Thanks for your input. Simplifying things does seem to be the way to go. My reason for adding a few things to my review: Position size is a new one I added when I found my position size would start to creep up on a winning streak. This was a way to keep me mindful of it but your point is well noted. I like to think I can read market conditions relatively well. What I struggle with is sitting on my hands for long periods when the market is telling me not to trade. I added this section as a forced reminder of the larger picture if I slip and force a fomo trade. Emotion rating: I use this if I feel any strong emotion after a trade that will likely throw me off balance. Eg: I get stopped out by a single tick and feel a flash of anger or my Take Profit order is hit and I feel a rush of euphoria. In either of these cases I would also take a break from the desk and go for a walk.
I have found the same issue. It does feel tedious and boring and I am sure that a large portion of it is unnecessary. I do feel like my time could be better spent focusing on other things. Your method sounds simple but really effective. I have tried quite a few variations of tracking things in excel but couldn't get it to feel right. Are you able to show me an example of what this looks like in practice?
Hi Mark, you seem to be struggling with this concept. To help with your confusion: Systematic: Your computer will execute orders to buy and sell according to your predetermined rules. Discretionary: You will execute orders to buy and sell according to your predetermined rules. Hope that helps
nowhere does Discretion say, mean or include predetermined rules. i am all for rules, but that is not inclusive of the word Discretion @Scataphagos gave you the best and simplest advice where to begin, forget all that other crap. at least until you make the commitment to be a programmer and work 24/7 for decades.
100% discretionary trading is mentally exhausting. I'm starting to envy Quants and automated traders.
Hello Cam12, I am sorry @Cam12 , I can not help you with this type of trading. Too much thinking. I just want the money man. I am not here to be data trading scientist or learn how to circumcise a mosquito in trading, I am here to get rich as quick as I can.
Be careful my friend, that is the chink in your armor. I have not come across any successful trader who is successful because he/she loves money. Money is the score, not the objective of successful traders. Best wishes.
Good Morning ironchef, Money will and always be my first and only priority. I am here to get rich only. Get that pony and clown show quote stuff out of here. I do not know any successful ES traders, and I do not want to know any successful ES traders, because they will not show me exactly how to put food on my table TONIGHT or money in pocket within 6.5 hours (from 8:30am to 3pm) TODAY. I careless about what other traders think or do and not seeking to learn nothing. So what do I care about this fantasy pie in the sky hog wash talk about successful traders and what they talking about. I am on the only successful ES trader, I NEED to know and will never in my life listen or look for another "successful" trader.
Yes but, please, be kind with animals unless they threaten your life. You can smash harmful idiots if you like but not cute, helpless animals. Yeah that's right. Find your own place. Other's places are already taken.