From Reckless to Disciplined

"disciplined = showing a controlled form of behavior or way of working."

This thread is intended to record a major shift in my perception of the success and failure as a Trader, but first a little bit about myself. I've been around this industry for about 3 and a half years basically committing the same mistakes as everybody else who belongs to the 90% gang, overtrading, switching strategy, getting angry, frustrated then happy, than frustrated again...man what a emotional roller coaster.

Then after countless methods, several books, video courses I suddenly realized one simple truth, the market is as simple to trade as you make it. And this game is played more in your mindset than on the system/method you employ (don't get me wrong here, picking the right method is also KEY). And in this field DISCIPLINE is KING followed by a rock solid PATIENCE. And If I'm failing currently this is a reflection of my psychological inconsistency in playing a game where probability rules.

So I decided that the best way to counter my weaknesses is creating a trading journal, where I can everyday review my trades and document the results on my equity curve if I stick to the rules of my methodology and work out with Patience & Discipline. I will evaluate the results after 1year, what this mean is, no matter what shit happens I will follow the guidelines for at least one year.

I trade the CHOROS method, and this is my daily guidelines for my Real account:

Edit: 05/09/2017 and FINAL RULES starting from post 57
Pair: EURUSD
Timeframe: m15
Setup: First Touch, and 2nd it action looks good.
Daily Goal: 20pips
Daily STOP: if I lose 2 in a row
Risk: 2%

God bless

GBPUSD Short on First touch of 10MA + RN with M5 confirmation, failed -20pips

2nd and last trade, unfortunately another loss, what a start for the journal, a real test to discipline. Daily stop reached -40pips

GBPUSD 35/50 +H4 50ma. - 20pips

Hi Mercennary - I can see you had similar problems as I did - I hope you will meet your targets

Regarding those trades that you posted:
1. Entry here was not ensured by any solid resistance line that the price could bounce off. Moreover it was after long deep move of the price, so there was rather low chance that the price will continue this move down.
2. This setup I had also similar entry, but then I used hedging instead of SL and even profited from this After I realized that price is still going up, I have locked the short position with Buy and when I see that it was still going up, I started to decrease initial short position and end up with buy that I closed on upper resistance. You can check my trade explorer how I played this.

Best!

Hi Laurus, thanks for the input and trading ideas, I really appreciate them.

best regards

GBPUSD, I was waiting for some action and after observing the possible start of a trend on m15 I took the 12MA bounce with RN, +13pips

EURUSD H1 35/50 + DP and H4 10ma, waited for m5 confirmation - 18pips

Last trade of the day, decided to scratch at +0.2 mostly because its late, didn't like the action and its past my trading session, also FOMC news ahead.

EURUSD, Classic M15 10ma first touch with RN + DP and H1 50 confluence.

1- EUR USD 35/50 with H1 10 + RN confluence, took a quick +10 due to news.


2-GBPUSD H135/50 +DP tried to enter on the touch without confirmation took a -20 loss


3- GBPUSD M15 10ma + Pivot S1, The H4 35 was there also giving some more confluence. Actually entered as a m5 23 bounce trade, was targeting the Monthly Pivot
however price was hesitating to much for my taste so I decided to take my +14 pips and Run.

GBPUSD: M5 12ma bounce (round number was right there) +20 done for the day.

GBPUSD: 2nd M15 10ma bounce Fail -15pips (didn't wait m5 confirmation)


GBPUSD: First touch of 35/50 this time waited for m5 confirmation, another Fail -17pips


One more loss and I'm done for the Day

EURUSD: H4 bounce + Daily S1 using M15 confirmation candle, another miserable fail -15pips and definitely done for the day, some days nothing works...

GBPUSD: First Touch of m15 35/50 with lots of confluence, RN + Pivot and Monthly Pivot above, quick +14.
A bit bellow Daily Target but done for the Day

Mercennary, I like your precise entry in positions Are you posting here all of your trades? How profitable is this strategy in terms of average % per day?

Regards

Yes Sir, posting every winner and every loser, unfortunately I can't give you exact figures yet because this is the purpose of this journal, first I need to work on my patience/discipline then the number will fit in place.

EURUSD: Took a 2nd touch of H4 10 ma with H1 50, Daily Pivot and RN confluence, -17pips


GBPUSD: First touch of 10ma, entered a bit early and almost got stopped out, but luckily managed to grab +29pips targeting the RN.


Daily target not reached but late in London Session, therefore done for the day.

GBPUSD: First touch of 10ma with RN confluence, I was really carefull with this one because there was a pivot right above, what gave confidence in taking the
setup was the ability of PA to clear the level prior to the touch, however once price reached the pivot I quickly moved to BE, ended up getting +15pips because
I didn't like the way the 5min candles were forming, too much indication of selling pressure.


I was waiting for the GU m15 35/50 first bounce/touch, however PA only gave an "almost touch" and I missed it.
I'll take my 15pips and call it a day.

GBPUSD: m15 First touch (perhaps 2nd) of 10ma, executed a bit above. -15pips


GBPUSD: Entered a scoop-up trade, however instead of taking the 12pips avaliable I was targeting more, ended up with another loss of -15pips


GBPUSD: Missed the first touch of 10 however took the 2nd after convincing PA, trade ended up Breakeven for +1


GBPUSD: First touch of 35/50 ended up breakeven +1


EURUSD: First touch of 35/50 with Daily S1 confluence, entered a bit late, trade ended up Breakeven +1


GBPUSD: My 2nd attempt on a Scoop-up, this one successful, entry and exit as marked by labels, +20pips


Today I ended up failing to take nimble profits, and this costed me pips, also perhaps a little "trigger happy" for my taste.

Slow monday, took a m5 12 bounce with RN and H1 50ma confluence on GBPUSD, however I didn't like the PA after entry, also H1 35ma was giving support so I decided to move SL to BE, perhaps a little to quick and chocked the trade, anyways +1



Late in the day, not entering anymore positions

I couldn't resist this one

EURUSD: First touch of 10ma with Pivot S1 confluence +9pips