Balancing the Side Hustle

D

debakeyscastro

This is a personal journal to hold myself accountable through this process of trading.

Thus far, I have found it difficult to document my daily transactions. I hope that this journal fulfills that purpose. I primarily trade MES, M2K, MNQ, MGC, 6E/B/J. I will report my daily P/L, win ratio, will do a review of my trades, and identify areas for daily improvement.

Current Deficiencies
1. Overtrading (Been up over 15% on days to go down flat or worse negative on many days because I have had difficulty stepping away from the table and cashing in.)
2. Overleveraging (I have taken asinine risk in the past...)
  • Will rectify this by sticking to a maximum of 3 micro contracts (usually 2) looking for 3-4 points with a 2-4 point stop loss depending on the transaction.
  • No mini ES, GC, CL until I am at 10k, unless they meet 1 criteria on ES which will have very limited risk, is a 95% trade on back and front testing, and transpires 3-5 times per week for 3 ticks of profit per trade.
  • Will only add micros with each 1k generated (ie. 3k-3 contracts, 4k-4, 5k-5 etc). Risk should rarely exceed 2% and daily net risk should be sub 2% and hovering around 1.5% ideally on a per trade weighted basis).
  • Daily maximum drawdown will be hard set at 6% of AV. This will be assessed on closed trades and will be reevaluated at any time in an individual session. Ie. If I hit 3.5k day 2, I cannot lose more than $210 otherwise the session ends. Weekly drawdown will be set at 10% (similar this will be trailing). For both cases, if it is hit I will end the session and move on with life for the day or week without opening my trading software.
3. Averaging down (when down 2-3 points I need to learn to just take the L dammit)
4. Competence (I currently utilize Pivots, MTF analysis) but would love to incorporate volume profile analysis (with daily addition of value zones and volume nodes. Need to do some diligence here)
5. Not trading my strategies (This corresponds with the overtrading. My drawdowns are paucy when I trade my strategies, but I have "gone with the flow" a lot when I hit a rhythm. Quite frustrating to have a very good start of the day and then end up in the negative.
6. Balance
  • I need to do a better job balancing my profession, workouts, marriage, with trading. Much like most beginners I have found that there are certain times in the day to trade.
  • I like to trade europe because my work days usually begin around 0430-0500 and end around 1900. Hence I will do my best to trade that 1 hour around europe and catch the first hour or hour and a half of the NYSE open if I'm not engaged at work.
  • Additionally, my time with family will be sequestered to the weekends or towards the end of a given day)

These are a few major psychological deficiencies that must be rectified to limit the number of unforced errors I make on a daily basis. I will begin receiving mentorship from an individual who is doing quite well for himself on Monday. I am excited to expand my knowledge and accommodate his practices.


Account Specifics
Starting Capital: $3K
Goal: $6K (hard stop ie. close the brokerage software if up 15% on opening balance on any day-this is usually like 1 in 5 days for me on a small account like this one)
Risk:Reward: 1-2:1
Win Rate Thus Far: 73% (mix of scalps and swings through measured moves)
Start Date: 10/27/2020

Goal:
I will be a profitable trader who can manage this side pursuit with a challenging full time job, family, and health goals.
 
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This is a personal journal for my own function/purpose. Respectfully, I am not looking to elicit feedback or get advice. This pertains to anyone commenting. If I don't respond to suggestions or comments that is why. Thanks.
 
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  • No mini ES, GC, CL until I am at 10k, unless they meet 1 criteria on ES which will have very limited risk, is a 95% trade on back and front testing, and transpires 3-5 times per week for 3 ticks of profit per trade.

This doesnt even make sense


OP you got it so backward. IF anything you should be starting with MES 1 lot at a time. 3k @ 2% risk is $60. 10points at least to play with which is doable. Which is better to have wider stops for it to play than more contracts. You can add size when you get all your other BS under control - like stop adding to losers.

Full time job, full time family, full time full time full time.

You better learn to stick to swing trading exclusively which means wider stops, which means you need a better plan than what you are currently peddling here

"These are a few major psychological deficiencies"

And yet you are talking about trading multiple contracts. See you in a month with your new thread "I blew up my account please help - no rent money for my fam"
 
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debakeyscastro said:
This is a personal journal to hold myself accountable through this process of trading.

Thus far, I have found it difficult to document my daily transactions. I hope that this journal fulfills that purpose. I primarily trade MES, M2K, MNQ, MGC, 6E/B/J. I will report my daily P/L, win ratio, will do a review of my trades, and identify areas for daily improvement.

