TRADING JOURNAL
A trading journal is a powerful tool meant to help become a profitable and stronger trader. Essentially, it is a written record of what happened during a trade.
1. Follow THE rules
- Take only high quality trades (Ratio 1:3, be patient)
- Follow Smart Money and Supply/Demand zones
- Buy only at resistance / sell at resistance
- After three losses, stop trading
2. AVOID mistakes
- Do not chase the price
- Stay patient (wait for pullbacks)
- Max 3 trades a day
- Max loss a day 30 USD
- You are Trading Manager and Market is your Boss (he is your BE or NOT TO BE)
3. Trades Analysis
- Table
- Comments
- Charts
Table
[ninja_tables id=”324″]
Comments
- Germany 40 – I took this trade assuming market will go down and respect supply zone, but it did not respect it. Afterwards i can add saying that markets were on a huge sell off since a few weeks so all was highly oversold. There was a high chance of successful breakout which i did not assume will happen.
- Crude Oil – all trades were incorrect. Stop Loss was too tight, min should be set up to 111 points. I was also impatient in terms of entry, it was not perfect moment when i entered those trades, instead i did not want to wait for perfect entry and took as quick entry as possible, this is not how you should trade. Since i started trading this position i could do 700 points within a week when it just grow, i have took only partial gains and then lost a lot because wanted to trader farther. From today i can say that the best option was to do one trade and leave it running for a whole week making me enormous profits. Instead of doing 50x small risky trades, you do ONE bigger and with wider stop loss and 8x bigger profit target. After that switch to other instrument and this let run.
- Germany 40 – my account was also down to 40 USD only and then i saw DAX so low and decided to take a trade with very tight stop loss of 30 points and reward 120 points, and it worked out! Trade won me 4:1 profits which means i have 4x multiply money within 2h. It shows how critical is correct entrance, quality entry instead taking first available opportunity. Think about it.
- Wall Street 30 – quick scalp which took 20 min while this instrument is doing ~500-1000 points a day and i take from it only 30-40 points which is 5% of market moves. To be honest i do not take anything from this market, it is extreme volatile with very large stop loss, super fast, often way to fast for me. Intra day direction is changing also very often which is tricky too.
- Before/After/In the meantime – i took series of small overtrades which did not have any sense in terms of set up, stop loss or logic. It was like a playing a game instead being serious and doing a business. For this reason i have lost all my gains and afterwards week became a loos week.
Charts
