I want to start a journal to document and help me progress through the process of developing, implementing and hopefully continually improving a trading method that works for me by pretty much using price action alone.
Just a little background first. I am new to trading futures, but not new to trading. Quite a few years ago I took an interest in Forex and starting following a price action thread on another forum. The person who started that thread opened his own private forum, which I joined and continued to follow along. I traded off and on for quite a few years, never losing much or making much either, pretty much break even. Then a couple of years ago I got interested in options, went through a mentoring program and in the past six months or so have become consistently profitable trading options. I realize that is no where near long enough to call myself a consistently profitable trader but i don't know how else to put it.
So now I want to try my hand at futures. To begin this will be demo trading only. I will document all my trades here as well as keeping a spreadsheet as my own journal and to keep track of P&L. I know I'll want to trade live but I'm going to control myself and not trade live for at least 2 months. At the end of 2 months I'll look at the spreadsheet P&L and decide whether to continue paper trading or start to trade live.
I think the title of the thread is a pretty good synopsis. The NQ obviously means I'll only look at the NQ during this process. I think I will be better served trying to get to know and hopefully understand how one market behaves opposed to trying to look at several. I picked the NQ because of the relatively small dollar amount per tick which I think will help a new trader when going live. Also, I have watched the NQ and like the way it moves. I realize that last sentence is very subjective but have no other way to explain it right now. I really won't have time to look at several markets anyway which leads to the next part of the title, "Part Time". I have a full time job that I have to be at during regular market hours so I may get one trade a day or no trades for several days. It is what it is. The Price Action part is where I think things will get interesting. I have recently "found" and starting studying Al Brooks price action material which is way more in depth than any knowledge I have of price action.
Obviously any feedback from the people here is wanted and appreciated. Throw anything out there you think will help. Believe me you can't hurt my feelings
I will try not to be to long winded in posts, so I think this is a decent intro, trades and more to follow.