NQ Price Action Trading
|December 16th, 2014, 07:30 PM||#1 (permalink)|
Chicago + IL
Futures Experience: Beginner
Favorite Futures: ES
Posts: 61 since Feb 2014
Thanks: 212 given, 51 received
NQ Price Action Trading
Hi guys -
I wanted to ante up and start a trading journal. My goal is to document my progress and keep myself disciplined and focused. I will also document some minor non-trading goals that I believe will ultimately lead to trading success such as working out & mediation etc.
My first experience with trading came back in college when I purchased a call option on Google back when their earnings were on fire. I made an easy 5K not knowing anything and that got me interested in trading. I bought a bunch of books and took a seminar but then all that stopped after I was deployed in the Army. I ended up doing a combat a tour in Iraq for a year so trading took a back seat for a long time with all my traveling before and after the deployment.
After I came back I finished up college but not before taking a year off to play poker full time. I was moderately successful but I do not regret that decision as I believe it taught me to think differently about the world. Right now I am looking to make trading full time endeavor. I have no illusions and know this will not be easy and will take time and applied effort. I won't think about going live till next year and know that it might well take years to get to a place of consistency before I make the jump to full time.
With all that said I think it is important to answer why trading. I have a decent position currently that affords me a nice salary with benefits (including some freedom to trade in the morning for a few hours which I plan to take advantage of). I have thought about this a lot and below is the list of reasons that I can best articulate. All I know is that I keep coming back to trading so I have to follow where it leads. So in no particular order:
1) My own boss. Not having to answer to anyone and being accountable only to myself. I have seen firsthand how one can be laid off in corporate after a few mishaps -from being one of the office favorites to being laid off. I don't want my fate in anyone else's hand.
2) Trading is as an endeavor where I can constantly improve - I am very goal orientated and I need something that will always keep me on my feet and constantly improving
3) Money - I have to list this one out. Earning potential is high as your progress.
4) X factor - I am simply drawn towards trading for some reason I can't quite articulate. Everything I read about the characteristics being successful is something that appeals to me. I want to be that person.
5) Dog - This might seem like an "odd" one but it speaks to lifestyle. Every day I go to work my dog gives me this look that says, "don't go". Working at home next to my dog would bring me some happiness.
6) I am ready now at this point to get serious - wish I started earlier. I spent a few months getting myself together. I got a bit frustrated with the constant moving around in methods and also; the things that I did try did not jibe well with me as much as I tired. I have finally settled on learning price action a la AL brooks, Mack and others borrowing from the ACD Method and Mark fisher.
8) I really enjoy following the Market – I like all aspects of it and it doesn’t feel like “work to me”.
7) Life is short is you might as well do whatever thing drives you. I know that sounds corny but the more I meditate and think back on my combat deployment the more I realize that life is short so why not do what brings you enjoyment and are driven to accomplish?
As I said before for the past few months I've been larking around on here and at futures.io (formerly BMT) and been on an indicator bender; switching from one method to another. I have come to realize that going from one method to the next is not the answer and whatever methodology I choose needs to be personal to me & make sense to me. And right now it is Price Action. With all the indicators and crap that I have downloaded and toiled with I want it to be simple and back to the basics. I do not preclude the possibility of adding anything in the future but I want to keep it simple and smart.
More to follow but I wanted to get started. Thanks for reading.