This journal will help me learn as well keeping me accountable. All feedback is welcome may that be negative or positive I am as newbie as they come. I do not currently have a strategy, however I would like to keep it simple with only volume and price action. While I do want to keep it simple I am flexible. All trades will be on the simulator until I am able to be consistent. I currently work a night shift job so I will be dedicating all my time in the morning from 1 hour before open to close. While there is no timeline to learning I would like to keep on track with a 5 year plan to at least become consistent if not profitable. The biggest thing I have going for me is time as I am only 25. Thank You All
Years ago, I had a full time day job in a MNC. During the night time, I had to work like hell to trade futures as I was transitioning to be a full-time day trader. Average sleep time was < 5 hours/day, for one whole year.
Morning session would be enough IMO. I trade some in the morning & casually in the afternoon but I don't have a full time job like you.
Wish I was as mature as you when I was 25 You’re right, try to find consistency (strategy and return wise) on a simulator. If you take it seriously (follow the rules) then you might be able to go live even earlier. Go live once you have a solid plan, a routine, that you’re able to follow religiously and that’s profitable over time. Maybe try a topstep combine to make the step from simulator to live. Because trading with real money might fck up everything in the beginning. It’s possible to trade only the first 90min RTH and make a living from trading. But it’s going to depends on you and your strategy. Some people here trade 24/7. I would say … focus on charts. Give yourself 1 or 2 contracts. Learn to take small loss, small wins and bigger ones. We only need to find, and trade, one or two good setups. Lean against support/ resistance and don’t fight the trend I’d say trade less (discard the bad, the good) and risk more on the best setups. A little reminder, the market is an hostile environment and it’s better to have a risk averse approach. Risk is the cornerstone and Reward is always going to be risk relative. Wish you the best.
First tip: Note the 5:30 AM PT and the 7:30 AM PT events. The markets behavior is different. What is different? 1) the event will often cause a move. 2) before the event, it often pauses 3) after the event move, there is often a chop period that one can either avoid or scalp only. Second tip: Since you are on night shift, DEFIENTLY, skip a lot of trades. DO NOT feel you need to get X number of trades or need to trade just because you got up etc. Third tip: Consider only trading the AM until 9-10. Skip the pre open. It is too inconsistent, and you will need to either be out at the open or have an adrenaline rush with excellent trade management, which beginners will spend a long time getting. Master one part of the river before trying to navigate it all. Best of luck and see you around.
That is what I have been averaging the last few months. It used to suck, but I am now used to it. It is worth it in the end.
A few months ago I started trading in the simulator and my best times were in the beginning session and in the end of session. I am grateful the job is 10x4 shifts.
In some aspects, but there are some big things I really lack in. The biggest reason I created this journal was to keep myself accountable with risk management. I know my biggest drawback is have no feeling to risk, no attachment to the money I'm losing or gaining. This can be a good trait if I managed to really create a plan to for risk management. I plan to mostly trade the first 90 minutes as that is my biggest profitable time period.
Any event calendars you recommend? I am using forex factory at the moment. I never trade pre-open. It's like rolling out of bed 10 minutes before work . I like to be prepared 30 minutes before hand so I can have a level head without stress on the open.
Thank you guys for all the replies and advice. If there is any education material you guys would recommend or read please link in the journal. My main education has been though the CME site.