And another thing, you obviously didn't look at my new money managemnt/ position sizing scheme. If you look at it, I set parameters where I decrease the amount of shares as I lose money in the account. It's good to have dreams and goals. I'm sorry to disappoint you, but you won't be able to see me at bankruptcy court. You'll have a better chance seeing me in my new ferrari.
I edited my trading plan... I'm not gonna scalp, I'm going to day trade. I will hold a position as long as the whole trading day if the trend persists and as short as 5- minutes or less.
I'm aware of it and I'm prepared for it. Thanks for the advice. I will add in my trading plan, the worst case scenarios for every position I enter and what to do in those scenarios.
You should be commended for being honest and candid to yourself. Your openness in sharing yourself displayed your confidence in yourself. I want to be honest and candid to you too: Your breaking of rules does not come as surprise. This has nothing to do with your discipline. You are breaking the rule because your inner self is telling you that these "Rules" are "Wrong" ! You will continue to break these "rules" until you have come up with a set of workable rules and methods.
As I've said, this trading plan is a work in progress. I wrote each transaction I did. I traded twice within 5 minutes of the sentiment report (before and after) and got crushed. I also chased a couple of trades. My willingness to get the money fast really delayed my efforts to increase my position size. I should have been patient until the dust settled in the first hour of trading. I have a squeeze play using the keltner and bolinger bands along with the momentum oscillator, which is a high probability setup I could have used if i didn't get into the mess I had. Lesson learned. Waiting for the new quarter to start. Going to spend this whole weekend updating my trading plan and looking for additional setups.
My overall impression of this thread is not about the method or what has happened, but the fact that most of us here started trading with less than 4 lines of of text on a sheet of paper, blew everything, then came back again. Lets be honest and have a show hands folks ? There are institutions trading larger amounts and with less detailed plans than what he has ! Let us all be honest. I blew in 2002 ! Most of my trades were good(randomness ?) but as l was plunging, 4 trades showed me the door out for a while. IMHO all strategies (especially non-price based) are probably good, but are too poorly understood for Average Trader to fully harness and utilise to gain maximum utility from. But l think problems are often from small things like money management, open trades management, risk control for actual position & account,plus correlation with other accounts(e.g. buying ASX:Sino Gold whilst short Gold in futures account-yes l did that !) or plunging the DOW on a Quad/Triple witching day !
Of course you do. It becomes increasingly apparent you are interested only in advice that squares with your dreams. Since you seem to have minimal interest in dissenting opinion, then you will most likely follow the 90% plus of leveraged traders who transfer their funds into the account of the 10% or so who understand. Nobody is happy about these prospects, but it will take some time for you to rediscover why probability does not make exceptions for those who think they have it worked out. Good luck; you are likely to need it.
I disagree with YOUR dissenting opinion. And no, I will not most likely follow the 90% plus of leveraged traders who transfer their funds into the account of the 10% or so who understand. Also I'm not interested only in advice that squares with my dreams. I admire you input and opinion though.