This will be my demo journal. The purpose of this journal is to track my trades, my money management, and overall progress with the hopes of opening my first live account upon doubling my demo account. I will be trading breakouts on 1hr time frame(pennants, triangles, S/R,...)
Here is my code I will follow.
1. stop loss will never be increased
2. no trading on a whim, that is all trades must be planned and executed according to my plan
3. account will never decrease by more than 1% per trade
4. R:R must never be worse than 1:1
5. stop loss moved to b/e when appropriate. stop moved to protected profits when appropriate
6. never move t/p. never close manually. trade is guaranteed to hit s/l or t/p
7. end trading for the day(no new trades) if there is a lose to account
8. learn how to lose, losing is inevitable.
9. fear and greed are a part of the game. letting it control me will lead to failure
10. never add on to a losing position.
11. set and forget when appropriate
12. trade for long term growth[years, decades]
13. more than 1 open trade may be allowed at any given time provided other rules are not broken
These rules may be updated, removed, or added at my discretion. Right now the only ambiguity in these rules lies with the conditions with which my stop is to be moved to b/e and protected profits. I'll play this one by ear for now.
Every weekend I plan on examining charts for the following weeks trades. If it's not in my notebook then I must STRONGLY consider my actions before entering a trade. Market conditions do change so I do see this scenario may arise late in the week. For the most part I will pass on seemingly obvious trades if the possibility wasn't noted.
Here is my code I will follow.
1. stop loss will never be increased
2. no trading on a whim, that is all trades must be planned and executed according to my plan
3. account will never decrease by more than 1% per trade
4. R:R must never be worse than 1:1
5. stop loss moved to b/e when appropriate. stop moved to protected profits when appropriate
6. never move t/p. never close manually. trade is guaranteed to hit s/l or t/p
7. end trading for the day(no new trades) if there is a lose to account
8. learn how to lose, losing is inevitable.
9. fear and greed are a part of the game. letting it control me will lead to failure
10. never add on to a losing position.
11. set and forget when appropriate
12. trade for long term growth[years, decades]
13. more than 1 open trade may be allowed at any given time provided other rules are not broken
These rules may be updated, removed, or added at my discretion. Right now the only ambiguity in these rules lies with the conditions with which my stop is to be moved to b/e and protected profits. I'll play this one by ear for now.
Every weekend I plan on examining charts for the following weeks trades. If it's not in my notebook then I must STRONGLY consider my actions before entering a trade. Market conditions do change so I do see this scenario may arise late in the week. For the most part I will pass on seemingly obvious trades if the possibility wasn't noted.
