account - after building up and blowing out the first one - and aim to achieve consistent profitability this time round. I have been out for about 3 months now, and have been working hard on developing a rock solid trading model from which i can turn a consistent profit. This methodology will probably flow through to the thread through various screenshots and commentaries i will be posting.
The main trading errors that i have made in the past - which we have all battled with at some stage, are as follows:
- Trying to pick tops and bottoms (this typically occurred after taking a loss)
- Overpostioning myself right from the start.
- Adding to losing positions, sometimes repeatedly untill it became ridiculous.
- Letting a winning trade become a losing trade (by allowing fear and greed to creep into my psychology. This was often acknowledged, however i was too undisciplined to take action) This often led to the point above.
- Not keeping solid reports and trade documentation.
In an effort to combat these common trading errors, the following rules will be adhered to. If i anyone notices i break any, i expect to be ruthlessly berrated:
1) Risk 5% or less on all trading positions.
2) Never add to a losing position. This is different from scaling in.
2) Always take half off to achieve a free trade as soon as 1:1 R/R achieved.
3) Allow all winning trades to run using my trailing stop method.
4) If i become aware of euphoria or depression whilst managing/looking for trades, close positions, close trading station, come back tomorrow.
Discipline is key for me. Once mastered, i will be successful.
Statements will be posted monthly validating all trade calls.
My starting balance is $2504.92 USD. Small, however 1 year of consistent trading will take care of that.
Cheers,
"If it bleeds ... we can kill it"
