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Done for today. Just 3 trades. Again chickened out of great trade no 3. Shame on me. This is my major fault. Will work on it.
I will be journalling my trades with explanations, and record MAE and MFE for periods of 1,3 and 5 minutes past trade entry. It will help me to get a sense of statistical expectations for profit/loss as well as for duration of a trade.
Trade to live. Not live to trade.
Can you help answer these questions from other members on NexusFi?
Great interview. Lots of great information to be learned from what you said. I particularly liked your comments on keeping your trading plan succinct and not too lengthy. I think many of us have the tendency (at least initially), to create these massively detailed books we call a trading plan. But you need to keep it simple and to the point.
I was a Business Analyst in the corporate world for 8 years and it frustrated me no end when I would send specs out to business that had taken me weeks to compile, only to have them come back and ask me questions that showed me they clearly didn't bother to read the spec. I am finding the same to be true in trading. Keep it to the point so that you actually use it.
nice interview! is it the longest one also? I used to do a lot of sport as well, but nowadays I only have time to jog every day. you people in europe speak so many languages fluently and have so many activities. how envious! hope one day I could also have the opportunity to sail. (I'd always wanted to be a pirate :-).
Thank you for sharing that great interview! I totally agree with a lot of what you said in the interview, and wish you the best of success in your trading. I too am learning to develop a trading plan before each day begins and journal my trades each day. This is very helpful in fine-tuning my system and allowing me to gain more confidence each day. I also agree that by having found Big Mike's has been an instrumental turn around in my trading success, by reading the posts like yours which has given me so much information and insight. I hope one day to be able to join you as a funded trader. Thanks again for posting the Top Step interview.
Today wasn't the best trading day. Gold wasn't too good, but gave some setups. Too bad I started on the wrong foot.
First trade gave me a headache - I put TP to entry but could not get filled on numerous attempts and 100 contracts or more traded there, my order was always the last. No FIFO in this Sim is very annoying, it's gold for Christ sake, it's not ES! I should have moved to -1 or flatten but could not believe I can't get filled.
Then I chickened out from next trade, this range was unbelievable, so much upward pressure but constant refresh of limit sell orders! It broker but my nerve broke earlier. Then I had another mashup, tried to move to BE+1 but misclicked or something, nothing happened. Reversed fast and hit my stop. Last trade was a pure loser.
No trading tomorrow and I don't expect anything decent on NFP Friday to happen. I never make well in Gold on NFP.
So I will try for next week to go for 6 ticks stop and 12 ticks profit instead of current 10 ticks stop and 15 ticks profit. The reason is I can't get to 15 ticks anyway (should work on it) mostly because I hate to risk 10 ticks after I got into some profit. And 10 ticks giving some space, true, but usually trade is invalidated before it moves 10 ticks against me anyway, so it's back into a range and the outcome is pure gamble then. So for next week I go for 6/12.
Anyway this week was a positive one, so nothing to be ashamed of, I traded like live, respected my plan, and only kept making mistakes with closing good trades too early. This is my fault number one.
Oh and I have forgotten to add - I will not trail or close any trades in profit manually next week, I will only put to BE or BE+1 after a retest and another push away. I opt to close or move TP to BE only if trade is stuck in a small loss. Idea is to let more trades work to their profit target.