I'd rather read a journal that makes money (like Hitman's $20 a day) for inspiration, or an entertaining journal like MrSub's, than the crash and burn type. So I look forward to yours. Not for specific entries/exits, but more for seeing what time frames and situations are successful for you. Even without specifics, it can be a good learning experience and thought provoker.
Man, would you get a kick out of mine if I had one. It's a combination of NYPD Blue, Southpark, The West Wing with a bit of old I Love Lucy reruns thrown in....riveting.
Yup, ddefina. But such is the reality, a very high % of newbies crash and burn (at least once). We have fully observed this ...
I will start a journal of NQ trades under the title AllenZ's journal. Before I do so I want to set out in writing what I am looking for so everyone here on Elite knows exactly what my intentions are and can feel free to comment on my performance in keeping with my expectations. All trades I enter are entered for a technical reason and generally will fit the framework of one my 3 or 4 setups. I dont intend to scalp and generally only take profits of 4 - 12 points on a trade with stops taken being about 4-6 points. When I enter a trade it may start out with a 10 point stop but I adjust stops quickly as trades move in my favor rarely taking stops that large. I get setups off of 5min, 30min and 60min charts and the average holding time is generally about 20 minutes although I have no trouble holding a trade for up to 3 hours. It is my goal to take only the best trades and not to worry about missing moves the market makes when my setups offer no entry. Below, I will lay out my goals, and during the month of October, I will update this journal daily ( or every other day ) as time allows. Feel free to comment, criticize, or just read it and move on to the next journal. It is my intention to post a journal that relies on chart patterns and offers the idea that you don't need to scalp for 1-3 points to trade for a living in the futures markets. ( while that may a viable option for some, it is not my style ) TRADE GOALS Ave Trades Day = 3.5 Win Rate ( excluding flat trades ) = 52% Ave Gain Per Win = 6 points Ave Gain Per Stop Taken = 4 What my journal will contain is a list of my daily trades, some commentary about entry/exit, and days thoughts of trading experience ( mistakes, missed trades, triumphs ). There are a few reasons for posting this journal. 1. To show a method other than scalping. 2. Display my technique. ( business reason ) 3. Interact with newer and experienced traders. I will also post a chart or two when possible. AllenZ
Excellent Z. I am interested in your journal as it represents a philosophy closer to mine. For me, overall trading enjoyment comes not from taking little bites here and there all day, but big chunks at one time, fewer times. Click click click click click click.... who needs it? Some do, and like it. Not me. Fewer and fatter. Longer and larger. I'm looking forward to your posts.