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I ended the day with a small lost in a choppy market for most of the day. The first trade my biggest weakness was impatiences and ended with -23, -23. The second trade very similar, except I managed it a little better for a small profit of +8 +1. And made a nice comeback on my last trade for +8, +25. I recovered from a -47 tick deficit and ended the day -7 ticks. Patience's continues to be my biggest vise. I believe that once I can control and overcome this personal issue my trading results will dramatically improve.
Ryan
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At least there is one rule I haven't broken yet this week and it is the 3 trades a day rule. The one and only trade I broke a rule on was costly. for -20 -20. After the first rule breaking loser I decided "no more" will I take ownership of this problem and settled down on my next 2 trades. Except, the next trade I bailed out of a winning trade because of what I saw on the Dom. price moved 5 ticks in my favor then it jolted back several ticks against me so I didn't like what I saw and bailed out -5 -5. Then the last trade was a discipline trade that I shorted off the new HOD on the L2 bar and hit both targets for +10 +20 without watching the Dom. I believe the Dom has been a psychological down fall for me and will watch the price movement on the chart and no longer on the Dom. If it wasn't for the first undisciplined trade it would have been a profitable day for me, but ended down -23 ticks.
My goal for tomorrow is always to trade well and more importantly to help with the problem of being impatient I will not touch the mouse until the bar is within 5 to 7 seconds from closing of the signal bar.
Ryan
The following 3 users say Thank You to itrade2win for this post:
Good job on establishing a goal for tomorrow ahead of time and measuring yourself.
As for the 3 trades a day rule, I like it. I've advised this type of rule to many others. It really makes you focus. Now in practice, for long term profitability, no such rule can exist. But in short term skill building, when your goal is to work on focus, I think it is an excellent teacher.
Mike
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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The following user says Thank You to Big Mike for this post:
I have decided that this will be my last journal post because I keep what I call my "psychological journal" spreadsheet of my own and honestly the only one I need to be accountable to is "myself". And if I'm not going to be truthful with myself then the objective would be a waste of time and effort. I might as well go find another business to get into. That's not happening....lol.
Keeping a journal is a "MUST" IMO if you're going to improve and be a successful trader. It has helped me progress to a more consistent level of a trader. I have really learned discipline to the level that I seldom break my rules which is all about having patience with my trading. I think the biggest thing that is vital, is money management and when I'm down I only look for my "A" setups. The setups with the highest winning %. I am attaching my monthly results, it was not a big winning month, but it is positive and I have the confidence to improve on.
The following 2 users say Thank You to itrade2win for this post:
Sorry to hear you won't be updating this journal any longer. I keep a private journal so I understand the reasons for doing so, but I also maintain the public accountability part (which I feel is important, at least to me) by telling my trading buddy about all my trades. So I hope that you still have some sort of outside external influence that is looking over your trades, as I think accountability is a powerful motivator.
Mike
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.
If you want to support our community, become an Elite Member.
The following user says Thank You to Big Mike for this post:
