As long as you keep ignoring the firs step. You will head into trouble. time and again. No matter how experienced you are. If your trading plan is just that, like you put in the post above. You're fooling yourself and wasting your time. Stop now. Sit down, work on the trading plan template. Decide EXACTLY what you're going to do by going through each and every question asked in the trading plan template. Apply that daily routine , set goals and objectives, set disciplinary procedures etc as per the trading plan template. You will then have a solid foundation. I do not like the last chart posted... i challenge you to a simple test. Open a demo MT4 account. Run 5 batches of T20 (for you it will be much faster probably 5 days or so haha). Apply the correct template etc. If you can do it on that, chances are you "might" be able to remain disciplined on the live acccount as well. But monitoring that many markets on live accounts with intent to make profits while you're still not sure if you're disciplined or not? whether you fully understand the method or not? that's just ... i don't know what to say...
peace
John's Trading Journal
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: John's Trading Journal
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
HFTrader
- Free Member
- Posts: 67
- Joined: 09 Apr 2017, 13:50
- 8
Re: John's Trading Journal
TY Immy. I understand what you're saying. Also....this IS on a demo acct so money won/lost is just demo right now!
I understand the purpose of the T20 is to get to a high DS score. However, I also need a strategy that I'm totally in sync with both mentally and can execute. I feel right now stops are too tight, using trailing candle on so short a timeframe isn't good, and need to hold a lot longer. So even though I KNOW the DS score is the main objective, in order to achieve that I need to trade with a system/strategy that I believe 100% in FOR MY temperament and abilities (whatever they may be...if any!!!) Obviously there are 100s of ways to make AND lose money trading, and right now I'm just trying to figure out what style, etc will work for me. I will spend more time this weekend working on next T20 TP. Thanks!
I understand the purpose of the T20 is to get to a high DS score. However, I also need a strategy that I'm totally in sync with both mentally and can execute. I feel right now stops are too tight, using trailing candle on so short a timeframe isn't good, and need to hold a lot longer. So even though I KNOW the DS score is the main objective, in order to achieve that I need to trade with a system/strategy that I believe 100% in FOR MY temperament and abilities (whatever they may be...if any!!!) Obviously there are 100s of ways to make AND lose money trading, and right now I'm just trying to figure out what style, etc will work for me. I will spend more time this weekend working on next T20 TP. Thanks!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: John's Trading Journal
Why don't you stick to 1 market, and do your T20 on that. One market 20 trades. No money counting. just 1R SL , Move SL to BE at plus 1R have TP at 2R. See if you can manage this. if yes, then we can take the next step. Lets not play major league straight away... net practice?
No matter how extremely beautiful your strategy, you need to learn to be disciplined trading that strategy. And we are blessed that we can do it on demo. do it...
No matter how extremely beautiful your strategy, you need to learn to be disciplined trading that strategy. And we are blessed that we can do it on demo. do it...
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
HFTrader
- Free Member
- Posts: 67
- Joined: 09 Apr 2017, 13:50
- 8
Re: John's Trading Journal
will do 
) will do emini s&p most likely using Monarch seed. But I'm going to review some charts on the various markets before i decide. But probably one of the US stock indexes. It's not a real strong trending market but more of a push/pull. Plus the one i've traded the most and the Monarch seed is quite similar to a strategy I traded 15 yrs ago. But was pit trading....not electronic so was WAYYY slower back then.
) will do emini s&p most likely using Monarch seed. But I'm going to review some charts on the various markets before i decide. But probably one of the US stock indexes. It's not a real strong trending market but more of a push/pull. Plus the one i've traded the most and the Monarch seed is quite similar to a strategy I traded 15 yrs ago. But was pit trading....not electronic so was WAYYY slower back then.-
HFTrader
- Free Member
- Posts: 67
- Joined: 09 Apr 2017, 13:50
- 8
Re: John's Trading Journal
Sat afternoon. tough week finding time to think about new TP and actually starting it. Spending a ton of time getting my home ready to put on the market....amazing how much crap you accumulate in 15 years! and little things that need fixing or repair.
I've been giving Immy's suggestion re: just trading one market and seeing how it goes. So have decided on Nasdaq. My friend David switched from S&P to Nasdaq and is just blistering it. he's doing a 610 tick chart, but initially I'm going to stick with 144 and also "follow" the 610. I also have the AIMs up on a 2nd computer and have a 1 and 5 min just for appearances sake. If there's a major differencial between my tick and the M1...I'll probably stand aside.
Since I'm just focusing on 1 market, I'll be looking for Setups 0, 1, 2. Also Hunt and Cherry. I'll continue to move the SL to the entry bar and candle trail, but I'm thinking that's probably too tight a stop for such a small timeframe.
So today did 7 trades. I'm going to post the comments right on the charts themselvs. Some charts will have more than one trade.
Today's results:
Trade 1 +19 DS1
Trade 2 +10 DS1
Trade 3 -10 DS0
Trade 4 +15 DS1
Trade 5 -8 DS1
Trade 6 +14 DS1
Trade 7 +14 DS0 (exited for a reason not in my TP)
Total +54 5 DS1 2 DS0
Total after commission $244.24 +4.88%
I've been giving Immy's suggestion re: just trading one market and seeing how it goes. So have decided on Nasdaq. My friend David switched from S&P to Nasdaq and is just blistering it. he's doing a 610 tick chart, but initially I'm going to stick with 144 and also "follow" the 610. I also have the AIMs up on a 2nd computer and have a 1 and 5 min just for appearances sake. If there's a major differencial between my tick and the M1...I'll probably stand aside.
Since I'm just focusing on 1 market, I'll be looking for Setups 0, 1, 2. Also Hunt and Cherry. I'll continue to move the SL to the entry bar and candle trail, but I'm thinking that's probably too tight a stop for such a small timeframe.
So today did 7 trades. I'm going to post the comments right on the charts themselvs. Some charts will have more than one trade.
Today's results:
Trade 1 +19 DS1
Trade 2 +10 DS1
Trade 3 -10 DS0
Trade 4 +15 DS1
Trade 5 -8 DS1
Trade 6 +14 DS1
Trade 7 +14 DS0 (exited for a reason not in my TP)
Total +54 5 DS1 2 DS0
Total after commission $244.24 +4.88%
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