After couple of months thinking about it I've finally decided to actually do it. So here's my trading journal.
I have appx five months of live trading experience. It didn't go well
(read I wipped out my account) so I completely rebuilt my system, started to focus more on important stuff, like exits instead of entries, risk management, money management and psychology.
I'm still in SIM mode with the new system. And this time I don't want to rush anything.
Now, my strategy is quite simple:
I trade pullbacks when the market is trending. I don't take every pullback but usually the first two after the trend started. I do sometimes take the third one, too (it depends on the trend strength).
I use following tools:
- Four Market Profile charts for pre-market analysis.
- One 5 min chart that I use for displaying S/R levels, pivot points and fibo extensions.
- One chart with 3 tick range bars with 2 EMAs to identify the trend, CCIs to better see pullbacks, EMA's based on Cummulative Delta to see the order flow. This is my main trading chart.
I think I managed entries, but my big issue are still exits. That's why I have 10 different exit strategies for now. And before going LIVE I'll evaluate results and decide what exit strategy is the best for me.
I'm starting this journal to mainly achieve the following:
- Choose exit strategy that suits my system and my personality
- Be able to know when the trade is wrong before it hits my stop loss and exit it manually. Most of the time I'm already able to see when the trade is wrong but I still have serious psychological problem to admit it and exit immediatelly.
- Generally, to achieve consistent results in SIM and go LIVE :pray:
I will write more about the strategy later and will also post some screens.