Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Good posts iq, but lately i have observed, your journal has completely turned into a collection of emotions & psychology. Its more about you & nothing about the markets at all. The trading journal now looks like a personal diary.
I guess a mutually beneficial journal would be one where we discuss about your insights of markets & your trading (not just the end results). Emphasis should be on the solution not the problem. And you have mostly blamed your psychology for bad trades, but as Brett points out in his blog, problem could also be Fluid Reasoning.
Journal what's important to you....I did much the same.....and as time had gone on, journaling is less and less about market specifics and more about mental and emotional preparations as well as edge development and maintenance.
This is a necessary part of the journey.
Don't let anyone distract you from the pursuit of what's important.
Brett's article is pertinent but take it for what's it worth and nothing more than what it's meant to be....an article detailing what we know to be true.....make decisions based on context and not on rigid rules.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
@PandaWarrior is correct. You journal is meant to document issues that you need to change. If you have your method down, but have issues in your head. Continuing to journal about your method will not help. In the beginning you need to document as much as possible about how and why you are doing what you do as you trade.
Then after a while it is important to step back, assess yourself through your journal. Pick some areas to work on, and get to work. When you do that you start to turn ideas into actions. And that is how you make progress. When you start to focus on those items, you may focus on them more to ensure you are documenting what you need to evaluate.
I have changed the way I journal multiple times. The key is to keep it working for you. That may require you to post, or record different things at different times.
A diagonal pullback in a freshly started trend, a bar that breaks above the last bar of this string of pullback bars near the EMA and viola you should be in!
Sadly I chickened out on this long a tad early, but apply the principles and you have the 10-tick target easily within reach.
The trade premise is easy: Wait for the pullback to reach the EMA. If it is not a smooth diagonal pullback then do not take the First Break. Wait for price to breakout the second time and get in at that break.