Michael80 Trading Journal

[Michael80]

Result: +1.6R

17.10.16 T1 AUDUSD M1 S1 Start.png

17.10.16 T1 AUDUSD M1 S1 Mid.png

17.10.16 T1 AUDUSD M1 S1 End.png

[Michael80]

Result: -0.1R

17.10.16 T2 AUDUSD M15 S1 Start.png

17.10.16 T2 AUDUSD M15 S1 Mid.png

17.10.16 T2 AUDUSD M15 S1 End.png

[Michael80]

Result: +1.6R

17.10.16 T3 AUDUSD M15 S1 Start.png

17.10.16 T3 AUDUSD M15 S1 Mid.png

17.10.16 T3 AUDUSD M15 S1 End.png

[Michael80]

Result: +0.4R

T4. 18.10.16 AUDCAD M5 S1 Start.png

T4. 18.10.16 AUDCAD M5 S1 Mid.png

T4. 18.10.16 AUDCAD M5 S1 End a.png

T4. 18.10.16 AUDCAD M5 S1 End b.png

[Michael80]

Result: -1R

T5. 18.10.16 AUDJPY M15 S1 Start.png

T5. 18.10.16 AUDJPY M15 S1 Mid.png

T5. 18.10.16 AUDJPY M15 S1 End.png

[Michael80]

Result: -1R

T6. 19.10.16 GBPJPY M15 S1 End.png

[Michael80]

T7. 19.10.2016, EJ, Short, M5, Setup 1.

Result: Breakeven, 0R

Short based on M5 entry Alligator sleep, 3 lines touching and inside AIMS box, away from purple line, AO close to ZL.
M15 Monarch/saddle point, Alligator open and away from purple line.
H1 seed, alligator awake, away from purple line.
Initial SL: 12pips

2016-10-19 (3).png

Initial SL has been trailed to BE following AIMS Box level.

2016-10-19 (5).png

Price went down reaching just under 60pips (5R), at that point, I decided to not do anything as my plan was waiting for price to hit my 7R profit, expecting price to pullback then add-on on the next swing. However, on the next day, the price retrace high enough to tag my BE point. Ended with a tiny profit which is equivalent to BE (nothing).

2016-10-20 (1).png

*Post-trade thoughts: -

1. Emotional check: After initial SL was moved to BE, I have a risk free trade. At this point, although knowing I have a risk free trade, I still can't stop looking at the chart once in a while to check the status of this trade. The urge to look at chart using mobile phone exist while working out in the gym. Came back from gym, looked at laptop, position was up at 40-50pips region. Decided to hold on and waiting price to touch 73pips profit hopefully on the next day. Around 4am, maybe affected by psychological aspect, awake from sleep, grab the mobile and check the charts of current EJ and AU position. While awake, did some thinking.
Conclusion: Although I know that I have a risk free trade, knowing that trading will have losses, trading is a probability game, and I can't win every time. But deep inside me, I have a fear, which is not wanting to loss and wanting the see the profit badly. The proper knowledge of the mental aspect is in my mind, but it is not inside me, it is still not a part of me.

2. Trade management: Being too aggressive cost me and left money at the table. I was hoping to earn more profit to cover the previous 2 losses, hence letting the whole position there to touch the the planned target profit.
Conclusion: This aggressive approach rises from greed. Taking a conservative approach would be a wiser approach. Should have took partial profit while the profit was at 40-50pips region, and let the remaining position run.

*For DS, although the plan was aggressive and rise from greed, I will still give myself DS=1 as I stick to my trade management and exit plan. However, the plan resulted in an unfavorable outcome.

[immy]

Michael, there is some information missing on your trades... great work on updating your journal though...

What i'd like to see is ... Here is my trading plan, at least the bits that are relevant to Entry, exit, trade management and risk criteria if not the full version of the trading plan, (as it could have personal details such as ...(deleted. hhehehe .)

Please look at Jasmiens journal, or Elbarto's journal, i'd like you to follow that format if you can.

e.g. T20 , Batch 1
Trade 1/20
DS 1/1

or

Trade T1-1 (meaning 1st trade of first batch of T20 batch)

DS T1-1/1 (meaning first batch of t20 and score is 1 out of 1)

ONLy this way trading will be a learning experience and you will become disciplined.

You will also find out all of a sudden that you might be trading too much... and you might find asking questions, WHY DO IT TRADE? why did I take this trade? why did I exit there etc

[Michael80]

Thanks for the advise Immy. I will improve my journal recording on the next trade. Sorry the lazy journal on the 6 trades where I only put up pictures. I did a brief intro on my trading journal and some info on those trades but those posts was erased due to the forum maintenance yesterday. So I only re-post the pictures without doing the same thing all over again.

By the way, I have seen the word DS from other member journal but I have no idea what DS means. Now I guess from looking your above post, does DS mean discipline trade action?

[immy]

Please read the T20 principle ebook. we have further information on how to incorporate this in in the hunt section , into trading plan and how to apply the DS but DS is discipline score) ... You create your own way to COACH yourself. you mark your trade 1 if you have followed all your rules of Entry, TM, Risk and Exit ... if any rule is broken its a 0. your aim is to maintain a score of 90% per T20. if you are able to do 5 batches of T20 with atleast 80% DS you will then have automatically gone into a new paradigm that we call STage 2.