Ok guys, so i wanted to start this journal when i made my first attempt at the 10 day 30k combine but i changed my mind at the last minute and ended up not doing it. To summarize my first attempt i failed. I did good for the first 6 days, having had only one losing day. Then i had two consecutive losing days and i panicked as i slipped further from the profit target. To be honest, when i started the combine my goal was to stick to the rules and end with a positive balance but as i got closer to the profit target i was tempted to clear it. That's where i messed up and made some terrible trades. In the end, i didnt reach the profit target but i reached my initial goals of adhering to the rules and having a positive balance. So now i am eligible for a rollover, my second attempt will begin on July 15th, 2015.
My first attempt
187170
Trading Method
I will be trading CL and will be analyzing the market both before and after the open to gain an insight into where price is heading but my trades will be executed based on how i perceive price behavior in the present.
The two majors thing i have read repeatedly on this forum is to limit the use of indicators and avoid scalping. For this reason, i will be trading through naked charts running volume bars and other time frames and I will be aiming for 30-50 ticks per trade.
On most days, i ll be trading between 9.00 AM to 11.30 AM EST. i will try to limit the number of trades to 1 per day(i failed at this part during the first attempt).
Goals
1) Follow combine rules to instill discipline in my trading.
2) Currently, i do not have a structured routine for pre and post market analysis, i would like to develop this during
the course of this combine.
3) Develop the patience to wait for profitable trading opportunities
4) End the combine in profit.
I achieved goal 1 and 4 during my first attempt but i think i can work further on expanding goal 1 by achieving discipline outside of just following the combine rules. These include things like
Avoid overtrading
Accept that lose is a part of trading
Cut loses early
Let profits run
I believe i still have a tons and tons of things to learn about trading and understanding how the markets behave. My long term goal would be to develop a structured discretionary approach to trading which will provide me a long term view of the markets.
Before i joined this forum 6 months ago, if anyone were to ask me what my goals were, i would not have had a proper answer. Today, although no where near perfect, i have a gained a wealth of knowledge from this forum, so for that a big thank you to Mike and other senior members on this forum.
I will post my trades as i make them but i wont be trading everyday.