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Its amazing how much of our trading decisions become emotional based. When I was trading futures a lot of my bad trades were based on bad logic and strategy. Now that I am trading extremely small in forex, its more ego driven and rules are more easily broken. When risking more money I seem to abide by my rules better!
With trading there seems to be a trade off for every decision you could possibly make.
I believe that all we have to do is continue trading and plan to be in the game for years and years. When I read Market Wizards a lot of the traders believe its about staying in the game long enough for everything to click.
Can you help answer these questions from other members on NexusFi?
Nice journal you have here Saiga. I have seen your videos on Youtube and also have given some positive feedback on your analysis. I use the name Bripowered . May your account stay in the green,keep up the good work.
After 2 weeks Amazon finally delivered Bob Volman's price action book. I only read 5 chapters but so far I like his concepts. I did not get into the setups yet but from what I read, it makes me question what I should do next.
Here is a brief history of what I have done in the last year and seven months. I started looking into the markets in March of 2012.
I started looking for indicators and a holy grail of trading. I learned how to use some of them and threw them on my screen. I knew next to nothing about the markets and its instruments, at first stocks looked like the obvious choice until I found out about the day trading rule. So I learned about options and opened an options account with no margin to attempt to day trade..... Looking back it seems so absurd, but that's what I did. I blew half of that account before deciding to do some serious home work. I bought Al Brooks book Trading price action bar by bar. I was hooked and then decided to open a futures account to try scalping in November 2012. I continued to learn and improved but my scalping was horrible. I started to lose a lot of money. Looking back I was taking ridiculous trades.
In January I decided to go for swings at least 2 times my risk and I bought Al's trading course. I had my first profitable month in January, (marginally profitable). In February I lost my ass again and decided to change things up and made adjustments. In March I started trading tick charts and started doing better but not great. May I lost money. I have been hovering around BE or worse this whole year.
Last month I decided to trade spot forex instead of the ES because of position sizing, but so far I am not sure how I feel about it. I find my trading difficult to analyze because of how discretionary it is.
What I found intriguing about Volmans trading was that he goes for fixed stops and targets. I think that maybe it would be a lot easier to analyze if things were so black and white, right and wrong. It would be a lot easier to adjust my strategy in order to get a 60% edge.
What makes me nervous about his methodology is the 70 tick chart.
I have learned a great deal in the last year and am thinking about giving scalping another go. If I decide to be a scalper I would have to change brokers (tradestation has a 1.8 pip spread) or maybe use a higher tick chart like the one I'm used to, like a 150 and just go 20 pips for 20 pips.
I am not trying to directly copy anyone's methodology precisely but I am trying to learn from those already successful in order to trade the way which works best for me. I am not sure what works best yet so I am exploring all possibilities.
I am also considering trading larger time frames like the 15 looking for swings. I am not sure of anything just yet.