I will be using this Journal to basically start afresh and learn to trade using the DOM. I will be documenting all things I find necessary, detailing where I started off, materials read, tools used and thoughts along the way. I will also document trading days and thoughts on what I saw during each trading session. The purpose of this is to help myself, to open myself up to criticism and advice, and to help anyone thinking of doing the same (in regards to what I read, what method I used).
I am used to previously trading from charts trading EURUSD, GBPUSD and USDJPY as well as XAUUSD. I will try to leave all that I know and have learnt previously behind so as not to try and jump from method to method. I would like to start with a clean slate. Once I am comfortable and if I see fit, I will then utilise parts of my original methods to aid in my trading.
Week 1 - 28th July - 1st August
I spent this first week downloading the NT demo and getting accustomed to the software. I previously traded using MT4 and LMAX so this is new to me. So far so good, very simple and intuitive.
In this time I also made some test trades, basically taking pot shots and just practising using the DOM to execute trades. I figured out how to trade using hotkeys which I like a lot, but I still cannot figure out how to place stops without using the ATM tool. When I clicked the mouse wheel to place a TP, my position doubled instead...lol.
I have watched a lot of videos from DionysusToast over the last two weeks on how to read order flow which have been immensely useful but quite a lot to take in as there are about 8 videos then a further 11 lessons to read through/watch as well. I will revisit these again next week and go through them to drill them home.
This week I will read through the Guy Bower PDF 'Trading with Depth of Market' which I downloaded for free from his website. This will be my starting point for week 2 as I start with ONLY the DOM and T&S.