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Total $55.00 after commission
31 Green days vs 3 Red days
Note: As a start, I will be happy to have 1 profitable trade ($50 or so) everyday. $150-$200/week to cover my grocery bills .. smile .. Yes, I used to aim high. Well, to be a humble trader, I learn to treasure a small and good start.
What's Next?
1. 2 Webinars this weekend (VolumeLadder and MP Part 2).
2. Review my charts/set-ups and decide if I need to make changes (max 2) for the coming 2 weeks.
3. Prepare a revised trading plan for the coming week. For example, I've every intention to cushion at least 1 real trade per week (ideally 2-3). Will map out the details.
4. Last but not least, an internal dialogue with myself on how I've done so far.
Beth, if at the end of a month or quarter you can look back and say you have not lost money, then you are way ahead of the majority.
The majority either want or "need" to make what I would consider "too much" money. For instance, they replaced a previous income with day trading (or, are trying to) and now they need to make $xxx out of the market, even if their skill set and experience won't allow them to do this.
By making the goal to simply not lose money while you continue to gain more and more experience, you are way ahead of the curve. Slowly over time you will find that making money is actually not the hard part. The hard part is the consistency, so by conditioning yourself to pace things in a nice slow and consistent manner, and by setting your expectations properly, you will have conditioned your mind and set yourself up for success because when those winning days come, you will be happy with them.
Too many traders actually make "plenty" of money over the course of the day, but they give it all back and then some due to complete lack of consistency and complete lack of discipline and fortitude.
If you've ever found yourself in a trade where you took 10 ticks out of the market and that trade ran for 50 ticks, and you find yourself kicking yourself for "missing out" on those 40 ticks, then you are in the wrong mental state! The traders who learn to fully embrace the 10 tick winners (or whatever the case may be) instead of trying desperately to be right are the ones who will be long term successful.
The real key here is the "to be right" part. Don't focus on being right! A trader who is focused on being right wants to get all of that 50 tick move, and isn't happy until he does. someone that thinks this way shows their lack of experience. Instead, focus on being consistent.
There are still plenty of very challenging aspects to consider, like risk/reward, win percentage, win/loss dollar ratios, risk percentage per trade, and a million more. Don't make things more challenging by adding variables of things like "I see all these big moves on my chart, yet I am missing out of them, how can I make money on them?". I know I am harping on this but this is the wrong behavior. The right behavior is very much as you are doing today -- you do your homework, you are mentally prepared, you enter the market in a calm, relaxed and focused way, you take appropriate risks, and then you take your winners off when your plan says to do so --- NEXT TRADE! Don't worry if that last trade was a winner or a loser. Don't worry if that last trade ran for a million ticks and you got 10. NEXT TRADE! It's all about consistency!
Over time, you will start trading more lots and targets, and you can better position these/stagger these to grab a larger percentage of what the market is offering you. But in the beginning, increasing lot size is just going to exponentially increase your losses. It is only after you have demonstrated to yourself you have the experience, patience and fortitude to be consistent that you should add position size.
Sorry for rambling and I didn't mean to imply you are doing anything wrong, this post was mainly to bolster your confidence that you are doing things right!
Words cannot express how grateful I am to Big Mike, Dorschden, Jungian, ZCars, Aslan, Perry and many others who have been providing me guidance on how to benefit from the amazing Price Action tool!
Since uncovering Dorschden's PA Swing indicators, I am now more confident in plotting my personal labels. I have to add that Big Mike's PA v-clips and charts on the Price Action thread helps tons!
Every morning I start plotting the overnight bars, then compare them with the PA Swing generated ones (since yesterday). I realize it's better to be corrected (if mine were substantially different from the system ones) before the market opens. EOD I will compare mine with the system ones again. Used to be quite confused on when/how to plot LH/HL when it's not a straight LL/LH or HH/HL pattern. Now the new PA Swing indicators have cleared my way haha ..
For PA newbies (like me), I strongly recommend visiting Big Mike's PA thread regularly, make good use of Dorschden's master pieces, read Al Brooks' book (hey, participate in the forthcoming 21 Jun webinar), plot your own charts and ask questions.
Thanks Big Bro Mike for this encouraging and inspiring post! You have made my weekend!
At the very beginning (last summer), I was quite frustrated when I missed a big move and only got a few ticks from a runner. Then I stayed with some losers and lost all I made for a month and more. No more ... those were the "bad" old days. I have not had those "regretful" moments for months. I learn to be grateful for whatever I get should the trade be a BE or just 1 tick or occasionally giving some back to Mr Market.
Consistency and Discipline (IMHO) are the keys to stay and remain as a Consistently Profitable trader. Big Big Hugs are flying your way!
Initial Balance: 1071.75 - 1084.50 (12.75 points) Value Area as at 10:50 am: 1082.75 - 1078.25 - 1074.25 (8.5 points)
Price opened @1072.50
Today's High and Low as at 10:50 am: 1084.50 and 1071.50 (matching IB)
VPOCs: Top 1094.75 (1073.75 was touched) and Bottom 1062.00
Note: Will go through the Sep MP chart to locate more VPOCs this weekend.
My expectation: Considering its big move yesterday, I expect a quiet and horizontal day.
My recommendation: Always trade the candle/bar in front of You!
Yes, I used to aim high. Well, to be a humble trader, I learn to treasure a small and good start.
