Well, I imagine it's time to get serious and start a journal. I've dabbled for 4-5 years in trading on the side. Mostly with automated systems here and there. However, the only profitable times were when I traded price action using James16's method. But I don't like it because it's not focused enough on strong support and resitence zones.
My method now
I was watching Big Mike's webinar where he showed how he traded breakouts and fades on a 6 range Euro chart. I have traded similar methods over the years but for whatever reason, I could "see" the trades on those charts and have been playing with it for a few weeks now. I'm 5 for 5, 5 wins 0 losses on the EURUSD, using this method and 3 targets. Now I know that won't continue, but it's enough evidence for me to get more serious with the method. So I'm going to start posting my trades and getting more serious with them.
Keeping my charts simple - just looking at 60 minute and 6 range on EurUsd. Using CCI and d9 that Big Mike uses. They help me see S&R zones. Nothing magical about them.
My account size
For me, I'm going to trade a small account of 1k with MB Trading and see where it goes. After each profitable quarter I'll reward myself by adding to it. I have some investment real estate I can liquidate after a few years of profitable trading and confidence building. However, at this time, slow and steady on the side while I work full time at my day job.
My daily goal No daily profit goals. Watch EURUSD only during hours of 6-9 am CST while I'm at work and the office is quiet. If there's a key level and the market is moving, I'll be hunting. I'm only looking for 0-2 trades per day and ONLY if the market gives them to me.
When I trade
I go in to work early before anyone else is there and get my work done. It's easy to watch for breakout or fade levels during that time and if I'm going to take a trade, focus on that until the trade is done. I work on a computer almost all day with two monitors.
My weaknesses to watch out for
I get distracted by new methods, automated systems, etc. Which, in my opinion, is why I have not been consistently profitable for so long. I also have a young family (I'm 26) and a full-time job with some side-work managing servers.
My struggle will be to keep posting on a journal and stay focused on one method. If I can do that, I'm confident the profits will follow.
What I want from trading?
Freedom. Don't care about millions unless they allow me and my family a flexible lifestyle. I mean that. So trading needs to be limited to a few hours a day and that's it. We already only live on 50% of our income and invest the rest, but it's always trading hours of our lives for money. Which works, if the hourly rate was better
Time will eventually lead me to create more goals etc, however, just consitently trading and journaling about it would be phenominal! The money will follow.
The following 4 users say Thank You to teckmax for this post:
My MB Trading account for my discretionary trading should be funded by the end of the week. I have other accounts for automated trading, however, this will be my account focused solely on breakouts/faces of S&R levels.
The following 2 users say Thank You to teckmax for this post:
@teckmax, nice job on laying out everything in your first post and good job with keeping your journal updated.
Looking forward to more.
Have a good weekend with your family,
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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