Terry's journey

[terence]

Well its been a week or three since my last post. I have been away as well as busy once back. I am also busy with my trading plan which is going to take a few days still.

Anyhow yesterday I saw what looked like a good setup. I put a pending order and target then had to run an errand. Stop 10 pips above box on 15m.
Im not too happy with my discipline as I did not as yet have a dot candle. Chart should speak for itself...

2017-08-23_AUD-USD.png

[immy]

Hi Terrence

Good to know you're working on your TP. And I'm sure you're going to start Stage 1. Stage 1 means you'll be taking 5 batches of T20 using Setup 1 only. By the rules of Stage 1 Setup 1. this is not a setup 1 as you know. there was no dot and gator was NOT inside the box ...

I hope we'll see Batch No trade No and DS marking in the future ... without DS i.e discipline score ... keeping a journal is almost just a subjective diary.

cheers

[terence]

Ouch! Did not even think of gator being out of the box.
Need my TP to be completed asap..

[immy]

Ouch! Did not even think of gator being out of the box.
Need my TP to be completed asap..

Yes that's the whole problem. If you don't have a trading plan in place, any trade that you take is a NULL trade. You're not working towards any objectives, you have no mechanism of accountability, you have no mechanism to evaluate your performance... Plus your trading plan usually contains a methodology that ensures you apply the rules that would give you an edge in the market. And an edge in the market/trading is not based on a single or a dozen trades. Its obviously based on 20-100 trades. you don't know what will happen at the end of next trade but you have a fair idea of what would happen at the end of 100 trades provided you are able to "successfully" follow your plan and in effect allow your "probabilistic edge" to show itself in your favour ...

have a good w.e

[terence]

I will be starting my T20 campaign shortly, and as such am finalising my trade management.
I know for starters to keep it simple and to the rules, but was wondering if one should at this point in time move stop loss up to below the last aims level as the market moves. In the trade below I would have been stopped out close to my entry point as R1 had not quite been reached for BE.
Also I realized the trend is extended but took the trade as I had a small flat W4 into W5 S1

[terence]

Here's the trade.

2017-08-31_UJ_15m.png

[immy]

"price turned 2 pips before BE level"

this comment is interesting. It tells me where is your focus. Its on "profitability". During this exercise, I suggest you make an express decision and switch your focus from "profit" to "discipline". Then your comments will switch to "I followed my trade management plan" " i followed my trading plan" hence DS1 ... "this is a successful trade because I followed my plan" the result will be either one of the three "planned" outcome -1R plus 2R or BE...
hope it makes sense ...


ps: oh but you don't have a trade plan so perhaps every trade that you take is a bad trade.

[terence]

At last I have my trade plan, keeping it simple for DS T20 campaign;

Trading Plan.doc

[terence]

Ok so it wont upload... no probs as I have it

[terence]

So let me try and attach my Trading Rules:

Trading Plan.doc