I start this journal feeling like a day trading refugee. Up until a couple days ago I was actively participating in the PATS common journal, having been learning and sim trading this method the last few months, and I even started a journal of it in the non-elite section (I decided to ditch that when I became elite and just focus on the other one). I tried to get into PATS, really tried. But I've realized after some frank self assessment that it, and day trading in general, is not for me. Just not my style.
I found that I was really frying my brain trying to learn this system and watch the market for every tick of price movement. I'd come home frustrated, then do some chart review and maybe more trading on the replay sim, and just get more frustrated. It wasn't fun, and then it was affecting my profession too...causing me to ignore phone calls from clients and push back or even miss deadlines. It's going to be a while before I can eat from what I make trading, so that was just a big no-no.
I said to myself this has got to stop; it cannot continue.
So I'm going back to my old swing trading method. I'll get into the details shortly, but it is a more relaxed style of trading. You can and frequently do hold positions overnight. But, depending on market conditions, you only have to check your charts a few times a day for a few minutes. You can have a life. You can have a non-trading job. Best of all, it is a beautifully simple method that you can learn in about five minutes, though of course it takes much longer to be consistently profitable.
I've traded it live for two and a half years and have had some big ups, big downs, and overall am about a break even trader. After some time off and trying a completely different method and style of trading, I feel like I have a new perspective and am ready to try again. In short, I'm ready to get back on the horse and really do the best I can to be disciplined with this system. And that is why my account has gone nowhere for two and a half years--because I don't take every signal, and I don't stick to the program. I start second guessing, letting my emotions dictate instead of the price action. I miss good trades because I don't think the market will go in that direction. I jump from one market to the next when it gets slow, only to watch that slow market then start having all the good moves. I'm pretty good, at least good enough to not lose money, but pretty good isn't good enough in this business.
You know why trading is so hard? It's not just the learning curve, and the psychology of trading with real money. It's because the margin for error is so small. It's razor thin. You really have to do everything right--every little thing. I have not done that. Hopefully, with the help of this journal, now I will.
Edit 6/18/15: if you're reading this for the first time you should jump ahead to page 13, post 128 as my trading method and philosophy have completely changed, and I'm no longer using the system with which I started this journal.