I have been following futures.io (formerly BMT) webinars for quite some time, and the consistent message I have been receiving is to create a trading journal.
I am starting my journal because I want to take this very seriously, hold myself accountable and get the opinions and advise from fellow futures.io (formerly BMT) members.
I have been playing with Stocks, Forex and ES in the past with very little success. At first I tried SIM and was quite successful, however as soon as money was involved....I didn't fair so well. I had blown-up my ES account once and had about 50% draw-down on my stock account. Both were very small. (I figure the only way to overcome my psychology limitation is to hone it with real money and really feel the pain)
As I could imagine from everyone on the forum, there is just something intriguing about the 'Markets'. Something challenging and rewarding about playing with someone of the brightest minds on the planet. After my two year breather...studying technical analysis and price action, I want to attempt this again as I feel more comfortable with price action.
I know CL might not be something for beginners but I think I can handle it. (Fingers crossed)
My strategy is based on VinceVirgil and Al Brooks methods on second-entry and price action. I think it suits my trading style.
I'm using the 600 tick data to get pivot points and using a 4 tick range chart to time my entry.
I am entering on limit orders, with an automatic target of 15 ticks and a stop loss of 20 ticks on entry. I know it sounds backwards, but I only want to enter trades when it seems like a high probability trade, without getting stopped out.
I am trading with real money, I live and die about a thousand times a day.... Is this a bad idea? Should I stick to SIM, but the problem I have with SIM is that I don't get the same scene of fear and greed, which skews my results.