This is the last journal I will post on BMTs. I am attempting to go live again, I mean, I am going live, I mean, I am live.
So this journal will be a journal where I alternate days trading live and SIM every other day to attempt to smooth out my live trading along with emotions trading live.
I have been SIM for far too long, perhaps maybe not far too long, but long enough to where I have finally learned how to trade. Taken my lumps emotionally, from blowing out my SIM account to taking small losses live, hitting reset on my SIM account, yes reset, to trading too many contracts SIM to make up. All the undisciplined type of stuff that most people do in a live account, Ive done that all SIM to help manage my risk, because I knew I was not ready.
The challenges I face going forward, constant anxiety when trading SIM and Live, constant panic when trading Live. Anxiety stems from unknown, wanting to be right, and not losing. When I am in a trade, a million thoughts run through my head with every tick of the chart. Last but not least, doubt. I am guessing most new/ intermediate traders deal with this.
Charts: 50 Tick for timing, 200/500 tick for setups, as well as higher TF for the bigger picture.
Rules:
1. Trade my strategies(3 strategies essentially the same whether it is up,down, or sideways, each strategy has variations some with more risk and others with less risk.)
2. Take a break after three losing trades(no lose limit, I believe in good trades)
3. 3-5 trades per day
4. Alternate every other day SIM and Live
5. Scale-out of trades
Goals/Focus:
1. Focusing on one good trade at time, and not thinking about the money
2. On a SIM day, stay SIM
3. On a Live day, stay Live
4. Think technical
5. Only trading three contract SIM and Live
6. Only trading the NQ
7. Scaling out aka holding a partial position and having a technical reason to exit.
Indicators:
Price action
Fib Tools
Drawing tools (Entries long will be in green, entries short will be in Red, and exits will be in blue. All will be circled.)
Heiken-Ashi to smooth everything out.
Things to keep mind right:
Daily Cardio/Exercise 1 hour
Sleep 6-8 hours per night
All good things take time, and time equals success. Ask, believe, and receive.
Edit 8-7-19
Watching the 1 minute taking setups on the 500tick, using regular candlesticks.