Current Deficiencies
1. Overtrading (Been up over 15% on days to go down flat or worse negative on many days because I have had difficulty stepping away from the table and cashing in.)
2. Overleveraging (I have taken asinine risk in the past...)
  • Will rectify this by sticking to a maximum of 3 micro contracts (usually 2) looking for 3-4 points with a 2-4 point stop loss depending on the transaction.
  • No mini ES, GC, CL until I am at 10k, unless they meet 1 criteria on ES which will have very limited risk, is a 95% trade on back and front testing, and transpires 3-5 times per week for 3 ticks of profit per trade.
  • Will only add micros with each 1k generated (ie. 3k-3 contracts, 4k-4, 5k-5 etc). Risk should rarely exceed 2% and daily net risk should be sub 2% and hovering around 1.5% ideally on a per trade weighted basis).
  • Daily maximum drawdown will be hard set at 6% of AV. This will be assessed on closed trades and will be reevaluated at any time in an individual session. Ie. If I hit 3.5k day 2, I cannot lose more than $210 otherwise the session ends. Weekly drawdown will be set at 10% (similar this will be trailing). For both cases, if it is hit I will end the session and move on with life for the day or week without opening my trading software.
3. Averaging down (when down 2-3 points I need to learn to just take the L dammit)
4. Competence (I currently utilize Pivots, MTF analysis) but would love to incorporate volume profile analysis (with daily addition of value zones and volume nodes. Need to do some diligence here)
5. Not trading my strategies (This corresponds with the overtrading. My drawdowns are paucy when I trade my strategies, but I have "gone with the flow" a lot when I hit a rhythm. Quite frustrating to have a very good start of the day and then end up in the negative.
6. Balance
  • I need to do a better job balancing my profession, workouts, marriage, with trading. Much like most beginners I have found that there are certain times in the day to trade.
  • I like to trade europe because my work days usually begin around 0430-0500 and end around 1900. Hence I will do my best to trade that 1 hour around europe and catch the first hour or hour and a half of the NYSE open if I'm not engaged at work.
  • Additionally, my time with family will be sequestered to the weekends or towards the end of a given day)

These are a few major psychological deficiencies that must be rectified to limit the number of unforced errors I make on a daily basis. I will begin receiving mentorship from an individual who is doing quite well for himself on Monday. I am excited to expand my knowledge and accommodate his practices.


Account Specifics
Starting Capital: $3K
Goal: $6K (hard stop ie. close the brokerage software if up 15% on opening balance on any day-this is usually like 1 in 5 days for me on a small account like this one)
Risk:Reward: 1-2:1
Win Rate Thus Far: 73% (mix of scalps and swings through measured moves)
Start Date: 10/27/2020

Goal:
I will be a profitable trader who can manage this side pursuit with a challenging full time job, family, and health goals.
More...
everybody has their own ways, just curious, do you cleave to a written tested trading plan?
 
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debakeyscastro said:
This is a personal journal to hold myself accountable through this process of trading.

Thus far, I have found it difficult to document my daily transactions. I hope that this journal fulfills that purpose. I primarily trade MES, M2K, MNQ, MGC, 6E/B/J. I will report my daily P/L, win ratio, will do a review of my trades, and identify areas for daily improvement.

Current Deficiencies
1. Overtrading (Been up over 15% on days to go down flat or worse negative on many days because I have had difficulty stepping away from the table and cashing in.)
2. Overleveraging (I have taken asinine risk in the past...)
  • Will rectify this by sticking to a maximum of 3 micro contracts (usually 2) looking for 3-4 points with a 2-4 point stop loss depending on the transaction.
  • No mini ES, GC, CL until I am at 10k, unless they meet 1 criteria on ES which will have very limited risk, is a 95% trade on back and front testing, and transpires 3-5 times per week for 3 ticks of profit per trade.
  • Will only add micros with each 1k generated (ie. 3k-3 contracts, 4k-4, 5k-5 etc). Risk should rarely exceed 2% and daily net risk should be sub 2% and hovering around 1.5% ideally on a per trade weighted basis).
  • Daily maximum drawdown will be hard set at 6% of AV. This will be assessed on closed trades and will be reevaluated at any time in an individual session. Ie. If I hit 3.5k day 2, I cannot lose more than $210 otherwise the session ends. Weekly drawdown will be set at 10% (similar this will be trailing). For both cases, if it is hit I will end the session and move on with life for the day or week without opening my trading software.
3. Averaging down (when down 2-3 points I need to learn to just take the L dammit)
4. Competence (I currently utilize Pivots, MTF analysis) but would love to incorporate volume profile analysis (with daily addition of value zones and volume nodes. Need to do some diligence here)
5. Not trading my strategies (This corresponds with the overtrading. My drawdowns are paucy when I trade my strategies, but I have "gone with the flow" a lot when I hit a rhythm. Quite frustrating to have a very good start of the day and then end up in the negative.
6. Balance
  • I need to do a better job balancing my profession, workouts, marriage, with trading. Much like most beginners I have found that there are certain times in the day to trade.
  • I like to trade europe because my work days usually begin around 0430-0500 and end around 1900. Hence I will do my best to trade that 1 hour around europe and catch the first hour or hour and a half of the NYSE open if I'm not engaged at work.
  • Additionally, my time with family will be sequestered to the weekends or towards the end of a given day)

These are a few major psychological deficiencies that must be rectified to limit the number of unforced errors I make on a daily basis. I will begin receiving mentorship from an individual who is doing quite well for himself on Monday. I am excited to expand my knowledge and accommodate his practices.


Account Specifics
Starting Capital: $3K
Goal: $6K (hard stop ie. close the brokerage software if up 15% on opening balance on any day-this is usually like 1 in 5 days for me on a small account like this one)
Risk:Reward: 1-2:1
Win Rate Thus Far: 73% (mix of scalps and swings through measured moves)
Start Date: 10/27/2020

Goal:
I will be a profitable trader who can manage this side pursuit with a challenging full time job, family, and health goals.
More...
Morning debakeyscastro,

Thanks for joining and enjoy the trading.

I am sure you will do well. I like your plan. Keep on posting.
 
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