Hi All,
I am not an experienced trader, just doing some Intraday trial and error stuff in live as backtesting results are very different from live, at least for discretionary trading.The reason I am starting this diary is because I experienced some very serious issues in my psychology and discipline while trading. I can list them as under:
1) Since I am not answerable to anyone about my actions, I tend to take trading casually.
2) I have defined certain set up areas, but I also trade when price is not in those areas.
3) The result is I overtrade and keep suffering losses.
4) I dont keep note of my trades, and as it is, most of the trades I take have no solid base.
So I thought that if I start a thread, while trading, I know that I have to update the thread, and I have to justify my actions in that thread. Since this thought will always be at the back of my mind, I will trade very selectively. Because many times I have decided to trade selectively, but failed.
Now as I have stated at the very beginning of this thread that I am not an experienced trader, my default position would be "to NOT trade" like Lance Beggs once said, although in a different context. And with this, the toughest challenge would be boredom and losing focus !!! But that would be definitely better than a dent in the trading capital.
I will not go looking for set-ups, but trade only when a set up jumps out at me -- AT THE TRADE AREA.
About my trading style, I have read YTC, trying to understand Al Brooks, and a website by a trader Jagadeesh, which is very good explanation of YTC. My trade areas are Previous session High and Low, and 30 min pivots. I have decided not to trade anywhere apart from these trade areas. Let us see if I am able to follow a disciplinary approach.
About my trading rules, I have defined some very basic stuff, but cant document each and every thing i have read and hope to follow.
And as I am not a full time trader, i will update the thread only on those days when i trade.
I am not an experienced trader, just doing some Intraday trial and error stuff in live as backtesting results are very different from live, at least for discretionary trading.The reason I am starting this diary is because I experienced some very serious issues in my psychology and discipline while trading. I can list them as under:
1) Since I am not answerable to anyone about my actions, I tend to take trading casually.
2) I have defined certain set up areas, but I also trade when price is not in those areas.
3) The result is I overtrade and keep suffering losses.
4) I dont keep note of my trades, and as it is, most of the trades I take have no solid base.
So I thought that if I start a thread, while trading, I know that I have to update the thread, and I have to justify my actions in that thread. Since this thought will always be at the back of my mind, I will trade very selectively. Because many times I have decided to trade selectively, but failed.
Now as I have stated at the very beginning of this thread that I am not an experienced trader, my default position would be "to NOT trade" like Lance Beggs once said, although in a different context. And with this, the toughest challenge would be boredom and losing focus !!! But that would be definitely better than a dent in the trading capital.
I will not go looking for set-ups, but trade only when a set up jumps out at me -- AT THE TRADE AREA.
About my trading style, I have read YTC, trying to understand Al Brooks, and a website by a trader Jagadeesh, which is very good explanation of YTC. My trade areas are Previous session High and Low, and 30 min pivots. I have decided not to trade anywhere apart from these trade areas. Let us see if I am able to follow a disciplinary approach.
About my trading rules, I have defined some very basic stuff, but cant document each and every thing i have read and hope to follow.
And as I am not a full time trader, i will update the thread only on those days when i trade.
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