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. TRADING RULES & PLAN
General
- Risk & Personal Responsibility – the only way to survive in the long term
- Gambling – in/out 100x a day without big picture
- Survival & Inventory – you hard earned cash is your inventory, never stockout
- Patience – wait for big market moves, give price time to executes
- Turtles wins the race – think in terms of months / years compounding power
- Self-discipline – making a conscious commitment to pay attention to what you are doing
- Getting Rich Scheme – means repeatable trading proces plotted into months
- Market Has No Feelings – you cannot persuade it
- Todays market price – has already factored all news and economy
- Do not chase the price – wait once it back to demand zone
- Do NOT fall in love with markets – being profitable means often boring, not excitement, it must generate money for your living, not consuming time only
S&P 500 / BTC – Trading Rules
- Follow intraday price action
- it does not matter what you think will happen
- 50% times your assumptions will be wrong
- the only thing matter is price action
- follow smart money, whales, intraday action
- do not stay angry, just follow price flow
- Be consistent winner
- pyramid winning positions
- book profits often
- move stop loss to breakeven
- you trade your account, not instrument
- finish day with win trade
- Assess market phase
- based on daily/weekly/monthly time frame (up, down, sideways, reversal up/down)
- check top 6 Stocks (20% market cap) – assess RiskReward direction
- check EUR/USD trajectory
- Analyse institutional tools:
- VWAP – assess phase: balanced (rotational), imbalanced (trend), reversal (imb failed), breakout (balance failed)
- Footprint – check out on 4h in which direction there are smart / institutional orders placed
- Market Blocks/Letters – next potential targets depend on scenario
- Track US economical calendar
- Be aware about when big meetings takes place
- Play defense game
- Trade only when you spot great quality set ups
- checkout morning EU and afternoon US opens
- Eliminate bad habits – limit amount of trades
- Increase batch size instead amount of trades
- BIG wins
- are crucial to stay positive
- when market gives you signal MUST take it
31/10/2022 – 05/11/2022
2. Daily summary
SP500/BTC ↔ NO trading day
SP500/BTC ↔ build up and then sell off
I was trading that day, I saw sales orders exactly at the top, i have placed the orders and got profits after 15points while sell off was for more than 100+. I assumed / I beleived that market will stop after 15 points because i drew lines like that. However I did not see M pattern which have traders 100 points! Instead of making huge profits i lost a lot of money. Because i was enteringt longs after 15 points target untill i blew up account. Summary – you beleived particular scenario but it was wrong. Next time be OPEN MINDED and see what markets wants to do instead assumming it. Also after 3 orders long you should stop trading and you did not. It is lack of psychological dyscipline which has nothing to do with pshysical.
SP500/BTC ↔ sell continuation
It was a day of lessions about wrong stop orders, market can easily get to 30 points within a seconds
SP500/BTC ↔ NO trading day
SP500/BTC ↔ amazing trading day, +100 then – 100 points then +100 points
Lesson i got today was stop loss and taking profits. You are obliged to take profits at resistance and sell. You are also obliged to open new positions for reversals at pivot points with stop loss of 15 points.
