I've decided to make a journal on my discretionary trading on my Helios Livesim 100k account in order to keep myself accountable. In the past I have traded on 50k LiveSim accounts on a purely automated basis but I wish to incorporate discretionary trading into my setups as part of my discipline and learning process.
The rules are as follows:
EOD Drawdown: $3,500 Daily Loss Limit: $2200
Max Position Size: 30 Micro Contracts (increases with profit but I will not go above this on the LiveSim).
Profit Limit: $5000 total at which point I will keep $4000 and be moved to the live account.
I trade the MNQ primarily and occasionally the MES. I trade primarily price action and like to scale into winning trades, but will occasionally scale into losing trades if the trade setup is still valid. In the past I have traded on 50k LiveSim accounts on a purely automated basis but I wish to incorporate discretionary trading into my setups as part of my discipline and learning process.
My setup is the 15 minute MNQ, 22 range MNQ, and 5 minute MES chart. I use only the 50 EMA on the 15 minute chart and the 20 or 50 EMA on the 5 minute charts. On the range chart, I use volume profile, volume, and the 100 EMA.
Any advice, comments, questions, and thoughts are greatly appreciated.
-Rovo
The following user says Thank You to Rovo27 for this post:
Setup: Sold MNQ 7 contracts after 15-minute bar closed below the 50 EMA. Scaled in higher with 3 more contracts. Stop loss was above the high of the bar that closed below the 50 EMA.
Result: SL hit: (344.60)
Analysis: Market hit weekly support at 12059 and reversed at the end of day.
