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As the title states...this trade journal chronicles my efforts at using a futures account with AMP trading on the MT5 platform for monthly income. My goal is to consistently make $10k/month. I opened the account 10/1/23 with $10k.
I started the week on a cautious note. I was able to press the winning streak a bit harder towards the end of the week. I let a long position ride over night in Platinum, something I don't often do. I have a lot of exposure in another futures account. I need to not let that bleed over into my futures day trading account. For my trading style, I tend to trade price action. As you can see, there's not much indicators on my charts. There's a moving average that I don't pay any attention to...been too lazy to remove it. Not even sure what period it is. I trade the 5 min chart. If I look for anything, it's divergence in the Stoch RSI which is what is represented by the DTOSC. I'm located in Asia. It's a sucky time zone to be day trading most markets. I generally focus on the opening of the DAX and the premarket hours for ES & NQ. If I see opportunities in the Nikkei, I'll trade them also. Nikkei is usually the only market that moves in my morning period.
If I find myself buying in too early, as can be seen in trade #3 - NKD on 2/6, and the price moves against me from the start...I'll make an attempt to buy myself out of the losing position. Some folks call it averaging down, but that's not the way I see it. In this trade I was early and price moved against me pretty much from the start. Price was moving down but the StochRSI was diverging. I added one contract to the position. In this case I think I would have added a second as well but I had my attention taken away at that moment. Price bounced and I quickly got out with a small gain. It's a tough strategy to know when to fold them and take a loss. It works for me more often than not. Another good example is trade #9, also NKD.
