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You decide to start a restaurant so you chalk out a plan - soon the hurdles are cleared and you are in business!
Its going to be lunch hour soon. You have actually started setting out the buffet but you are ready.
The first few customers who walk in have to wait for about five minutes as you get into your act. You did not anticipate them but you still manage to keep them happy by chatting to them while keeping an eye on Joe who is getting the steaming rice and tandoori dishes into their places.
Soon you are ready! Guests trickle in at a regular pace. You start tossing out the rotis and parathas only when they are needed so that the guests get them hot. Not a moment soon. Not too late either so as not to displease them.
Ditto scalping. You seem idle staring at the screen but you are ready. Its a different kind of idleness compared to being lazy. You enter only when the setup is to be served. Never too early. Not late so you never chase. You also do not enter without a setup, just as you would never place steaming hot food in front of empty tables.
I want to let you and all your readers know that in October nexusfi.com (formerly BMT) has a Trading Journal contest w/prizes. The contest runs October 1 to October 31, and the three best journals (as decided by nexusfi.com (formerly BMT) members) will receive a 150K combine from TopstepTrader.
Continuing in the tradition of encouraging journals on futures.io (formerly BMT), I am announcing a new Journal contest for October 2014.
The rules are extremely simple:
a) The contest begins October 1 and ends October 31. All decisions made …
That thread will be open for posting starting Wednesday, October 1. As the author of your journal, you need to make a post in that thread linking to your journal, and then ask users to press the "Thanks" button on that post if they want to vote for your journal to win the contest.
Members can vote for as many different journals as they want. Votes are cast in the Contest thread only, and only on the first post made by the author of the journal that contains a link to their journal. This is done so I can easily count the "Thanks Received" by author/journal, and award the three prizes.
Day ends at +$94 with the account standing at $30,534.
As you can see from the charts:
1. Entered early (to that effect allowed too much drawdown)
2. Exited early (to that effect missed all trends)
In effect I keep reaching my 'burnout point' and ending without the number of gold nuggets I had anticipated - mostly because of impatience and fear. See the clustering of entries and exits - it is a lack of courage and lack of belief.
On Day 13 the account currently has a profit of +$130 and stands at $30,674.
Allowing the natural way of trading does not come natural (to me, and all strive with with this "letting a winner run" I suppose) i.e. take a trade and allow it to reach target or to hit the stop which is kept moving (a "tipping point" beyond which premise is shaky).
First trade - the target point was moved two ticks.
Second trade - the target point was moved five ticks (was scared of a double bottom getting printed - a clear case of "no faith in method")