Hi Guys,
I have threatened to do this before, but I feel the time has come where I really need to start a live trading blog.
I feel like committing to a live blog would create an air of accountability taht may help control some of my more reckless trading habits like chasing losses through overtrading and trying to catch tops and bottoms with no real discipline. This is the habit that most hurts my trading I feel.
Another thing I want to work on, which I have mentioned before, is letting profits run to a predetermined level. I think too often I snatch profits, but let the losses hit the predetermined stop loss. I have found quite often a level of frustration when I do try to do this, I have got better at it, don't get me wrong, but I still feel a level of frustration when I have a winning trade that seems to suddenly turn against me. That level of frustration drives indiscipline back into my trading. This is the key thing I want to work on. I shouldn't be feeling frustrated, and if I do, I should have the discipline not to let it effect me. So this is the reason I want to start doing this properly, through this channel. I feel I will get BOTH constructive criticism AND encouraging acknowledgement on this site on any trades put up. Not just internet criticism for the sake of it.
I haven't thought through the plan exactly yet, but it will go along the lines of this:
Trading pot: £1500
Risk trade: 3%/trade (no risking over 10% of account at any one time)
Instruments: Aud/Usd, Eur/Usd,USD/JPY, GBP/USD, GOLD, DOW, FTSE and Equities (not very often)
Strategy: Combination of S/R levels (both MA's and Oblique and horizontal), Fibonacci, and EWT to determine trades
Risk/Rewards will change I think dependent on trades - open for discussion.
Targets: Still to be determined. I would like to have a pot of 8k by December this year (still to determine how feasible that is with a plan etc, would like to discuss that here, but also have my first baby due in August. Although I anticipate this will have a massive effect on my spare time, I still hope to trade enough around the baby and work to achieve my goal)
I will also post up reasons for the trade via screenshots, and commit to putting up an excel log file of all trades.