Purpose: The purpose of this journal is self-improvement. I am a newbie and I really wanna improve my discipline, risk management and psychology. I wanna embarrass myself in front of everybody by showing my anxious entries, my scared early profit-taking habits, oversizing & adding to losers, my intrusive thought patterns during trade etc. I am hoping that by ridiculing myself in front of everybody, I will be aware of my mistakes every day and stop these bad habits. Ultimately, the goal for me is to scale up on the lot sizes. I cannot scale up on the lot sizes until my bad habits are eradicated.
Rule: The rules are very simple because it is based on where I seek improvement. Most important rule is that I only take a maximum of 0.1 lot size per trade. Second rule is that I only trade GBPUSD. Third rule is that I accept small loss. Small loss for me is 30 pip or less. And to control overtrading, 60pip is my max loss per day. If I don't violate any of these rules and manage to be profitable at the end of the week, I will up my lot size to 0.2 the following week. If I violate rules at 0.2 then I go back down to default 0.1 lot size. If rules followed, but no profit stay at same lot size.
EDIT
Solution to my common problems: Non-negotiables(NN)
FOMO entries
- Take limit order entries at the key candle or RS kink
Early profit-taking
- **Trail stops below the newly formed key candle.
*** Trailing didnt quite work for me so Only get out on RETEST in 30 min timeframe at an appropriate area.
****Even better than retest is taking Partial profit. It is a way of paying myself and it helps me control my jitters and anxiety. I think that controlling emotions will be a big factor when my lot sizes are big. Therefore, I will let my ego down and settle for taking partial profits at key candle (KC) or RS kink.
Revenge trading, Anxiety
- Take mandatory 30minute break after 30 pip loss.
- Once in trade, look at charts only at the close of 30minute candle. Make sure to occupy yourself in those 30 minutes.
Comment, criticism, feedback, ridicule, all welcome. Hopefully, I can be consistent in posting here and improve slowly every week, every day. I mainly will be trading NY session and sometimes Asian session if opportunities present itself.
Rule: The rules are very simple because it is based on where I seek improvement. Most important rule is that I only take a maximum of 0.1 lot size per trade. Second rule is that I only trade GBPUSD. Third rule is that I accept small loss. Small loss for me is 30 pip or less. And to control overtrading, 60pip is my max loss per day. If I don't violate any of these rules and manage to be profitable at the end of the week, I will up my lot size to 0.2 the following week. If I violate rules at 0.2 then I go back down to default 0.1 lot size. If rules followed, but no profit stay at same lot size.
EDIT
Solution to my common problems: Non-negotiables(NN)
FOMO entries
- Take limit order entries at the key candle or RS kink
Early profit-taking
- **Trail stops below the newly formed key candle.
*** Trailing didnt quite work for me so Only get out on RETEST in 30 min timeframe at an appropriate area.
****Even better than retest is taking Partial profit. It is a way of paying myself and it helps me control my jitters and anxiety. I think that controlling emotions will be a big factor when my lot sizes are big. Therefore, I will let my ego down and settle for taking partial profits at key candle (KC) or RS kink.
Revenge trading, Anxiety
- Take mandatory 30minute break after 30 pip loss.
- Once in trade, look at charts only at the close of 30minute candle. Make sure to occupy yourself in those 30 minutes.
Comment, criticism, feedback, ridicule, all welcome. Hopefully, I can be consistent in posting here and improve slowly every week, every day. I mainly will be trading NY session and sometimes Asian session if opportunities present itself.
