Financial Freedom Day Trading Journal

M

Money Trust

In this trading journal, I'm gonna be as transparent as possible, which will probably cause it to be lengthy but here we go.

What I will do here is journal the trades that I take for an indefinite period of time. I will try as much as possible to post the trades ahead of time so as to avoid it looking like 20/20 hindsight analysis. I work a full-time job and I plan to post upcoming trades every evening when there are trades to take.

I'll be starting with a capital base of $5k and will day trade mostly micro futures and currencies. I'll look to risk no more than 2% per trade while going for at least a 5:1 risk/reward. My approach is purely technical.

As the title states, "Financial Freedom...." the point of this journal is two-fold. Number one, I've had a terrible habit of correctly calling trades but rarely ever executing them out of fear of being wrong. If not for that habit, I would've been where I wanted to be financially a long time ago. So, this public journal will keep me accountable. Secondly, the goal of this journal is to get to a point where I become a full-time trader. Given my current salary ($60k) and my lifestyle, I figure that I'd need $500k after-tax dollars. My only debt is my mortgage, so I'd be able to pay that off and have enough to live off of and trade for at least 5 years. I don't have a specific time frame, but I'm gonna be as aggressive as possible to get there ASAP.
 
Welcome to day (or night) trading.

I'd presume you will be trading during the early Asian session (your evening time).


The last time I had a full-time job in the corporate world plus day (actually night) trade during nighttime was a few decades ago. And my weekends were primarily spent on chart playbacks.
It was damn tiring.

is your risk/reward ratio 5:1 or 1:5?

RR 5:1 is very bad.

RR 1:5 is quite possible for some index futures, copper, oil, gold, bonds
and occasionally currencies.
 
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Livermore wasn't a day trader.
Right now he would probably be fishing.

Don't try to post the trades ahead of time,
Focus on your business first. Aka Trading (I believe ?)
Who cares if someone believe it's hindsight as long as you're honest.

5 to 1 Reward to Risk is the ideal target,
You can be wrong 80% of the time and still make money.

Be careful risking 2% per trade on an intraday basis,
Especially with this kind of reward to risk.
The drawdown can grow quickly.

You'll do whatever you want but ...
I'd risk way less to begin with.

Why ?

Because I wouldn't be afraid to put my money where my mouth is.
To build confidence upon real experience of the trades.

Good luck, Buddy.

Remember ... It's not my thinking that made me the big money,
It's my sitting !
 
Money Trust said:
I don't have a specific time frame, but I'm gonna be as aggressive as possible to get there ASAP.
More...

Stop right there...

I think it was @virtusa who said it's better to get rich slowly than to get poor quickly. There's a lot of truth to that statement.

For most of us, trading isn't about the big short or that one big trade which will make us set for life, but rather it's a daily/weekly process where if you execute correctly again and again you'll be progressing.

Being in a hurry or trying to rush that process will only increase your risk of ruin.
 
maxinger said:
Welcome to day (or night) trading.

I'd presume you will be trading during the early Asian session (your evening time).


The last time I had a full-time job in the corporate world plus day (actually night) trade during nighttime was a few decades ago. And my weekends were primarily spent on chart playbacks.
It was damn tiring.

is your risk/reward ratio 5:1 or 1:5?

RR 5:1 is very bad.

RR 1:5 is quite possible for some index futures, copper, oil, gold, bonds
and occasionally currencies.
More...
Reward that is at least 5 times my risk.
 
Sekiyo said:
Livermore wasn't a day trader.
Right now he would probably be fishing.

Don't try to post the trades ahead of time,
Focus on your business first. Aka Trading (I believe ?)
Who cares if someone believe it's hindsight as long as you're honest.

5 to 1 Reward to Risk is the ideal target,
You can be wrong 80% of the time and still make money.

Be careful risking 2% per trade on an intraday basis,
Especially with this kind of reward to risk.
The drawdown can grow quickly.

You'll do whatever you want but ...
I'd risk way less to begin with.

Why ?

Because I wouldn't be afraid to put my money where my mouth is.
To build confidence upon real experience of the trades.

Good luck, Buddy.

Remember ... It's not my thinking that made me the big money,
It's my sitting !
More...
I’ve wanted really badly to be a swing trader (holding for a few days) since I realize that my outcome would probably be best that way but I don’t have the patience nor the mental makeup to hold a position for long. I’ve tried that approach for a while only to close out my trades too early due to the anxiety.
 
Money Trust said:
In this trading journal, I'm gonna be as transparent as possible, which will probably cause it to be lengthy but here we go.

What I will do here is journal the trades that I take for an indefinite period of time. I will try as much as possible to post the trades ahead of time so as to avoid it looking like 20/20 hindsight analysis.
More...
Please, please, PLEASE....do not post the trades. Simply post the trading results and stats for the day.
Net Profit, Avg Trade, % win rate, max drawdown, etc.
 
Money Trust said:
I don't have a specific time frame, but I'm gonna be as aggressive as possible to get there ASAP.
More...
If you want to be successful as a trader, really successful,...completely ignore everyone else's advice and wisdoms and experiences and words -- and truly be your own, independent, scientist and bold adventurer and philosopher and artist,

Because if you truly cut to the chase, everyone out there are basically Losers, completely just plain losers. It's Losers Galore out there in the World. Or they're trying to take advantage of you, and sell you something just to enrich themselves.

That market million is truly just around the corner, it's just a matter of literally adjusting and morphing a few wires and bolts in your mind, angle and perspective and process,
 
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MacBookProHo said:
If you want to be successful as a trader, really successful,...completely ignore everyone else's advice and wisdoms and experiences and words -- and truly be your own, independent, scientist and bold adventurer and philosopher and artist,

Because if you truly cut to the chase, everyone out there are basically Losers, completely just plain losers. It's Losers Galore out there in the World. Or they're trying to take advantage of you, and sell you something just to enrich themselves.

That market million is truly just around the corner, it's just a matter of literally adjusting and morphing a few wires and bolts in your mind, angle and perspective and process,
More...
Thanks.
That’s one of those things that I’ve believed but never internalized that belief enough to apply it. No more excuses, no more punking out, etc., especially since I’ve taught a couple of traders what I’ve learned and they went on to make a million while I’ve been holding myself back.
 
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