I started a trading Combine today, not ready to state which "firm" yet, as I would rather focus on the quest of getting funded first. That is the ultimate goal, not the random chatter that enters regarding why the firm was chosen over others.
At any rate, I hesitated to begin this journal, as I am not inclined to share my random thoughts or ideas for fear of ridicule. I am sure there are others that have had this same issue, and yet I have read several of the journals on the site and rarely found ridicule only support and insight that is often invaluable. So here I am opening the door to my home (mind).
My goal is to achieve a funded account. I have not given myself a "time frame" to achieve this, only to achieve it. Now obviously at some point the the threshold of pain may become to unbearable but for the moment let's assume I have a higher threshold than the average.
I bounced around for charting software, after buying NinjaTrader, I became unsatisfied with the platform. Before anyone jumps in to say "Ninja is awesome, yada yada" just respect that Ninja is not for everyone. I am currently using Sierra Charts for my charting and trading. I enjoy the platform and it appeals to the inner nerd in me to dig in and play around. I create charts from the studies and tear it apart and rebuild to my delight, something I find simply too much of a chore in Ninja. All that I can do in Sierra I either have to know how to code (which is beyond my pay-grade) or go to the "Ecosystem" to find. That is a chore unto itself, although I did look at some of the indicators on this site for what it's worth.
Okay enough rambling on that! :deadhorse:
I created a checklist of the things I set as my goals and targets:
1. Profit target daily is $200 at approximately $50 per trade
2. Trade one contract using the ES only, I have not worked/traded the other futures enough to feel comfortable trading those for the combine
3. Complete a nightly analysis for the end of day and to prep for the next day. I am not naive enough to believe I can predict what the open will or will not do, however I do know that by studying the market in the evening works for me and I am able to do my mark-ups in anticipation of what I would like to see to enter a trade.
4. I have my Sierra Chart set to flatten all positions once I hit my profit target for the day or my daily loss limit which I have set at $250. While this seems small, I am not willing to risk breaking a rule based on daily loss limit no matter how big or small that daily loss limit is. In my own personal trading I know that I would not want to lose more than $250 on the day so that is my "threshold of pain" limit for losses. However I may remove the daily profit limit once I become funded or raise the bar somewhat.
5. Hold myself accountable through this journal. I am not going say I will post everyday, as I work a full-on day job so trading during the day is a challenge (thankfully I WFH all day so I do have some discretion about looking at the charts and setups). However at the end of my day, I am usually busy until I sit down again to look at the charts.
My "strategy" is not really a "defined strategy at the moment, just how I like to look at the charts.
1. I use "level to level" as part of my analysis. I place my price line on the charts based on levels I look for.
2. I use Fib retracement and will draw that to confirm my levels
3. I use Volume Profile to identify quickly the POC, VAH and VAL.
That's it, no other "indicators" or fancy stuff, although again I do play with Sierra just to see what I can do with the charts. As I become a more consistent trader, I want to learn more about Order Flow trading.
Other than that, let the journey begin with a single first step.
I will post my first trade tonight, hopefully with screenshots so I can show what I saw and why I took the trade. I will honestly admit, I already know not every trade will work out picture perfect like this, but hey a little luck never hurt anybody! …