Journal XburbX - My Plan
- Thread starter xburbx
- Start date
XB,
Had another thought today (makes two in two days â now my head hurts)
The first thought will be is a second post btw
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My thought today (and feel free to disagree â I could be wrong)
You Sir are hard headedâ¦.. (but then so am I)
Once upon a time before this journal â we butted heads⦠and you were butting heads with yourself â very hardheaded, very stubborn... and very tenacious
And all of it focused at you
==================================================
Now that weâre on the same side of the proverbial trading fence/ chasm â you are still hardheaded, tenacious, and stubborn
But now, youâre fighting with yourself â on your sideâ¦
This journal (your dogmatic tenacity in following the plan) is testimonial to what Iâm trying to say
You are fighting for you⦠you are fighting for the right trading actions⦠and you are fighting for your success as a trader
And be damned if anything is going to get the way of that â least of all you!!!
Just my way of saying â great job these last three weeks
Great job in being consistent
Great job in following the plan
Great job on focusing on whatâs important
Having a plan is important - but having a trader's mindset - is priceless
==========================================
Remember to rest and blow off some steam this weekend.., Monday will be here before we know it
RN
Had another thought today (makes two in two days â now my head hurts)
The first thought will be is a second post btw
=======================================
My thought today (and feel free to disagree â I could be wrong)
You Sir are hard headedâ¦.. (but then so am I)
Once upon a time before this journal â we butted heads⦠and you were butting heads with yourself â very hardheaded, very stubborn... and very tenacious
And all of it focused at you
==================================================
Now that weâre on the same side of the proverbial trading fence/ chasm â you are still hardheaded, tenacious, and stubborn
But now, youâre fighting with yourself â on your sideâ¦
This journal (your dogmatic tenacity in following the plan) is testimonial to what Iâm trying to say
You are fighting for you⦠you are fighting for the right trading actions⦠and you are fighting for your success as a trader
And be damned if anything is going to get the way of that â least of all you!!!
Just my way of saying â great job these last three weeks
Great job in being consistent
Great job in following the plan
Great job on focusing on whatâs important
Having a plan is important - but having a trader's mindset - is priceless
==========================================
Remember to rest and blow off some steam this weekend.., Monday will be here before we know it
RN
Hereâs the first though I had yesterday
And as always you know you can decline
Keeping with this journalâs primary theme (My plan)
Would you be willing to share how you went about formulating your plan?
No details⦠nor specifics â of whatâs in the plan⦠but simply a how you went about creating the plan from thin air
Hereâs my thinking â possibly a few folks reading along may want to create their own plan, but are simply not sure how, or where to begin
Thoughts??
RN
And as always you know you can decline
Keeping with this journalâs primary theme (My plan)
Would you be willing to share how you went about formulating your plan?
No details⦠nor specifics â of whatâs in the plan⦠but simply a how you went about creating the plan from thin air
Hereâs my thinking â possibly a few folks reading along may want to create their own plan, but are simply not sure how, or where to begin
Thoughts??
RN
Yup. No big deal. Nothing outside the plan. You are correct that I am stubborn and hard headed. I truly truly appreciate your encouragement , feedback and dare I call it guidance.
Something I started to see as I near my 40 trades on this plan are some glaring things impacting the success of more profitable trades. Journaling and documenting is the only way I would have seen this.
My plan for changing my plan or altering it has its own guidelines. I'm getting carried away.
I should have taken your lead today and left. Oh well. Longs got smashed today. By smashed I mean several small losers
Something I started to see as I near my 40 trades on this plan are some glaring things impacting the success of more profitable trades. Journaling and documenting is the only way I would have seen this.
My plan for changing my plan or altering it has its own guidelines. I'm getting carried away.
I should have taken your lead today and left. Oh well. Longs got smashed today. By smashed I mean several small losers
I hope this helps someone break through
1. Understand that a plan is your only point of reference in the market in gauging profitability. A changing plan or one that you donât follow means that you are not basing your trading on anything. Most importantly before you make a plan understand why you are making it and what it really is. Don't make a plan without being intimately attached to it. Learn you first and make a plan that fits it. Your own traits and tendencies are what needs to be tailored to or altered.
2. Details are a deal breaker â Learn your setup and avoid words like âclose, far, near, aboutâ. As soon as a word like that comes up, make a rule in terms of price action. (A trait that I fought and now twitch if I don't focus on the details I see as important)
3. Use more than 1 time frame
4. Learn to capture all of priceâs current movement in the time frame you are viewing. This is an art form and one of the reasons no one can teach exactly how to trade.
5. Understand that a plan works over time.
6. Journal everything with your trades. Time taken, stop loss, length of trade, pictures
7. There is no magical setup or indicator. Simple price action basics work.
8. Support and resistance work sometimes and not others. This isnât the point. The key is to choose them as close to the same every time while capturing the body of price. The close and open of yesterday might be the same in picking each day but they donât always capture price.
9. Take your stops
10. If you donât understand something in the market get out or sit on your hands.
11. Allow price action to manage where your stops and exits are. The market goes where price goes not where you want it to go.
12. No one can predict the market so you have to trade according to what price is doing RIGHT NOW.
Some of these steps might not be needed by YOU but they are needed for ME.
1. Understand that a plan is your only point of reference in the market in gauging profitability. A changing plan or one that you donât follow means that you are not basing your trading on anything. Most importantly before you make a plan understand why you are making it and what it really is. Don't make a plan without being intimately attached to it. Learn you first and make a plan that fits it. Your own traits and tendencies are what needs to be tailored to or altered.
2. Details are a deal breaker â Learn your setup and avoid words like âclose, far, near, aboutâ. As soon as a word like that comes up, make a rule in terms of price action. (A trait that I fought and now twitch if I don't focus on the details I see as important)
3. Use more than 1 time frame
4. Learn to capture all of priceâs current movement in the time frame you are viewing. This is an art form and one of the reasons no one can teach exactly how to trade.
5. Understand that a plan works over time.
6. Journal everything with your trades. Time taken, stop loss, length of trade, pictures
7. There is no magical setup or indicator. Simple price action basics work.
8. Support and resistance work sometimes and not others. This isnât the point. The key is to choose them as close to the same every time while capturing the body of price. The close and open of yesterday might be the same in picking each day but they donât always capture price.
9. Take your stops
10. If you donât understand something in the market get out or sit on your hands.
11. Allow price action to manage where your stops and exits are. The market goes where price goes not where you want it to go.
12. No one can predict the market so you have to trade according to what price is doing RIGHT NOW.
Some of these steps might not be needed by YOU but they are needed for ME.