So here goes with my trading journal - after coming off of trading Dax futures, I've decided to move to a more structured, higher volume, less slippage future. I'll be looking at the FGBL in this log, but I'm also eyeing the CAC40 futures. I hope that one of these will make it for the future.
So, a little bit about my trading first - you can find details about my history on the introductions section right here:
So my setup: a chart on the FGBL 5 min and I sometimes look at 15 or 60 min chart just to get a sense of support/resistance. In general, I'll only look at the 5min chart.
I'm a Price Action trader and much of what I do is based on Al Brook's methodologies and thinking. I've seen a lot of discussion around his Price Action but I personally believe that comes from people not understanding Price Action and now wanting or being unable to learn what is actually thought or meant. Whether or not what he says is true and has reason, when I do what he teaches I make money, and that's what counts for me. If you're making money doing what you do, don't worry the how or why.
I only have a moving average (EMA 20) and volume. I don't use volume at all, but I'd like to look at it when I'm about to take profits. I believe that when I want to take profits at a logical area, a trend has been going on for a long time and suddenly has a exhaustive move with large volume, that is the best point to get out. So that's pretty much the only thing I use volume for.
Day target is about 15 points, with a swing target of 20 points and a scalp target of at least 5. I tend to want to quit before 14.30 as the indexes often change behavior around that time.
I do have a job as well next to trading which means that on some days I cannot trade.
I'll post a daily log if I have traded for the day explain the reasoning why I took the trade. I'll also try to journal some psychological details. I've chosen for myself 2 to 3 things that I want to focus in for getting better at trading. When I master them, I'll choose new items to focus on.
Please note that I write my log as soon as I think of something or perform an action. That allows you and me to read back and see what I was thinking at the time I made a decision to trade.
Right now, my learning points are:
- Waiting to enter when the day makes a trading range open.
- Allow to see the price action first before making the decision to take profits at a new high or low. (letting profits run)
All right, apologies for the long read, let's go trade!