I don't know anyone in real life who daytrade for living who could guide me and monitor my action , therefore I am seeking for trading psychology material, I heard mark Douglas work had help some people. But I Should make my system mechanical first I guess. I am trading very discretionary for now.
do you mean the plan for the day? yes，I tend to make money and only make few trades a day when things line up , but when I had consecutive loser, I made 10x more trades. sometimes I grind my self back to green if not I am deep in the hold. I Really want to change that now.
You need quantitative statistical analysis of your real trade performance and you need quantitative statistical analysis of your backtest results...then you compare the numbers against each other. Without that information, anything else you do will be like entering a street fight with your arms tied behind your back. In fact, stay away from trading if you don't have any statistical analysis because usually people trading without any statistics...they're also trading without any objective trading plan. Don't forget...learn about risk management and make sure you're properly capitalized. wrbtrader
I think I focus too much on home run trade with small account so that I can build capital, when I looked back actually most of my trade had more than 3-4 points with es, and yesterday I Got a 15points unrealized profit and it turn into a 3 points loser, because I want to give it time for the trade to work and don't want to miss home run trade.
At this moment I Think its very difficult for me to build price action multi timeframe model to backtest. I can maybe add indicator to help me subjectively look at the market maybe
I need to set realistic goal I guess. I think I am trying to hard to stay in a trade so I don't missed a home run trade to boost my account
Is this a top? Is this a bottom? Is this a H&S? But wait - there's an IHS below? What the hell do I do? I think that to trade discretionary successfully, you simply need a LOT of experience. There's no other solution. Working out rules and filters to help you takes time, too. But if you don't do it yourself and figure it out yourself, I don't think it's gonna help, either. Maybe people break rules because the rules ain't any good to begin with? Give it some thought.
Look at AMC today. Smart traders bailed out earlier in the day. Did I leave profits at the table, sure. Who really cares, when I got 553% on my call options? That is plenty of profit there in just one trade and just 6 days holding. That is the kind of homerun trades a lot of traders dream of. I did not seek it and it just dropped in my lap.