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The 22 Days: A Price Action Trader shares his Journey
No this is not working. I am not a wildly profitable trader with a parabolic equity curve (Hence the saying – there are bold traders and there are old traders, but there are no bold old traders.). But I have crossed a subtle line – I am finally a BREAKEVEN trader.
I started off with Rs.1,00,000 in my account. I have Rs.1,13,000 in my account as of today. The capital shot up till Rs.1,30,000 and then I wiped off Rs.17,000 in a single cocky trade.
In the month of June I was:
- somewhat patient in waiting for good entries, - roughly 50 % of the time (the other 50% was where I jumped in eagerly and then had to spend the time miserably watching price going nowhere, and good trades missed because all my capital was tied up)
- was mildly willing to take losses at points where I had pre-decided to pull the plug on the trade if price ever reached, - roughly 30 % of the time (the remaining 70% I froze in a thawed soft fashion, i.e. not a deep freeze like earlier times
- I somewhat took the trades as my system dictated even though my heart was pounding DANGER, DON’T DO THIS (though this good thing happened and I was good with my analysis 80% of the time. The other 20 % of the time the analysis was correct in warning me that this is a low probability setup but I took the setup nevertheless out of pure cockiness due to recent heady wins – this happened in my last trade yesterday.
Earlier I would have developed an automatic swagger on the last part of the statement alone – being right 80% of the time on intraday trades. But I am neutral now in the sense that I feel I am staying on the road. Not yet at a place like @GaryD where I can think of being a fulltime trader. That would eat me up alive and bring nervousness, depressive – happy mood swings, and got knows what other problems.
I will be focusing on studying Al Brooks further, though I know that I could still continue doing whatever I have garnered from earlier study and still be profitable if I follow money management and keep my awareness of my psychological barriers sharp.
This is the hardest easy money a man can make.
And I have decided to resume posting again – it makes me reason out my trades clearly and makes me more responsible.
Coincidentally like @GaryD I too had a conversation with my wife two days ago about full time trading. And my wife was a gem with her support. She said that I can focus full time and she will take care all the chores that I currently do such as dropping off the kids to school, being their playmate in the evening, i.e. everything that currently takes up my time before and after my day job - and also continuing to work fulltime for bringing home a steady pay. Rock solid base to launch a TraderShuttle I say. Only that my NASA brain is not ready for the countdown yet. One half-step at a time. A giant leap for ManKind (with WomanKind's support).
The exact levels where I will sell and cover, and a reminder to myself that the high of the pinbar is the stop loss. If market opens higher than the high of the pinbar then no trade. Sit out for a pullback if you get a gap up.
Let's see how the day unfolds - let's also see if I follow my rules.
My execution slipped. The second terminal had locked and while I wasted time entering the password etc the market zoomed up.
Am holding till the shallowest trend line is broken and slightly more even after that because the market may try to take out all the stops lying there.
Will I hold? Getting feebler... oh WHY didn't I buy (cover) at the EMA test :-(