Hi Fellow Traders,
I've been trading Forex since last year, and pretty much deploy a discretionary method using technical analysis. From the beginning, i've went through multiple indicators in search of the holy grail method - Vegas, Auslanco, DIBS, GBPJPY breakout method, Fibonacci retracements, etc. etc. (some of you should already know which forum i came from).
Then along the way, i began to delve more into reading about the profession and the success stories.
One of the books that made me go "aha!" was Market Wizards by Jack Schwager. In his words:
I particularly like the trading psychology books by Mark Douglas - Trading in the Zone, and The Disciplined Trader. The books answered my year-long quest on why my P&L statements were not matching the technical analysis i continually study and try to apply. It also taught me that one needs to put aside the emotions and concentrate hard on controlling oneself, since the markets are an uncontrolled place whereby the individual trader decides when the trade begins, and ends, unlike other aspects in life we are familiar with - from our work environment to gambling.
I will elaborate more on my methods in future, but at the moment, this will serve as a Trading Journal.
The objectives of this journal are as follows:
It is also possible that my discretionary trading method will evolve along the way, and this will be elaborated if it does occur.
Best wishes to everyone for the year ahead.
I've been trading Forex since last year, and pretty much deploy a discretionary method using technical analysis. From the beginning, i've went through multiple indicators in search of the holy grail method - Vegas, Auslanco, DIBS, GBPJPY breakout method, Fibonacci retracements, etc. etc. (some of you should already know which forum i came from).
Then along the way, i began to delve more into reading about the profession and the success stories.
One of the books that made me go "aha!" was Market Wizards by Jack Schwager. In his words:
I particularly like the trading psychology books by Mark Douglas - Trading in the Zone, and The Disciplined Trader. The books answered my year-long quest on why my P&L statements were not matching the technical analysis i continually study and try to apply. It also taught me that one needs to put aside the emotions and concentrate hard on controlling oneself, since the markets are an uncontrolled place whereby the individual trader decides when the trade begins, and ends, unlike other aspects in life we are familiar with - from our work environment to gambling.
I will elaborate more on my methods in future, but at the moment, this will serve as a Trading Journal.
The objectives of this journal are as follows:
- Firstly, to trade with a definite plan, and take complete responsibility and accountability of my trades and actions. As the saying goes, "Judge the success of your trades based on whether you followed the strategy, not based on the outcome".
Before entering any trade:
- Always Trade with a Definite Plan
- Ensure there is a clear-defined, rational reason for entering a trade
- Complete the decision-making process before entering a trade (this includes stoploss and target profit)
- Secondly, my immediate aim is NOT to lose money, and to evaluate results on a weekly and monthly basis. With this in mind, i will set modest, achievable goals and possibly increase the goals gradually.
It is also possible that my discretionary trading method will evolve along the way, and this will be elaborated if it does occur.
Best wishes to everyone for the year ahead.
