Who am I ?
IT engineer with work experience of over 11 years.
What is trading experience ?
6+ years of on/off trading, did all mistakes possible. 3 account wipe out in 6 years.
What mistakes I did in previous trading experience?
a> Changing methods often
b> Emotional trading (Never accepted risk completely.)
c> No trust on the method
d> Over Trading
e> No focus while trading
f> Didn't participate in forum and shared experience
g> Didn't maintain journal. (in one attempt maintained very vague non intuitive journal)
h> Didn't used good trading platform like (Ninja Trader), entered all trades manually
i> No importance given to psychology of trading
j> No Trading plan (1 attempt had Trading plan, it was vague not prepared in a way which could be referred often.)
k> No proper backtesting of Strategy to understand expectancy.
l> Hunted for holy grail.
PS: only good thing done was never traded Scared money, loosing was painful though.
Current action plan:
Clinging to my day job will be quitting in next 4 months. Trading full time from 2 Sep 2013 :).
Family expenses are taken care for next 2 years which reduces the stress.
Moved expenses for next 2 years to my wife account and told not to give it to me at any cost :).
Had been back testing/ sim trading my strategies for over 5 months. Will continue to do so for coming 4 months.
Next action plan(3 months):
Will continue testing strategy for next 3 months, all the way working on psychology part.
Start writing a trading plan.
Cultivate habit of writing journal to get accountability. For sake of analysis/Statistics will be maintaining another journal in excel sheet.
For next 3 months this journal will have my preparation before I hit live trading.
Hoping to contribute to this wonderful forum. Big Mike very grateful to you for this forum.