The student is ready

2

2_bits

I’m a part time end of day trader who has been trading with very limited success for over a decade. Trading is the toughest “game” I have ever played. I know that I have psychological and technical issues that need a lot of work if I am ever to be an Elite Trader, which is a dream I’ve had since I’ve started trading over 10 years ago.

In order to achieve this dream, over the past year I’ve spent a lot of time practicing trading by scrolling through charts and making paper trades and taking notes. In addition, I’ve put together a draft trading plan based on my experience. Finally, I have decided to put my trades in a public trading journal in order to

1. Document my trades in a manner that forces me to acknowledge my performance, adherence to my plan, reactions to my losses, etc.

2. Share a hobby with others who have the same interests

3. To get feedback from other traders to improve my trading
 
Attached is my draft trading plan. I use traditional candlestick charts along with a moving average to form the basis for my trades. I've tried a lot of other techniques over the years, but this method best matches with my personality type.
 

Attachments

Save yourself a lot of time and effort, and look at the very good outline that RN has shown on this site, which he calls A&M.

Do not ask what A&M means, but go and find it out for yourself, and more importantly, commit to take from the A&M document what you require in order for you to succeed.

Be very careful getting into this journal posting stuff, as it means absolutely nothing unless you are trading live and can quickly correct the errors you are making.

You make money by trading, and RN trades every day, and makes good money which he holds on to, so decide what you want most, to learn what needs to be done, or to amuse yourself and others!

I guarantee that if you do as I say, you will thank me in the future.

J_S
 
J_Smith said:
Save yourself a lot of time and effort, and look at the very good outline that RN has shown on this site, which he calls A&M.

Do not ask what A&M means, but go and find it out for yourself, and more importantly, commit to take from the A&M document what you require in order for you to succeed.

Be very careful getting into this journal posting stuff, as it means absolutely nothing unless you are trading live and can quickly correct the errors you are making.

You make money by trading, and RN trades every day, and makes good money which he holds on to, so decide what you want most, to learn what needs to be done, or to amuse yourself and others!

I guarantee that if you do as I say, you will thank me in the future.

J_S
More...

J_S,

Thank you for your feedback. I've tried many different techniques over the years and followed many different gurus. In my experience, hopping from one technique to another did not enable me to master any one technique in particular. As a part-time trader, I believe I need to do this and have spent the last year trying to do so. If my current approach as outlined in the trading plan I have attached proves unsuccessful over the coming months, I will definitely take a look at the A&M method you have suggested.

2_bits
 
Last edited:
Trade #1: I took this trade last Friday. My initial risk was 4.5%, which is much higher than my trading plan calls for. However, since I did not finalize the trading plan until today and I am already in the trade I will manage it as part of this trading journal. I have no other trades outstanding.

Instrument: March 2016 ES
Timeframe: Daily
Setup: Reversal
Entry Price: $1847.50
Initial Stop Price: $1802.25
Trade Type: Swing
Initial Target: $1985 (Support/Resistance)

Trailing Stop Price: $1822.25
 
Welcome to the forum.

Acknowledging the psychological and technical issues you have is a really good thing to do: so many people struggle without really acknowledging either, and we all know where that leads. Practice-trading by looking at charts, making paper trades and making notes is of some value, but a demo account is perhaps more helpful, overall.

Documenting your trades in public and getting feedback can be an excellent way forward. It's a way of being honest with yourself and holding yourself accountable; it's a much more effective way of analyzing and reflecting on what worked and what didn't than not keeping a journal; it's a way of getting input, questions, insights and suggestions from others that wouldn't otherwise be so readily available, and it tends, overall, to enhance objectivity and to diminish subjectivity. I look forward to reading on, soon. :)
 
2_bits said:
I’m a part time end of day trader who has been trading with very limited success for over a decade. Trading is the toughest “game” I have ever played. I know that I have psychological and technical issues that need a lot of work if I am ever to be an Elite Trader, which is a dream I’ve had since I’ve started trading over 10 years ago.
More...
Hello 2_bits and welcome to the forum :)
From an unbiased perspective I noticed the wording used in your post, we appreciate your honesty in sharing your journey. The words highlighted speak volumes and we have all used them at some stage.
limited success for over a decade. This is a fairly long time to put up with limited success, something needs to change and soon. Start to show us what your doing so we can identify areas needing improvement.
psychological and technical issues This is common among traders, write down the issues. Most of the time these are caused due to not following or having a solid trading plan.
which is a dream Time to make it a reality and no longer a dream. Learn the traits of the greats. They have a method they have a trading plan they have good habits they cut losers quickly etc. Research this.
 
Welcome to elitetrader! When the student is ready, the teacher will appear.

There is tons of good information here. Just take your time and think for yourself. Good luck!
 
I will not post more detail in this thread, as it is 2B's journal thread, but I will post in other thread, as I think it is relative. If no one finds it relative, so be it, that is their own business.

J_S
 
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