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I have longer pause, because I didnt feel comfortable with trading plan above this. So i started at the and of february on new trading plan. It is still praice action. I have change only pattern and timeframe. This plan looks very promisingly. Plan is based on my strengths and cover weaknesses.
Well, on 1st august i want start with papertrading. Now I am working on finishing the plan and studying it.
The basic info about trading plan:
Pattern = H&S (next will be triangl - working on it)
RRR = 3,5
Risk = 50 USD + 10 USD slip,comm
Market = e-mini NQ
Timeframe = range 5 + range 15
Basic thought = On graph with range 15 i draw S/R, On graph with range 5 i look for pattern
Avg number of trades = 1,4 trade per week
Finally I understand, that not about technical site of system. No! It is not about indicator, price action, etc.! Yes, I have heard about it lot of time, but two months ago, i completely get it!
All the rules are about:
1. Cover risk (security)
2. Trading without hesitation (confidence)
And the most important part FEEL COMFORTABLE with system.
Now i feel, that i could start with any system and in future (after fitting to my personality) make money with it.
Until i start with papertrading, i write methodology.
I will record my trading journal by camtasia recorder. So I will post here only some conlusion of this record.
I will post here my dialogs about premarket, my thoughts about market and my feelings from market.
Now I am preparing for papertrading (making checklist, preparing PC - reinstall windows, install software/drivers etc).
Since tomorrow I gonna start with paper-trading! I know, it is not August, but i finished work earlier, so I am ready now and I like say, what can you do today, do not do tomorrow! So, I am looking forward to see you here with my paper-trades!
My goal for the first month of papertrading is correctly record my paper trades and my analysis of market + making trading as rutine part of day.
The important point is, that i am not going to papertrade on friday for this month.
So, here my result of the first papertrading day:
Comments are in picture.
Thanks to today papertrading a i have discovered 2 mistakes.
1st I have to better describe my pattern with which one i will be better feeling.
2nd From the start of trading time I know, that there will be a valid entry signal... I must be neutral. If i think, there will be entry signal, so i will create it...
After all, I made many things good. Risk management, recording trading time, discipline, etc.
I made one bad trade, which advised me in one very important thing.
1st Must entry only with good RRR
2nd In my mind is conflict, if i see pattern which is not nice for me, but accord to rule it is valid. Then I am hesitating and thinking about entry/not entry and forget to look to next things... I am self-focused, not focus on market!
So i have to edit my checklist and rules... Today is last day of trading for this week. I will post here on Sunday.
Comments are in picture. Anyway, I make many things right. I was disciplined and if i realized, that i am wrong, I exit from market very quickly. I hope, next week would be better and I will not make these mistakes.
Have a nice weekend!
I must say, that I enjoy, if i see my mistakes, because I know, that through these mistakes i become succesful
I have to improve two points:
1. Psychological - I have been afraid of miss entry signal. I am worring, that i miss prodit entry and then i entry to loss entry. This thing i perceive as a threat.
2. Knowledge of my entry rules is weak in aplication of papertrading.
These things are good:
1. Discipline
2. Systematic
So, for next week I want improve weaknesses and continue in strenghtes.
Solution of weaknesses:
1. Have to think, that 1 missed entry does mean nothing. Relax and wait for next nice entry.
2. More reading my entry rules!
If anybody has a proposal for solution, please write me here. Think you. See you here tomorrow!
The best advice I can give you is to pick just one or two things (no more) to work on each day.
At the end of Monday, decide what you will focus on -- one or two things only -- for Tuesday. Examples: over trading, moving stop, exiting too soon, not pulling the trigger -- whatever.
Then make two post-it notes and put them on your monitor with very short, very explicit reminders. Like "ONLY 3 TRADES TODAY!" or "DO NOT MOVE YOUR STOP NO MATTER WHAT".
At the end of the day, grade yourself not on the net profit of the day, but instead on how well you followed your own rules. Then decide what you will do tomorrow... etc.
By focusing on just one or two things, you create accountability. At the end of the day if you failed at these one or two things, the cause for failure is quite clear -- you -- so that is exactly what you need to do, what you need to create, in order to be accountable for your own trading. No more blaming the market, your software, your distractions, etc.
Slowly, over many weeks, as you get constant "A's" at the end of each day, you can add more and more things to your list for the next day.