Thinking about starting my journal back up for October. I have been only making about 2-4 trades a day lately. Success has been good, averaging about +6 per day NQ. not scalping at all, except for some ES trades that I am toying with. What I am curious about is what traders here on Elite get out of the journals. I am a little tenative to post charts because, to be honest, I work hard to develop certain setups and am uncomfortable about posting them when room members are paying to see them. Other than the actual setups is there any value in posting a journal. I got a lot of entertainment value from reading Bronks, Huios, and others journals. It is great to see actual results of real people for entertainment but is there much to be learned from seeing a journal of a days trades. Perhaps if traders here can post a few things ( other than chart setups ) that they would find interesting from a journal maybe we can come up with something that is both entertaining and creates some education and good discussion. AllenZ
Post away! Of course, you will get wise-cracks from people who think you're trying to brag, boast, etc. However, we need some "successful" journals in here. I'd love to see your journals. I won't pressure you for your system because it is yours. However, this journal is really for your benefit. Again, follow your own lead and do what you think is best for yourself. I think I speak for many when I say that it would be an honor for you to post your journal and some running commentary. You don't need charts. If anyone gives you crap, send them to me. I am ET's Whipping Child. Post your journal if you can, please! Whipping Child
I don't know Allen. Posting a journal on ET has been a little like that cover of Sports Illistrated jinx.
AllenZ, I think it would be helpful for many to see how an experienced pro does it. I cna understand that you don't want to give away what people are paying for. Perhaps you can strike some sort of compromise so that we have an idea what you're looking for or thinking without the actual set-up being revealed. The problem I have with other room op's is they tend to post only winning days, or use their journals/posts as long-running ads for their rooms. I think the fact that you are trading 4 times a day is a useful reality check. Some here apparently are able to make money trading much more frequently, but I think that is a dangerous habit for a newbie.
A while ago jb post charts saying that was the system he used but he didn't go into detail about how he used it so the discussion was so so at best, then he admit that he didn't make money with that system and getting more feed back for his forthcoming then he created a system that make money but he won't reveal it. Since your system already making money (people pay for it) there is no need to discuss it since no feed back is necessary. You can tell there is no much interest, only 5 posts so far.
nkhoi-- I was just trying to find out what traders here at Elite are looking for out of a journal short of giving exact setups. I enjoy doing a journal as I find it helpful for myself as it reinforces things I am trying to do by explaining it after the fact. After trading for a long time it is good to periodically reinforce your trading plan and even get some constructive criticism from other traders on this board. I am a consistent trader and have been trading over 5 years for a living and one of the things that has gotten me this far is knowing that I can continue to grow and learn. Once you think you have the market figured out, it will find a way to bring you back to reality. The key is never admitting that you have this thing locked and knowing it is an ongoing process and something that always requires adjustment and evaluation. I keep a personal journal of my trading and always have, a journal here on Elite is a way to offer some insight into what 1 trader does in this market. Lack of response tells me most here want chart setups and perhaps an exact system and that is understandable. All I would be able to is show what I am doing and give some generalities to explain why. More entertainment than education I suppose. Just my way to show that you don't need to trade 10 times a day and keep 2 point stops to trade the NQ's. Anyway all suggestions welcomed. AllenZ
I liked your precedent thread "scalping and trading" very much. I learned a lot from it. You explained a bit of your strategy and showed some of your numbers. Even without charts, a journal can give a pretty accurate idea of what the stats of the game really is : - # trades / day - winning % trades & winning % days - average pts / day - trade holding times - ... I must admit that recently I almost read only journals threads. As a remote trader I find them very helpful because it gives an idea of how well others are doing and how they do it. Usually, it is always easier to see other's mistakes than ours. But that helps to see mine and my trading is improving. And finally, a journal shows that everybody have up & downs. With or without charts, you journal is very welcome.
Allen- I think its good to read the thoughts of other traders. Examination of psychology. Also, if you don't want to post the setups, you could point out places where you didn't take a trade and why. uptik
Allen, It would be fine to post something like this. >>> I entered long NQ at 10:03 expecting.......something..... The market didn't behave as well as I expected and I exited after 12 min with only a point to show for it. >>>> That wouldn't give away too much of the store and still would give us newbies some insight into trading, which is what we need. Just showing us that not every trade is a winner, and that sometimes you really catch a fine play, and how you handle each, is helpful to all concerned. My .02 worth.