Its amazing how much of our trading decisions become emotional based. When I was trading futures a lot of my bad trades were based on bad logic and strategy. Now that I am trading extremely small in forex, its more ego driven and rules are more easily broken. When risking more money I seem to abide by my rules better!
With trading there seems to be a trade off for every decision you could possibly make.
I believe that all we have to do is continue trading and plan to be in the game for years and years. When I read Market Wizards a lot of the traders believe its about staying in the game long enough for everything to click.
Nice journal you have here Saiga. I have seen your videos on Youtube and also have given some positive feedback on your analysis. I use the name Bripowered . May your account stay in the green,keep up the good work.
The following user says Thank You to Bri219 for this post:
After 2 weeks Amazon finally delivered Bob Volman's price action book. I only read 5 chapters but so far I like his concepts. I did not get into the setups yet but from what I read, it makes me question what I should do next.
Here is a brief history of what I have done in the last year and seven months. I started looking into the markets in March of 2012.
I started looking for indicators and a holy grail of trading. I learned how to use some of them and threw them on my screen. I knew next to nothing about the markets and its instruments, at first stocks looked like the obvious choice until I found out about the day trading rule. So I learned about options and opened an options account with no margin to attempt to day trade..... Looking back it seems so absurd, but that's what I did. I blew half of that account before deciding to do some serious home work. I bought Al Brooks book Trading price action bar by bar. I was hooked and then decided to open a futures account to try scalping in November 2012. I continued to learn and improved but my scalping was horrible. I started to lose a lot of money. Looking back I was taking ridiculous trades.
In January I decided to go for swings at least 2 times my risk and I bought Al's trading course. I had my first profitable month in January, (marginally profitable). In February I lost my ass again and decided to change things up and made adjustments. In March I started trading tick charts and started doing better but not great. May I lost money. I have been hovering around BE or worse this whole year.
Last month I decided to trade spot forex instead of the ES because of position sizing, but so far I am not sure how I feel about it. I find my trading difficult to analyze because of how discretionary it is.
What I found intriguing about Volmans trading was that he goes for fixed stops and targets. I think that maybe it would be a lot easier to analyze if things were so black and white, right and wrong. It would be a lot easier to adjust my strategy in order to get a 60% edge.
What makes me nervous about his methodology is the 70 tick chart.
I have learned a great deal in the last year and am thinking about giving scalping another go. If I decide to be a scalper I would have to change brokers (tradestation has a 1.8 pip spread) or maybe use a higher tick chart like the one I'm used to, like a 150 and just go 20 pips for 20 pips.
I am not trying to directly copy anyone's methodology precisely but I am trying to learn from those already successful in order to trade the way which works best for me. I am not sure what works best yet so I am exploring all possibilities.
I am also considering trading larger time frames like the 15 looking for swings. I am not sure of anything just yet.
Any opinions on this matter?
The following user says Thank You to saiga for this post: