Mickey's Journal

[immy]

Discipline Score. Thanks, Got that! Not sure of DS so far
but I think quite high probably last few days, I'll track it more
accurately

Quite high is not gonna cut it. Your number one priority in the T20 exercise is DS. Discipline score

Please read through Trackers Journal. I approve his mechanism.
He gives himself 3 scores to make one scare per campaign.
However I'd like to see at least 1 score. 1 for discipline 0 for mistake. The whole point here is to achieve a 19 out of 20 score consistently for 6 months.

[kiravon]

Q1. Was Entry Correct? YES/NO
Q2. Was Trade Management Correct? Y/N
Q3. Was Exit Correct? Y/N
If any answer is No, score is 0.

Ok, Entry and exit are easy to score, and MM is easy at the
moment on DAX as I must simply trade the lowest Lot size
permitted.

It is easier for me to define lack of discipline, particularly
on momentum break outs

Was I too trigger happy? ie did I enter a break of AIMS
when price just edged over with no momentum? It probably
won't be a break out. Score zero!

Was I too cautious? Did I wait too long to enter in order to
be convinced of momentum in the move and lose profit for
no good reason? Score zero!

Add ons -

Did I fail to add on when the opportunity presented itself? Score zero!

Did I lock in existing positions before adding on?
If not Score Double zero!!

Did I bring Stop of add on to area of existing Stops?

If not score zero!

Exits - should generally be when price is stopped at
the optimum place. If I'm diligent with the above,
ie locking in all profits, the exits should automatically
be taken care of

With regard to trading breakouts optimally; you really
do need to trade with unconscious competence

Immy, Grant, Michael all have this knack of getting in,
adding on and getting out at pretty much the right place
I believe it comes from repetition and intuition

Its called being in the zone! - This guy has cracked it!


Daily Proofreading Strategy 26/3 +1p

[immy]

Hey Mickey

Lets simplify it man!

1 Question: Did I follow my rules. If any action was taken and no rule was defined for it, its a mistake already. Lets use one question. Did I follow my rules? Yes = 1 No = 0.

Cheers

ps: who said anything about MM or "locking existing positions" ... Just add on don't think about locking profits for existing. Its called "Scaling In" you don't have to lock profit to scale in.

[kiravon]

Sequence 5

C1 BE DS 1
C2 BE DS 1
C3 +43 DS 1
C4 +26 DS 1
C5 +14 DS 1
C6 BE DS 1
C7 -20 DS 1
C8 +30 DS 1
C9 +21 DS 1
C10 +11 DS 1
C11 BE DS 1
C12 -7 DS 1
C13 -14 DS 1
C14 -5 DS 1
C15 -11 DS 1

Two main trades above plus add ons today on my usual GKFX demo account
but one problem identified below pics

1.png

2.png

3.png

Before Taking the above trades I continued on my Live XM account
but contrary to Immy's advice I used Stops and surprise, surprise
was Stopped out time after time! - and then price reversing back
in the original direction! Brokers must love Stops!

As far as my emotions were concerned I was very agitated to see
my stops closing winning positions so routinely nevertheless the trades
were executed in a professional way. I finally lost -72 pips today
real money using Stops wheres I made +88 pips on demo without Stops!

and NOT because trading Live made me nervous, I was simply stopped
out over and over again.

Finally I decided to take a trade without a Stop and I won +12
pips and closed at cross of green exactly as I did on demo, both
trades demo and live were executed in an equally disciplined way

BUT the main difference, ( despite my best efforts to do the right thing )
I repeatedly tried to place an Add ons about four times I believe but the
Broker disallowed them. I'm guessing because without Stops there are margin
requirements

AND no I can't reduce Lot size on DAX - 1.0 is the minimum Lot size on most
brokers. GKFX allow 0.1 which is good but of course that is in the usual
main account currencies £, $ Euro etc.

Nevertheless if I lose -40 pips on GKFX at 0.10 Lots I only lose around $4
whereas if I lose -40 pips on XM Micro account at 1.0 ( their minimum )
I lose around PLN 160 which is about £30 - quite a big difference

So I would probably need a $1000 GKFX account AND I need a button
to close all open orders immediately!

and biggest lessons I learnt today

1) I really am not happy with Stop losses
(routinely Stop you out when you have made an excellent trading decision
thereby making you feel like you are a loser when you are not)
2) Similarly I really don't like seeing my Live account decimated especially
when I have identified a good set up and executed the trade in a disciplined
way - meaning I don't want to risk more than 1% per trade even though
thats not an option for me on DAX with my present broker

[kiravon]

Sequence 5
C16 +15 DS 1 LIVE
C17 +9 DS 1 LIVE
C18 +2 DS 1 LIVE

Today's Scores DS 16/16 Pips +114

My last trade for the day was interesting. Back to Live
Money account but trading currency at quite small Lot
size

I was quite comfortable trading without Stops - whats the
worst that could happen?

I have a line instead of Stops so Broker can't Stop me he he

But my position size is too small, I made about 3.5 Zloty or
70pence - not too exciting, probably need to set it to
correct MM, 1% risk, even if it is a small Lot size for the time
being but it is nice and probably essential to not feel
that awful sagging feeling when you are losing too much money

XM MT4.png

2.png

[immy]

you trading cable all of a sudden? that means all 3 of them were not as planned. Discipline Discipline Discipline? Is it part of your plan? did you make this plan this morning?

[kiravon]

Unfortunately if I want to test what happens when I trade Live without
Stops I have no choice due to Standard minimum Lot size on Dax.

However you have raised a very good point - !00% demo DS is meaningless if
discipline goes out of the window when trading Live real money account
so until I am ready to open a substantial GKFX account ( I'm not yet )
I think I should carefully monitor the DS difference between demo and Live

It could be very short sighted otherwise

[immy]

Let's double the damn demo then we talk about live how about it? Let's do 20 batches of 20 to get this pattern well rooted into the deepest part of our mind.

Have a good weekend. Enjoy the polski chleb. Stay away from kurvas and kravas lol

[kiravon]

Ok I will double the demo then open
fairly big GKFX account, sounds like a good plan

[wiseambitions]

Sequence 5



..... contrary to Immy's advice I used Stops and surprise, surprise
was Stopped out time after time! - and then price reversing back
in the original direction! Brokers must love Stops!

As far as my emotions were concerned I was very agitated to see
my stops closing winning positions so routinely nevertheless the trades
were executed in a professional way. I finally lost -72 pips today
real money using Stops wheres I made +88 pips on demo without Stops!


So I would probably need a $1000 GKFX account AND I need a button
to close all open orders immediately!

r

I think the Hopwood trade manager (google it and you'll probably find it free somewhere) has a "close all open positions immediately" and "shirt loss prevention" facility