Michal's Journal

[Michal]

I'll do as you say 2 things i took out from today is :
- Adjust and stick to trading hours
- Dont trade when US -bank holiday
Tomorrow is another day.... My journey continue.

[immy]

And you should also consider these 3 more points below


3. Max 3 trades per session. (it looks like you have had the chance to read the sample plan)

4. Max 2 Rents in a row per session. Two rents means -2R. And 2R is max SL for the session. If you have -2R with dS1 , you may try one more time next session. But if it was DS1 but -1R you're done for the day as Daily SL of -3R will be hit. (these are rules, to follow. They are not necessarily designed to make you ultra rich. They are simple objective rules to make you become a disciplined trader.

5. Max 2 DS0 per session/day. If you have one DS0 you have to be very careful because if you do another DS0 you won't be able to trade the next session and stop right away. e.g. you have a DS0 at LO you should consider clearing your mind and come back for next session. If you commit to another trade and its a DS0, that means you will not trade the next session and the next London session. If you have managed to do a DS1 trade between two DS0 trades, you may carry on. But if you EVER do two DS0 in a row, you will NOT trade for the rest of the session and possible at least the next if not next two sessions.

Allow yourself to punish yourself with this disciplinary action and watch how your brain gets trained on its own. Trust me if you did to yourself once or twice your brain , hungry for trading won't accept the punishment. (if i may call it so for lack of a better term/word).

Updated 11pm uk

[Michal]

Tuesday 16/01/2018

Thank You Immy for your previous post and guiding me in right direction. I've taken your advice and changed my business plan a bit.I'll post here what's new.
Changes:

Dax- M1

I trade only:

• SEED, CHERRY, S1

My risk is only:

• 1% per trade

My trade management:

• Entry -> 1:1 SL to BE

• Exit -> 2:1 TP

I trade only:

• 8.00-10.00 - am

• 13.00- 16.00 - pm

I will stop trading when:

• Made 3 trades

• Hit 2 RENTS in a row, if DS1 is for each trade I can come back for later session and try one more time. If it will be –1R I stop trading because –3R for the day is hit

• If I hit 2 trades with: 0 DS trades- I stop for trading for that DAY

• If I hit 1 trade with: 0 DS – I stop trading current session and come back later with cleared mind

Trade 14 Ds-1 Total DS: 10/14

That was weird one. When I placed pending order my price in terminal had a yellow box around it which I've never seen before. Price went below my entry so I tried to close it without any success. Price went quickly to my initial TP line and I've noticed I had been in this trade at the time I thought I was not
Today only one trade not really much was going on. Price finally moved down (even though I was expecting up move looking at m5).But I trade what I see not what I think. - These are thoughts pre-entering.

t14.png

[Michal]

Wednesday 17/01/2018

Trade 15 Ds-1 Total DS: 11/15

After long waiting time sitting doing nothing S1 appeared. At the time when I was in it i must be honest i thought it will be a rent. I even said that on Skype:). But we cannot predict market and in this case it dropped down in my favour after nearly being stopped out. Before it dropped I was saying to myself..... come on DAX either up or down.... decide.

t15.png

[Michal]

Thursday 18/01/2018

Today's session showed me I was wasn't making best decision. A bit confusion i created myself there by trying to be too picky. There was one trade which I missed in NEO session due to m5 situation. London session I followed my plan which I adjust my entry criteria slightly.

Trade 16 Ds-1 Total DS: 12/16

There wasn't massive movement on London open. S1 Entry, I was trying to target wave 5 down. Didn't go that was and soon i was stopped out on SL. There was not fresh cross on AO so this is another trade where I assume my rules will be adjusted- Fresh cross only for S1.

t16.png

Trade 17 Ds-1 Total DS: 13/17

Another try to get in to Wave 5. But again I was proven wrong this time. Trade managed by the rules but apparently that was my second rent. I stopped trading for that session (that's my rules) and decided to go back for NEO.

t17.png

[immy]

Traded 17 and 18 or at least one of them is DS0 because the RULE is M5 level close has been ignored. imho

[Michal]

Friday 19/01/18

Trade 18 Ds-0 Total DS: 13/18

Cherry entry. That was done completely in the wrong time for 2 reasons: m5 - side-way move, m1- it was J setup which i dont trade and they dont exist in my plan. With this trade I guess i got caught up with urge to put that trade after long time of no trading due to no entries. Immy and Tommi helped me a lot on skype with timing entries on m1 with situation of m5. THX FOR THAT . That changed a lot in my approach no where it will be more selective with respect of m5.

t18.png

Let the journey continue.

[Michal]

Monday 22/01/2018

Today's session there was no setup for me to take so I sat on my hands through 2 sessions. That was my problem back in the day. When market doesnt move sit and wait, relax.... don't let this feeling of boredom to take over and destroy your account- I keep saying it to myself in the time when s... is going on on m1

[immy]

Good to see your regularly updated journals. Long it may continue... And yes, its important to be part of a group who can remind you when you go astray... I won't have survived without our group that's for sure...

[Michal]

Tuesday 23/01/2018

No trade today at all. Have been sitting through LO NEO session but there was nothing for Us. It was great chat session though so time went nicely Back to the game tomorrow!:)