Return To Reality

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Basically yes, but don't have a hard stop. If I get a bad daily close will close it manually. If I wasnt trading tiny size I would have a hard stop.
 
I'm going to post some figures here so I don't lose them. If you are curious they are the amounts in pips that contain the listed % of big and small moves from the open in each period.

Monthly:

Small
50% 80 pips
80% 150
90% 220

Big
50% 314
80% 646
90% 812

Weekly:

Small
50% 44
80% 78
90% 105

Big
50% 158
80% 250
90% 320

Daily:

Small
50% 19
80% 37
90% 52

Big
Small
50% 73
80% 120
90% 160
 
In retrospect I am not happy with my entry. I misunderstood the statistics I was running. I placed too much weight on the average when in reality the average doesn't mean much. It is the distribution that counts. I should have gotten in at a much better price. But there is nothing to indicate closing this position for now. That is why I am trading small because quite frankly don't really care what this trade does. I am much more interested in the math and theory.
 
Quote from baggerlord:

Well AUD/USD is breaking down already for the month. If it gives a good price action entry on the daily chart I will initiate a short position. The breakdown only gives a bias.

I'm not going to post trade size because it doesn't matter. (it is small though lol). Too many people on this site focus on $$ figures instead of methodology. It is a sad fact that Neke's journals are some of the most popular ones on this site. All he does is post some big numbers. There is absolutely nothing to learn from that. Do yourself a favor and focus on technique, not $$.

My goal right now is to learn a routine and methodology that I can scale up as my income and account size increase. My goal is definitely not to make money. Remember my aim here is to beat normal investment returns with a minimal amount of time involved. IE Daily charts only.

I think starting with a daily charts only approach is a good idea for most people. Once that timeframe is mastered one could consider moving to 4 hour charts or something. Too many people jump straight to daytrading. I did and it was a bad way to go.
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+1 very good post.
 
Good, haven't done any trades since that one I closed. Kind of busy at work, trying to get promoted next month and doing some prep for the sf course. Hoping to run some more stats tomorrow if I have time.
 
I don't understand why one needs 100k + expenses. I have a college degree, went to work in the computer field and have had to get by as a single person on $40k salary for years. I get by with no cable, living close to work and sometimes riding a bike, and getting food and cleaning supplies from walmart and 99c store. I did not start trading or learning to trade until my mid-thirties. I've always rented and have stayed out of debt. I use the same clothes year after year. I put together a working MAC osx clone out of older pc computer parts and an OSX disk.

Unless one has a specific lifestyle needing 100k. Or has a family and house to pay off.

Gaining profits from trading has only added to my income sometimes exceeding it by a monthly basis. Keeping a savings pool along with a trading account I don't see what the problem is making a living on trading if one is able to. My dreams of a robust career in my field are pretty much gone with all the outsourcing and betrayal of the middle class by the 1% wealth controlled government. Trading is still a possible means to make it big to accumulate capital to start a business in the future instead of working for someone else for peanuts in today's employer's market.
 
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