Registered: Dec 2009
12-29-11 06:39 PM
2010 trading thread
2011 trading thread
I've obviously decided to keep a journal for 2012. I am a firm believer that it is almost mandatory in order to achieve success, no matter the business, but especially in this one where psychology is so important. A journal helps you reflect on your past actions and learn from your mistakes, which of course will help you fix them.
I added another 14k to the account. Therefore, this years starting balance is 24k. I think this amount is ample to create astounding returns, regardless of the strategy. I proved this to myself from the previous year. Of course you have to do it 'right.'
To recap, I blew everything I had in 2010, and since June of 2011, I have pretty much bounced between small draw-downs and +100% returns. The issue is not with my method, but rather lapse of discipline.
Just as trading is simple, I try to keep my approach as such. I use 1 edge to help guide my commodity trades. I also examine additional indicators such as put/call ratios and money flows when thinking about index trades, but I calculate them myself, hopefully to increase the edge. I have become a very big chartist. It's the only thing that makes and takes your money!
I try to stay flexible in my approach, and have stayed away from automated trading because I feel it's too rigid (I am a programmer). Above that, it's not necessary to win.
I have a trading plan written down, place my trades at my discretion, and look at the markets as little as possible. This helps keep the mind clear and emotions out. I only trade futures at the moment. Perhaps when I have more money I'll start trading stocks and Forex. I've become a longer term player, as it suits my personality and time better. I see huge potential in waiting out long term movements. I have derived much of my methods from many of the great documented traders. Hopefully I can continue to implement risk management and capital preservation over all.
I'm in this for the money obviously, but also to liberate my time. I'm 24 years old, have a full time job, and have studied the markets for over 3 years. I've read more books about trading than I ever did on any other subject in school.
Good luck everyone.