This is the first time in quite awhile that Ive gone two days in a row without making a trade. You would probably be better off waiting for the market to take off one way or the other before taking a trade. Trying to guess when its going to break can be painful.
Hi Nihabashi, Here are the responses to your questions 1) I will try to reach a level of consistency while simulation trading. After 12 consecutive weeks of profit I will trade with real money again. I continue to make the same mistakes, I hope to eliminate these errors over the next few months. 2) I did not have a solid trading plan when I first started. I blindly began trading thinking I could succeed. I had no idea how difficult it could be. I am currently working on my new trading plan (basically starting over again) after I reach a level of consistency I hope to trade real money again. If I do not reach the level I am looking for than I will take a break from trading. Trade details for today have been attached. ozzy P.S I think I need to stop scalping. I couple scalps today turned into BIG losses.
I found your problem. "Critical Error occured @ 13:45 I was long ER2 thinking it would break through 671.4. " Stop "thinking." what makes you think that you are capable of "thinking" at this point? Obviouly you are not or else you wouldn't be paper trading. Use a longer time frame and widen your stop. Just my 2 cents. Rok
Hi Easy, I agree trying to guess the breaks can be very tough. I caught the breakdown in the morning but the afternoon was a completely different story (got whipsawed bigtime). Looks like I'll be on the SIM for some time until I make significant progress. ozzy
That t/f doesn't fit my style/approach. If I wanted to do that I would go back to trading stocks and holding multiple days. Everyone has a different style, as a trader you should know and respect that.
Ok.. had he "vici" then there is no point in having this journal here in ET. His intention with this journal is to "vidi". And those two steps are still ahead of us. He has only "veni" so far.
ozzy Great journal !!! I think what you are doing is precisely what you need to do right now. Siming for 6 months will make a HUGE difference to your long term success. Watch out ET this young man is a serious up and comer, I have spoken with him personally and he is very bright. To those that want to disrupt this journal with rudeness and volgarity I agree with ozzy ... piss off!!!
Samson Thanks for your post. Rockafella, I have nothing against you. I agree there are benefits of trading on a longer time/frame. Trading the t/f I do can be difficult. But that does not mean that money cannot be made doing it. I did not create this thread to argue with you. If you have anything to add regarding your approach I am more than willing to learn. Bye ozzy