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The title says it all! This journal is dedicated to the gradual growth of both my trading account and my checking account.
The end goal being the withdrawal of over $100K across the next 12 months.
My goal for this journal is to highlight how this is possible for anyone, so feel free to reach out to me with questions or comments along the way.
Alongside logging my trades, emotions, and PnL, I'll make lists of trading education materials (books/movies/classes) and randomly post good quotes I find.
Basic Plan: Daily Profit Target - 10 points on NQ or 4 points on ES ($200 before commissions) Daily Loss Cutoff - 10 points on NQ or 4 points on ES ($200 before commissions)
(one winner or two losers before I stop trading for the day) Individual Trade Target - matches the daily profit target (10 points NQ / 4 points ES) Individual Trade Risk - 5 points NQ or 2 points ES Contract Scaling - outlined below:
(1) Feb '21 - 1 Contract
(2) March '21 - 1 Contract
(3) April '21 - 1 Contract
(4) May '21 - 2 Contracts
(5) June '21 - 3 Contracts
(6) July '21 - 5 Contracts
(7) August '21 - 7 Contracts
(8) September '21 - 7 Contracts
(9) October '21 - 7 Contracts
(10) November '21 - 7 Contracts
(11) December '21 - 7 Contracts
(12) January '22 - 7 Contracts
Trade Rules:
I'll outline the rules behind the specific trades I take as they are posted.
I trade a combination of two systems - Apex Investing (order flow) and Back to the Future Trading (time analysis).
The basic premise of my entry rules are to take a trade off a strong level from a 30 tick chart, with confluence on a 10 tick chart, at a unique time on a 30 sec chart.
The ATM risks 5 points to make 10 points.
I may manually move the stop to break even, trail the stop, or move the target up/down based on chart conditions identified.
(honestly though, trade management is an area of weakness for me. I would love feedback on my techniques and suggestions for how to improve from the community.)
Currently Reading:
Think and Grow Rich - Napoleon Hill
Market Mind Games - Denise Shull
No lie! Who wouldn't want that kind of return on investment. Thanks for dropping a line Kevin.
No matter which direction this goes. I'm excited to place it before the eyes of all the veterans in here to get some second opinions and honest feedback.
Well, since you are asking for honest feedback. 150 over 3 is return of multiples of thousand %. And second thing, generally, irrespective of the return % when someone is coming to trading with the expectation of high trading account and checking account balance in year worth of time, it goes south more often than north.
I don't know about your trading or otherwise background, and this is my strictly personal opinion. Ignore if its not making any sense.
Best of luck to you. I'll just note that this is very ambitious... but getting started is important, so I'm glad you are taking the step. Also, the trading journal can be a good tool as you go down your path.
Since you're asking for feedback, trade management and loss management, including managing risk and managing yourself -- your responses to what the market gives you as you trade -- is the most important thing about trading, many times more important that any specific trading method or technique. I won't make specific suggestions of what to do, because it's an individual matter that is learned by doing.
So, good luck. Let us know how it is going.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Some big swings on NQ already this morning, down and up, with the market seeming to find heavy resistance in the 13060 area for a bit.
My trade was a simple rangebound move early out of the gate, before the swing down and up even happened.
I wasn't looking for an extended move, just the basic trade.
I didn't touch the stop or target during the trade and just let it ride out. Notes for the trade are on the image.
Grade - B (not as much confluence as could be possible, market already showing upward exhaustion) Setup - Rangebound Bounce off 30 tick and 10 tick support, in the direction of long term trend Performance - Target and Stop levels were both assessed prior to entry, no trade management done Emotions - It was a quick trade, so not much time to get emotional during it
The image file is probably too small to read my comments (I screenshot across 3 monitors).
Open the screencast url to few it in more detail if you want.
I agree with you 100% and you make total sense. Thanks for the input LastDino. On the other side of the coin, doesn't everyone come to trading with the expectation of making money? Nobody would do this otherwise, but I get what you are saying. The premise behind this 1 year plan is that by taking the same small target and being consistent with setups, all anyone has to do make more money is to increase contract sizes. The number of trades and setups and targets never have to change.
This is amazing feedback Bob, thank you for it. I have been feeling this way for awhile now - there is no specific rule to trade management, but if your decisions are based on what the charts and markets are saying, then you are probably doing it right. One thing I'm learning is how our perception of the charts can be heavily influenced based on our beliefs and emotions at the time.
Reminds me of a quote I read by Denise Shull yesterday - "think first in terms of managing risk by reducing unnecessary trades. As you become more and more comfortable with using an awareness of all that you are feeling - on a physical as well as emotional level - you will find that you make fewer poor decisions. In turn, there will be fewer times you need to recover from a bad day or drawdown. This alone will change your bottom line."
hahaha, you're absolutely right! J.K Rowling agrees too - "luck can only get you so far." I've never considered myself a lucky person, but I have no problem taking advantage of an opportunity when it presents itself.
Hello, I'm looking through your screen shots and on the second chart from the left, the order flow chart, what are the bars above the chart? Its Diagnostic XXXX
anyways, Happy trading, I hope all goes well for you.
