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I have started a couple trading journals but I have not decisively, decided the type of trader I want to be. From market selection to approach.
This Journal will keep me accountable to trading the same product daily (Nasdaq/MNQ/NQ).
My biggest trading weakness has been consistency, So I will use this to work on that weakness daily.
I am a price action trader, the nasdaq is a market that scares me and makes me nervous to trade. I do not like the feeling of avoiding the feeling of fear so I will focus all my trading onto the Nasdaq.
I execute my trades on a 1000 Vol Chart
I analyze price action with 5 Min Chart and 5 Min TICKQ chart
I Use a Multiday 30 Min Chart for intraday ranges
I Use a 24 hr 1 hr chart to observe overnight levels and long-term trend
I am excited to start this journey
Can you help answer these questions from other members on NexusFi?
Still do not hold my winners long enough
Stats from today:
Total Net Profit:325.00 (16.25 pts)
Profit Factor: 3.17
Total Trades:6
Percent Profitable: 83.33%
Largest Winner : 11 points
Largest Loser : 7.5 Points
Really positive day just need to extend winning trades and work on embracing the discomfort of being in winning trades. Will stay disciplined with losing trades and not hesitate to kill losers as soon as trade does not " feel" right.
Using a 1 minute chart for execution with a FVG indicator I found Fair Value Gap.
Decided since I am taking quicker profits, I need to reduce my risk per trade so, changing my default stop from 10 Points to 5 Points, this is so the math of trading stays on my side and I end up on the right side of inevitable drawdowns.
Trading has a way of showing your weakest spots as a trader and you must fix them to grow.
My weakest part is trading for money and not process, which always leads to stagnation or ruin.
The Nasdaq index is proving to be a bit to fast and to large right now, SO I must make the adjustment and scale down my size to the YM contract (Dow Jones Futures)
I am going to keep this journal to remind myself how much I have jumped around, I hope to stay transparent with my doubt and other trading insecurities.
Have you tried MNQ instead of NQ. Helps with more wiggle room for your trades. YM has much less followthrough on the moves, nasdaq is much better. Just something to think about.
I am struggling with my process too, try to have a state check every 30 minutes or so to go over your process on an index card. It seems to help in my case.
Much appreciate the insight! Yes MNQ helps but I noticed tick to dollar value the risk capital goes further on the emini Dow with the same set-up, The Nasdaq's size and volatility is so enticing but the slower Dow and same 20 tick stop improves my trading and cuts my risk in half.
Traded the YM today with some decent success, 3 trades with a total of 38 points in profit.
Still have some psychological hurdles with holding winning trades, however I am having some consistent profitability which is nice. Plenty of room for improvement though.
Improvements:
1. I want to commit to trading one market, a index (NQ,ES,YM or RTY)
2. Keep my risk small under 1% per trade
3. Add to winning trades
