Starting a live journal now that i'm attempting this with real money.
I've been learning the PAT's style on the ES but have decided to start on the NQ just for money savings while learning. For the most part the Pat's style setups are the same. So by using the NQ i can save 1/2 on my losses although i will only gain 1/2 on my wins.
The NQ has the same 1/4 point structure, plenty of volume for 1-3 contracts, and good daily range. Using a 1.25 point target 2.5 point stop like PAT's is not ideal because stops will be too tight and targets too small.
However, initially the point is not about making $25 or losing $50 but rather reading the PA and getting the entries correct in real time with real emotions. Mack has proven that once you have this system down the stops really don't matter except to avoid disaster.
I'm extremely risk averse which will be evident in my charts although hopefully this will improve with time.
I may or may not be ready for live but i need to give it a try for several reasons. One, i could stay on the Sim forever because it's painless. I believe i will make better decisions and rewire some good habits into my brain by being live. I just wasn't gaining any ground on the Sim lately.
The areas i need the most work on are: 1. Entry- Hesitating then chasing 2. Once in, panicking and bailing out.
I still don't see all the PA, but i believe i see enough to find a couple or three quality setups per day. That's all i will require to be profitable. Once i can consistently trade the NQ I will move back to the ES.
So here goes. Hopefully this will not only help myself but help someone else.