David's journal

[immy]

Work Towards Target zone 1

[azadar]

mixed day. Took some good and bad trades. I think boredom of last 2 days eventually got to me and I made some errors during afternoon session on us30. I will now include m5 in the pictures as its an important part of my trading decisions.

I will also modify my trading plan to make sure I trade only when both charts are in agreement. I want the best signals and they happen when m5 gator is open and I take signals to go in direction of m5 trend.

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[immy]

One Line recommendations are better. You have the liberty to consider ignore or blindly follow! hehe

"Don't trade WS30"

[azadar]

Rough day to end a rough week. Made a bunch of costly mistakes and ended up breaking even for the day. I made at least 8% worth of mistakes today which is just unacceptable.

Next week I will focus on reducing mistakes to a minimum and remain calm as to not go down the downward emotional spiral.

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[immy]

Hi David, hope you are having a good Sat. Just had a thorough look at your trades and I have to say this one thing.

I think you've take too many trades there. all we are after is to catch 2-3 opportunities and make 1-5% whatever comes out of those few attempts. We ought not to trade that often. IMHO> I think its important to set a SL for the Day and it would make sense to have a TP for the day as well then its important to not play with the mind set of either trying not to have the daily stop loss hit or trying to hit the daily target point hit instead remain objective and trade accordingly. In the process if one of the limits are hit we will take action and stop. It makes sense to me....hope it does to you too!

cheers have a great weekend

[azadar]

Hi Immy,

Thanks for reviewing my trades. Yes I do tend to trade a little too much. I modified my trading plan this morning to only take trades in direction of M5 trend. If there is no trend on m5 then I dont trade. This should eliminate some lower probability setups and reduce rents.

I also noticed my exits are pretty bad. I often get taken out before trend resumes due to moving SL at a bad spot. I will be careful not to move SL blindly at BE (which often happens to be a support or resistance) and instead make sure its at a price where it should not be hit unless trend reverses. So instead of pulling SL to BE I may trail candles or put SL at 1/2 or 1/3 risk in order to avoid placing SL at a price where its likely to be hit.

Now my trading plan states: at 1:1 Move SL where it is not likely to be hit in order to reduce risk (for seeds/cherries)

[immy]

yes good good and remember Paul Tudor Jones' Advice.... The One line $150K MBA

Asymmetric Risk Rewards . He said he does not take a trade unless he sees at least a 5:1 Reward to Risk Opportunity.

Working towards Target Zone one may be the answer

[azadar]

Yes working towards TZ1. This has kept me out of quite a few rents already but I have not been very consistent with this. I will add this to my trading plan as well to make it a part of every trade I take.

[azadar]

bunch of rents and a BE on tuesday. Made only 1 mistake, the rest of the trades were all according to my trading plan.

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[immy]

David

As long as you keep trying to create new rules or disobey the old rules you will not find peace. if there was a swing and the signal does not appear dont fight it. The only way to keep us under control is to follow only trading signals when the pattern is right. one of each might some time be missing. its ok there is still plenty and the system still gives you an edge.