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Diary of a simple price action trader


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Diary of a simple price action trader

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  #131 (permalink)
 loantelligence 
Syracuse, NY
 
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i use the lbr310...but just to look at the MA to determine how long and trend will continue....and when to look for a reversal....probably using it wrong but the MA gets to the top or bottom of the histogram....a reversal is about to occur....it looks different on a unirenko....much easier to read...for me anyway.....

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  #132 (permalink)
 Mich62 
Netherlands
 
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200828 Week in review

Another good week, again the best since the start of my journal.

Last week's results were more than twice as much as the week before which was the best performing week up till then. Last Friday was the best performing day closely followed by last Thursday. The increase in profit made last week is mostly due to scaling up.

After three months of journaling I see no need to go on any longer. I think it's time to wrap it up. Journaling is no longer useful at this moment as all objectives for starting the journal have been met and I want distractions kept to a minimum going forward. It was an interesting 3 months period wherein I shared my method, my trades, my mistakes, my reviews and, all together, shared my journey to become profitable. I really have nothing new to add anymore than already mentioned. This 3 months period of journaling has helped me to resolve some loose ends and I want to thank everyone who has contributed in any way whatsoever. I hope my diary has been (and will be) of some use for aspiring traders. Now it's time to fully concentrate on trading and further scale up in contracts.

To sum it up: start wise (sim), continue small (live/micro), develop a consistent approach / methodology - by thoroughly reviewing what works well and especially by analyzing your mistakes - and then grow your account by scaling up (micro/mini).

I might post once in a while, we'll see. Trade well.

The best moments usually occur if a person’s body or mind is stretched to its limits in a voluntary effort to accomplish something difficult and worthwhile .... Flow occurs when your skill level and the challenge at hand are equal" -Csikszentmihalyi

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  #133 (permalink)
 Dingo666 
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Very nice journal and very educational!

It is incredible what kind of small "hints" the market gives us if we don`t clutter our charts with tons of fancy indicators. Price is simply "agreement" or "new price discovery"

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  #134 (permalink)
 bobwest 
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Mich62 View Post
After three months of journaling I see no need to go on any longer. I think it's time to wrap it up. Journaling is no longer useful at this moment as all objectives for starting the journal have been met and I want distractions kept to a minimum going forward.

It's been good to read your journal. I understand reaching the point when journaling no longer seems like the thing to do, but it was good while it lasted, and I have enjoyed it and learned from it.

Do post whenever the spirit moves you, and enjoy your trading.

Thanks for sharing the trip.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #135 (permalink)
 Mich62 
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bobwest View Post
It's been good to read your journal. I understand reaching the point when journaling no longer seems like the thing to do, but it was good while it lasted, and I have enjoyed it and learned from it.

Do post whenever the spirit moves you, and enjoy your trading.

Thanks for sharing the trip.

Bob.

Thanks Bob, I will. Take care.

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  #136 (permalink)
 sheldonxp 
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Hi @Mich62, thanks for sharing your progression in this journal. I am wondering if you follow any particular system in your trading? Reading through the thread, I see you mention Wyckoff, Brooks, Volan, Beggs, etc...

Do you follow any one of their teachings? Or is it some combination of everything, along with your own methods?

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  #137 (permalink)
 Mich62 
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sheldonxp View Post
Hi @Mich62, thanks for sharing your progression in this journal. I am wondering if you follow any particular system in your trading? Reading through the thread, I see you mention Wyckoff, Brooks, Volan, Beggs, etc...

Do you follow any one of their teachings? Or is it some combination of everything, along with your own methods?

Hey sheldonxp, I don't follow any of them strict to the letter (or follow any particular system) but picked up some things of all mentioned (and many more) and, after much practice, molted it into a kind of personal method (based on structure, price levels (S/R), momentum and volume). I would say I learned, and use the most, from Wyckoff (David Weis) and Linda Raschke. Brooks, Volman and Beggs are helpful in understanding price action. Hope this answers your question.

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  #138 (permalink)
 Mich62 
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“Not Much” Adds Up

We all have something difficult we’re trying to accomplish. Whether it’s starting a business or losing weight, finishing a creative project or building a barn, the mammoth task sits before us. The very thought of its enormity is overwhelming. The thought of completing it, we can’t fathom. The light at the end of the tunnel is nowhere in sight.

What ought you do?

Do what the great (and prolific) author Rich Cohen does. On the Daily Stoic podcast, Rich explained how he’s able to be so consistently productive at such a high level (9 books published so far, many of them bestsellers). He said he approaches a big project like he approaches a cross-country road trip. “The way you deal with long road trips is you set yourself a minimum number of hours a day, no matter how you feel.”

The point is that “not much” adds up if you do it a lot. That’s what Marcus meant when he said, “Don’t let your imagination be crushed by life as a whole.” All you have to do, he said, is “stick with the situation at hand.” He also talks about assembling your life action by action—no one, he says, can stop you from that.

But this metaphor of the road is a good one. Because excellence is a road. There is a road to being a successful writer or entrepreneur. To that promotion or that award. The road to finishing this task or that project. And how do you travel any road? You travel a road in steps. A certain number of miles or hours per day.

Excelling at anything is a matter of taking one small step then another then another. One in front of the other. Even when you don’t feel like it. Even when it doesn’t feel like it’s making much of a dent. Because it is. You’re getting closer. Eventually, you will arrive and it will be wonderful.

That’s what Zeno meant when he said, “Well-being is realized by small steps, but is no small thing.”

Source: The Daily Stoic - Not Much Adds Up

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