Recently, I closed my journal due to getting distracted which is my own doing, but recently I haven’t been keeping up my journal. The first day was good, but I slipped thereafter. Sometimes you just need the Crack, as Facebook is Crack for some; my choice of crack is futures.io (formerly BMT).com flavored.
I am a discretionary trader.
I’ve really narrowed down what I like to trade, higher time frame scalps. The types of trades I like are continuations and reversals. I do use technical indicators as far as channels, trend lines, patterns, 200 SMA for directionality support I don’t rely on them exclusively. The indicators are more for pros and cons to support the trade while I’m in, but not basis for taking the trade. The more I have the more the trade setup is favored. Also, I do consider Toni Hansen’s five technical indicators as well. Most of my trades are based on 1 minute timing, I consider the 1,5,15,30,60,90,120 minute charts.
Where I lack discipline on trading reversals is waiting for bottoming action. Where I lack discipline on continuations is treating them as reversals.
The instrument I trade will be the NQ. Typical daily range for the NQ is 20-30 points.
I will risk no more than 1 percent of my account on each trade.
Trading targets will be focused on higher time frame support and resistance. Which will range between to 5-30 point targets mostly 5-10, but whatever the market has to offer is what I'm going for.
I notice I do better on range days then full on trending days.
I will post charts and explain reasons for entry.
As my previous journal had much of my crazy emotions, I will not focus specifically on them here in this journal. This journal will be more geared towards the trading process.
At this time I’ve been bouncing between cash and SIM. When I get beaten down I feel I can’t, when I can. It’s a vicious cycle and I’m working through that. When I take a beating it’s usually related to thinking about money and not concentrating on the process.