I've finally decided to start a journal after lurking around the forum for about 3 years. Many times in the past I have cleared my SIM account when I got on a bad losing streak. I did this so I would not feel so bad about having a losing day. This resulted in me having very little confidence in my trading and no real results.
So I'm making this journal to help keep myself responsible and on track. One thing that I have learned is to create your own method. A mentor is fine to have, as they help you learn the basics. Just don't try and follow their exact method, it has not worked for me at least. That being said, FT71, Private Banker, and others have all been helpful.
I trade mainly using concepts of Auction Market Theory. Utilizing VWAP and Volume Profile.
Balanced Markets, trade them from VAH to VAL or vice versa. Imbalanced, trade in the direction of the Imbalance.
I prefer to trade balance.
Balanced is determined by a gaussian profile, Imbalance is a skinny looking profile or VWAP moving directionally.
1.) Start with the bigger perception of value, for example a daily chart. Are we balanced? If so where are we at VAH/VAL?
2.) Analyze about a 30-60 min perception. I have started to use renko bars for this analysis. Currently using an 8t, which will change as the market moves. Are we Balanced?
3.) Analyze the intraday chart perception. Balanced or Imbalanced? For this I like to use VWAP.
4.) The bigger perception controls the outcome of the smaller. So I use the bigger perception for the setup. As a daytrader I really want monitor the intraday to make sure I am not going against the market.
5.) Enter using bull/bear renko bar overlayed with Hekin Ashi.
I have probably forgot some things but at least it's a start.
The following 3 users say Thank You to tickscalper for this post:
Trade 2 was a trade I took out of fear, trying to gain a little money back, also never waiting a bullish candle.
Buy firstname.lastname@example.org Stopped 1974
Trade 3 was a revenge trade, got real angry at myself for not following my rules and hit the button. It ended up bouncing but better to have it loose to teach me to slow down and keep emotions in check.
Buy 2@1974 Stopped 1972.50
Trade 4 was more relaxed I dropped size to 1. Changed back to 3t Renko, decided 2t is too small for me. Ended up moving 7pts so far.
Buy 1@ 1978 Target 1979.50
This day should have been a winner. But due to my lack of self control it turned real bad. I let my losers run and cut the winners short.
Lessons should be, wait to execute your exact plan, don't go crazy when you loose, money management is key.