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I'm finally making the trading journal! If there is one thing that I have learned from all of you so far on this site, is that I need to find my own way and trust myself. I found myself at one point trying to use tons of different indicators and multiple timeframes and I found that it just isn't my type of thing. It leads me to overthinking and becoming indecisive.
I am going to be trading intuitively. To me, intuitive trading does not mean "my gut says to put it all on red!" to me, it is a culmination of experience of simply staring at the same charts over and over again. I do not think someone who is one month into trading can try the intuitive approach, unless they were some sort of savant. I feel by staring at the charts( I also use the T&S Tape) you begin to subconsciously become aware of price movements, certain things that happen in the instrument that tell you "I should get short" or vice versa.
My only issue with intuitive trading is that you cannot backtest it. I would like to gather statistical evidence as to how well I trade using the intuitive approach. Therefore I have created a sim account with 2k in it and I will be tracking my next 20 trades with it to see how I perform. I chose $2,000 because it is barebones. I want to see if my approach will work by using only one contract. No luxuries (Scaling in, taking partial profits, etc). So far I have already made two of the twenty trades and they are both winners.
After the 20 sim trades, assuming all goes well, I will be moving over to intuitively trading my real account.
I am using this journal also to help me have some accountability with my routine and to take part in this great community. I need to be more accountable with my morning routine, I am a night owl and I really have a hard time getting up in the morning.
What I am using:
1-minute chart (TOS)
Daily Chart (TOS)
Execution: NinjaTrader
Instrument: NQ
I know that chart setup is weird, but I have so much time experience with the 1m charts that to me they produce much more than noise ;P
So, if the SIM experience is realistic, meaning you have to wait in line and do not get immediate fills, you know the process. I followed the same basic path and it took me two years of SIM and live to get going profitably. I am a very bright math guy but no savant.
Most sniper's, scalper's and short term traders use 5 minute charts. I've tried many different time frames and I use 5 minute candles only. Made sense to me to be on the same page as the others.
My screenshot is a culmination of 3.75 years of very hard analytical study. My algo is successful for the last 21 months.
These results are not typical of me; $250/day is more like it.
Use the SIM like you state for 1 only contract. This will give you a perfect report to study and study it. Doubling up to save your statistics doesn't produce an accurate report. When you can beat the SIM consistently, then you are ready to put cash on the table.
Know the best times you profit and the worst times lose and follow those patterns. For me, I'm a momentum trader so the mornings are best but not until 1030 EST. Lunch is slow and the afternoon is slower than the morning.
Get over sleeping late and thinking it is cool. This is for grownups so take that step up.
I started at 54, wish i had your opportunity. Shouldn't blow it-
Thank you. I have already been keeping track of times and I feel like before 9:30 Am and after 10:15 AM is when I tend to do best. The open is just too insane for me.
Woke up on time: Barely.
Went for a walk: No
Meditation: Later today
I knew when I woke up and checked the NQ on my phone that I probably wasn't going to be placing a trade today I am still sitting in front of my monitors as I write this, but I think that a 2K account has no place in a day like this where I am seeing 50 pt swings in the early morning. It is one thing if we are trending like we were a few days ago, but now the chart is just becoming sporadic. Will still watch until about 11am to see if anything happens.
Well, I'm gonna call it for today. This price action is too crazy for an account of my size. TOS actually froze completely for a couple minutes at the open. NT was fine however. I hope Ogre and the rest of you end today green, but I'm just gonna relax today .
I stopped too. Small 20 tick profit. My initial stops are set at 40 ticks and they looked way too close for the price movement we are having. Not worth the risk in my opinion.
Will try again Friday or perhaps later today if it calms down some.
I did not trade today nor plan to. With the craziness of the markets this week and today being a Friday I decided I was gonna spend some time with family and friends.
Helping set up the cafe this week. We got all of our big equipment in and I’ve got to test tons of shots of espresso. I’m still checking in on the markets when I can. Hope you all have a good week
I am still sitting in front of my monitors as I write this, but I think that a 2K account has no place in a day like this where I am seeing 50 pt swings in the early morning. It is one thing if we are trending like we were a few days ago, but now the chart is just becoming sporadic. Will still watch until about 11am to see if anything happens.
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