I need to start a journal and this is a good a time as any.
I need to develop discipline if I am to trade.On this forum discipline was described as doing something you don't want
to do,So true.
I read somewhere that one way to develop a new habit is to do it every day for a month.So one of my first goals is keep posting to this journal every day for the next month.
I am going to trade EUR/USD . I am using NinjaTrader as I like the platform but I have a micro account on which I can mirror the trades.Later perhaps trade futures when I have more confident in my methods.
I am risking 1% - 2% per trade. My goal is to average 1.5% daily.10 pips should do it.
I will trade from 8-30EST -12EST. study charts and other strategies during other times.
I am studying "Forex Price Action Scalping " by Bob Volman.It is a very readable book.He uses price action on a 70 tick chart with a 20 ema.His entries are pullbacks and breaks from the 20ema also different block and range breaks.For a novice trader he recommends a fixed 10 pip stop and target.He does not want to be influenced by higher time frames or other opinions and no more than 2 hours showing on the chart.He does take note of round numbers and describes the battles between bulls and bears at these areas.
I will continue to study other strategies but stick with one for now as recommended.
This mornings trades I was down a couple of pips.I was anxious to get going and made a couple of ill-advised trades,
the rest of the trades where profitable but I was quick to get out.