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Member Trading JournalsAnyone can start their very own public trading journal to document their winning and losing trades, get opinions from community members, and learn from each others' trading experiences.
Alright well I ended up catching one more trade before the weekend. Looking back at this one, it definitely could've gone against me. However, I'll point out some things that I took into consideration while anticipating my entry.
1) Overall down day and the bulls weren't showing much interest at previous levels of demand.
2) With my stop just above a relatively strong resistance level and plenty of room to run to the downside my risk was minimized.
3) Seeing #1 was the case all day today, I was looking for it to pull back up to that S/R area, see if there would be any interest coming from the bulls to breakthrough, then make my decision accordingly.
I normally place limit orders to wait for price to pull back to that trigger, but I needed to make a quick decision on this one so I placed a market order instead. There were 2 other setups earlier in the day that I had placed limit orders for and missed. They both went my way too. I may start using market orders more and see how it goes if I keep missing entries. Anyways, have a good weekend guys.
Great plays McScandalous, It really looks like how price moves and works is starting to come together for you here as it seems you are really comfortable and relaxed as you are trading here. If we look at the reasons why you are relaxed it most likely goes back to you understanding price action better and thereby feeling more confident of the positions that you take. This is the core reason behind why I focus so much on stressing how markets work and not simply what signals to look for, because it is paramount that each trader resolve his own confidence so that he/she can be in a proper psychological state when they are trading, which I believe is the majority of trading successfully.
Yezziirrr... I feel more and more in tune with how the markets run every day I'm on here. It's starting to feel more "routine". Anyways, thanks for the compliments man.
Hey guys. So after a lot of thought I have finally made the decision to turn down a recent job offer to go full-time in the markets. I started in the markets in January swing trading and was able to do this with a full time job, but have tried my hand at daytrading emini contracts this last summer. I've found that daytrading is more my style and feel, so I finally opened an account with Apex Futures with a small amount of capital that has been set aside and waiting for me to take the plunge for a long time now. I have some other things on the side that will carry me through the process financially with some breathing room so it couldn't be a better time to just go for it.
Anyways, I never used a journal or written trading plan in the past and recently made them for my start in a new direction. I will post them for suggestions on changes. Thanks in advance for any help from you guys.
Pat
Last edited by pmccandless; November 8th, 2009 at 10:04 PM.
Okay guys, here are the rough drafts I've been changing around almost every day. The trading journal lists about everything I can think of that would be relevant during re-evaluating my performance which I will do after every 20 trades. The trading plan is simple and to the point. I don't want a ton of rules to be bogging me down while I'm analyzing so I feel like this covers everything necessary. Let me know what you guys think.
This is a good start. I believe your trading plan will soon evolve until you feel its enough for what you presently need. I just wanted to share if I may, I have found a trading spreadsheet that I think worthy to be checked out. I've also bought a copy of this spreadsheet because it was designed by a full time trader. It contains a lot of features that will help me to further analyze my trades. Please understand I do not have any business interest with the spreadsheet author. Here is the link if you are interested for more details. TradingSpreadsheets
I thought my new start in the markets needed a nice avatar to go along with it. Hopefully I'll do to the markets what I did to those out-of-towners that night on the tables.
I like the trading plan, simple and hopefully effective. Keep us posted and make sure to always keep an eye out for developing weaknesses as you trade so we can help you deal with them.
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