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Been away for awhile,refining my strategy and nailing down what market to trade and how I want to manage risk excited to start this journal for my own professional development as a full-time Day trader.
Today was a tough trading day as I only traded the close.
positives:
1. Respected my stop losses
2. Only traded Nasdaq
3. Took trades with out hesitation.
Improvements:
1. Not holding winning trades long enough
2. Losses can be optimized a bit
3.Being more alert and focused during trading day
Key statistics from the day:
Total Profit/Loss: -8 Ticks
Profit factor: 0.86
Total Trades: 4
Winning Trades:2
Losing Trades: 2
Average Winner: 25 Ticks
Average Loser: 29 Ticks
Largest Loser:31 Ticks
Largest Winner: 47 Ticks
Average MAE: 26 Ticks
Average MFE: 19 Ticks
Red Day overall but do have some positives to build off of for the week
My strategy is based on price action and buy sell extremes with tick index and cumulative delta. I use the RSI gradient bars which change shades of green and red as RSI 14 is rising and falling it really helps me be engaged with the market in the most optimal areas and helps my psychology.
I execute on a 10 Second chart as shown above.
I look at a 10 minute and 30 Minute chart and Daily chart throughout the day that also have the RSI gradient on them helps me with simple trend identification and trade confluence.
Green Day today but missed the trend due to fatigue so will be going to bed earlier to catch the opening couple of hours moving forward.
positives:
1. Risk is staying well with in my 40 ticks per trade
2. Did not overtrade
3. No FOMO
Improvements:
1. Got to get to bed earlier so I can be alert for first two hours
2. Hold winners longer
3.Trust the system
Key statistics from the day:
Total Profit/Loss: +16 ticks
Profit factor:99.00
Total Trades: 2
Winning Trades:2
Losing Trades: 0
Average Winner: 8 Ticks
Average Loser: 0 Ticks
Largest Loser:0 Ticks
Largest Winner: 11 Ticks
Average MAE: 21 Ticks
Average MFE: 9 Ticks 2023_08_29 (10_00_30 AM)
positives:
1. Not taking losses larger than 40ticks
2. Only traded Nasdaq
3. Took trades with out hesitation.
Improvements:
1. Have to get up earlier
2. My risk reward is still skewed wrong
3.Being more alert and focused during trading day
Key statistics from the day:
Total Profit/Loss: +12 ticks
Profit factor: 99.00
Total Trades: 2
Winning Trades:2
Losing Trades:
Average Winner: 6 Ticks
Average Loser: 0 Ticks
Largest Loser:0 Ticks
Largest Winner: 8 Ticks
Average MAE: 11 Ticks
Average MFE: 6 Ticks 2023_08_30 (9_49_39 AM)
My system sorry about the confusion and completely agree woke up a little late so didn't really have confidence to hold for bigger profits. But I agree 8 Ticks is marginal on the NQ
