It's 2 weeks before month of September rolling in, yet another month passes by and I still haven't got my sh*t together.
Do I have an edge ?
Well, this is a tough question to answer, I don't have years of historical data to prove that my method provides a real edge all I've got is results derived through "eyeballing" method within a sample period of 2.6 years live trading, a period of trial and error trying to figure out what works and what doesn't.
The problem however lies not with the method but with myself. I don't how and when it all started but when I was just starting out I was a disciplined trader although most of the time I didn't know what I was doing. Fast forward 3 something years whenever I open a trade I go into panic mode, on the surface I may seem at peace but deep down I always carry this anxiety that I might lose yet another trade. Losing phase, may have taught me what works and what doesn't but it also diminished my confidence in trades I take, resulting in me reacting to my anxiety not to the situation or "ongoing trade setup".
Unless I don't resolve this issue of mine, however edge my method provides I may not be able to see it materialize.
So for the purpose of combatting this problem, I'm going to focus just one instrument "USDJPY" I consider this pair easier to trade than most pairs like GBPJPY or EURAUD although the latter two may move hundreds of pips per day. If I can't catch 10pips consistently out of that 100pips per day range what good does it do for me ? The latter two pairs are very volatile and can be unpredictable and I salute anyone who can trade them profitably on a consistent basis. But the truth is I can't, at least for now. And the second reason why I'm settling on USDJPY is its spread, even with 0.05lot entries on 3min my SL wouldn't be more than 3-5$ while the reward can be in the range 15-20$, that leaves plenty of room for error or losing trades.
I realize, after a year of attempting to trade for a living how one's mind and physical health is essential in trading profitably. How you must not only take care of your body by doing few minutes of exercise daily but also your mind. When your mind troubled all kinds of negative emotions seep through and take over your whole being resulting in missed opportunities or closing in trades early. Trading in a way, is like a meditation requires a great amount of patience and discipline. If you don't have these two in check, you probably shouldn't be trading live AT ALL.
I will do 5minutes of cardio in the morning and one session in the afternoon after lunch an hour before London session. And will do some form of mediation everyday. It will help me gain clarity. I will trade London session, and should be at my desk 30minutes prior London open. I will enter trades on 3min chart in combination with 10min, if the 10min chart looks uncertain I will move onto upper charts. If not, I should deal with 3min and 10min charts only. You need to be as systemic as you can in this business. My target for London session would be 20pips, that means I'll close in on trades at 20pips or unless there's a sign of reversal (in my book that's diversion on 3min and rejection candles present both on 3min and 10min chart). If the target is reached for the London session I'll take a break usually until 19:00, I should do 5minutes of cardio before US session starts and once I hit my 20pips target I'll call it a day. There may be days I may lose, or hit 40pips for the day. Considering those irregularities that may occur I'll settle on 20pips a day target. And last but not least, don't play with SLs !!!! and trade within your means !!! the risk that you take on each trade you should be willing to lose. This is a bad habit of mine. You enter a trade with a SL and a predetermined TP. You stick with that. That's going to be your first step becoming a disciplined trader.
For now I'll keep my lot 0.05 when I do evaluation at the end of the week, we'll decide whether to increase the lot.
Do I have an edge ?
Well, this is a tough question to answer, I don't have years of historical data to prove that my method provides a real edge all I've got is results derived through "eyeballing" method within a sample period of 2.6 years live trading, a period of trial and error trying to figure out what works and what doesn't.
The problem however lies not with the method but with myself. I don't how and when it all started but when I was just starting out I was a disciplined trader although most of the time I didn't know what I was doing. Fast forward 3 something years whenever I open a trade I go into panic mode, on the surface I may seem at peace but deep down I always carry this anxiety that I might lose yet another trade. Losing phase, may have taught me what works and what doesn't but it also diminished my confidence in trades I take, resulting in me reacting to my anxiety not to the situation or "ongoing trade setup".
Unless I don't resolve this issue of mine, however edge my method provides I may not be able to see it materialize.
So for the purpose of combatting this problem, I'm going to focus just one instrument "USDJPY" I consider this pair easier to trade than most pairs like GBPJPY or EURAUD although the latter two may move hundreds of pips per day. If I can't catch 10pips consistently out of that 100pips per day range what good does it do for me ? The latter two pairs are very volatile and can be unpredictable and I salute anyone who can trade them profitably on a consistent basis. But the truth is I can't, at least for now. And the second reason why I'm settling on USDJPY is its spread, even with 0.05lot entries on 3min my SL wouldn't be more than 3-5$ while the reward can be in the range 15-20$, that leaves plenty of room for error or losing trades.
I realize, after a year of attempting to trade for a living how one's mind and physical health is essential in trading profitably. How you must not only take care of your body by doing few minutes of exercise daily but also your mind. When your mind troubled all kinds of negative emotions seep through and take over your whole being resulting in missed opportunities or closing in trades early. Trading in a way, is like a meditation requires a great amount of patience and discipline. If you don't have these two in check, you probably shouldn't be trading live AT ALL.
I will do 5minutes of cardio in the morning and one session in the afternoon after lunch an hour before London session. And will do some form of mediation everyday. It will help me gain clarity. I will trade London session, and should be at my desk 30minutes prior London open. I will enter trades on 3min chart in combination with 10min, if the 10min chart looks uncertain I will move onto upper charts. If not, I should deal with 3min and 10min charts only. You need to be as systemic as you can in this business. My target for London session would be 20pips, that means I'll close in on trades at 20pips or unless there's a sign of reversal (in my book that's diversion on 3min and rejection candles present both on 3min and 10min chart). If the target is reached for the London session I'll take a break usually until 19:00, I should do 5minutes of cardio before US session starts and once I hit my 20pips target I'll call it a day. There may be days I may lose, or hit 40pips for the day. Considering those irregularities that may occur I'll settle on 20pips a day target. And last but not least, don't play with SLs !!!! and trade within your means !!! the risk that you take on each trade you should be willing to lose. This is a bad habit of mine. You enter a trade with a SL and a predetermined TP. You stick with that. That's going to be your first step becoming a disciplined trader.
For now I'll keep my lot 0.05 when I do evaluation at the end of the week, we'll decide whether to increase the lot.
...
