http://bit.ly/YG3llq Live webcast of my trading session, starting shortly. If you don't have google+, you can watch the streamed feed on youtube @ www.youtube.com/user/indextrader7
The seven phases of my trading: 1. (Day 1) I've got a great method of trading, let's be patient, focus on having a probabilities mindset, take these setups, and manage risk. 2. (Two days later) I am having good success with this. 3. (7 days later) I am really on fire, I have been profitable for 9 sessions in a row. 4. (Next day) A breakeven day or two, I'll do better next session. Risk management is getting a bit inconsistent. 5. (Two days later) Daily loss limit hit, man, that sucked, I'll do better tomorrow. This is only a temporary setback. 6. (Next day) Daily loss limit hit again, wow, what am I doing? I've got to re-think this thing. I've got to question my setups, question my analysis, question my exits, question the market I am trading, question the timeframe I am trading, etc. 7. (A day or two) Spend hours and hours and hours pouring through charts, trying to find the answers to prevent the losing sessions I have. Find "the answer". 1. (Start at day 1) I've found it, I now have a great method of trading, let's be patient and take these setups, and manage risk properly. ------------ The truth is...the bottom line is that.... all of this is too emotional. I need to focus more on simply executing my edge, which is in fact an edge... IF I execute the risk management methods that go along with it. You see... even as I say that, I am admitting that there is a difference in my mind between my "edge" (hear setups) and "risk management" (hear exits). There is no edge without both in place. I must continually focus on keeping a probabilities mindset and executing my plan and processes. I will admit that I am growing awfully tired of going through the 7 phases. I'm still net profitable over the full cycle, but it's taking a toll on my emotionally.
Hi, I'll keep an eye on this journal. Can you tell me which futures market you trade, and how long you are normally in a trade ?
CL and TF. When I scalp i'm in a trade for 5 minutes or so. The longest trades I hold are an hour on avg.
OK, I've traded futures in the past, but I trade stocks as I feel more comfortable with them. So probably very different trading style to yourself. Why don't you post a weekly summary - trades taken, points profit/loss etc ..?
http://bit.ly/ZEjDvp Article covers a time of day pattern over the past SIX SESSION in crude oil. Does anyone follow this thread??
A weekly summary is not a bad idea. Especially if I see there is ANY interest in this thread here....
Article on finding your market - and more importantly honing your craft in a particular market. http://bit.ly/15or1gt