Personal Journey - The Goal is Survival

Quote from anglagard:

I think all I really need to study your method is a Market Profile add on for NT.

Will do some research.

Thanks Ammo

Joe
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i had an acct with amp and the ninja was basic,you had to pay ninja for the rest of it,a scam that the house wouldn't pay for it
 
Quote from Razorsharp:

i suggest you start super small with real money cause thing are different especially since you will have to report to you wife.
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:D
 
The account got funded.

Need to learn how to integrate NT with IB and learn how to use IB, that's gonna take a bit of time.

Lots to read.

Joe
 
Trading / Money management plan as of 08/02/11

Capital usage per trade 6000.00 until consistency in cash is witnessed.

Max risk per trade 1-2%, approx. 60.00-120.00, give or take price action.

All positions must be closed before 4PM EST unless trading ETFs then 8PM EST is applied.

No averaging down whatsoever.

No hoping or praying just shoot for great discipline.

Absolutely no extending stops during a trade.

If a mistake in position size is witnessed during a trade, the trade is to be cancelled immediately.

A loss is to be accepted as cost of doing business as long as the plan was traded, a winner is fine as long as the plan was traded. Win or lose if deviation from plan is witnessed a warning will be issued.

Failure to trade the plan will be determined by a two warnings accumulation and all cash trading will be suspended for a week.

Present goal is to obtain consistency by entering, obtaining a reaction from the market, reducing risk and allowing the position to run via logical exits and/or the trailing of stops.

<To be edited and revised>

Joe
 
you seem to have great discipline, i don't,your trading style will morph to protect you in your short comings,a 7 ft man doesnt need a ladder to cut the cielings,i do..point is find out how your personality reacts to to winners and losers and try to change it to be least risk ,most profit,death by a thousand stops or death by no stops, there is a middleground
 
Quote from ammo:

you seem to have great discipline, i don't,your trading style will morph to protect you in your short comings,a 7 ft man doesnt need a ladder to cut the cielings,i do..point is find out how your personality reacts to to winners and losers and try to change it to be least risk ,most profit,death by a thousand stops or death by no stops, there is a middleground
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I cannot stand the feeling of hope when I'm in a losing position, therefore, adding to a loser is absolutely incompatible with me.

Either things are going my way or I rather take the stop.

On the unfortunate times where it goes nowhere and just idles itself sideways, I would much rather step out and take a walk, kiss the family or have a cup of coffee outside the computer room.

The above helps me respect my stops and my trading plan.

Perhaps the infamous death of a thousand stops is equivalent in pain to averaging down but as you say, we must find the middle ground. Best solution I got for that is to try to enter at critical areas instead of dancing with noise.

Joe
 
learning to read the market is easier than trading,there is no emotion involved,if your ability to read the market correctly is at a high percentage,you can use the stat to override the emotion
 
Question to the experienced equity traders reading the journal.

First of all, thank you for responding, appreciate the time you take to help a stranger.

When trading different instruments the shares required naturally change due to stop placement and share value.

What suggestions do you have for a quick share number allocation in order to optimize order entry with precision and efficiency ?

I was thinking of creating a simple spreadsheet but perhaps I'm missing the obvious.

Since I plan to use constant risk, this is important to me to get it right.

Thanks again for your input.

Joe
 
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