My ideas and trading diary

[haruns]

The key to becoming a great trader lies always in understanding the philosophy of losses and why people lose.

I will say it 1000 times if not 10, 000 times . Trading is never about finding best strategies or focusing on money. It's always about understanding losses

you nailed it!
I can see you have it in you!

intelligence is not the key to success in trading, if it was there would be so many successful traders.

 

[haruns]

an undying desire which does not let you stop will show you the way eventually

 

[goldenedge]

Indeed. You are right haruns


I hit my loss limit for the week after which I know I'm 100% sure that every loss I take will be emotional and personalized.

I will only trade 1-2 crude and zinc minis only for the rest of the week. There are multiple loopholes in my trading strategy which I will fix.

I don't know why I'm unfocused and disturbed lately. This is also something I'll figure out.

Good luck everyone with your trading for the rest of the week.

 

[goldenedge]

Lesson - if you're feeling bad or sad or whatever regarding not just trading(anything )

Don't do nothing at night. Either drink your heart out and sleep or whatever you prefer to do to take your head out of the task.

Reason? Analyzing things at night is as bad as revenge trading. Instead of focusing on it all night, make it the first thing you will tackle after waking up.

Suppose if the problem is trading, then wake up and completely focus on it tomorrow morning. Analyze your mistakes and everything but don't , stay all night and do things out of half hearted revenge.

 

[Aman_trader25]

I will say it 1000 times if not 10, 000 times . Trading is never about finding best strategies or focusing on money.

It's always about understanding losses

i've been following this thread for a while. nice job and so true with the quote above.

 

[goldenedge]

Multi time frame analysis ie, looking at anything more than a 30 min chart is something I feel useless based on experience .

I trade on 5 min time frame and exit quickly most of the time so looking at anything more than 30 min chart creates a mental bias in my mind. My stop losses are really tight.

The charts I look at is mostly 5 min, sometimes 1 min and 15 min. (1 min to plan exit and 15 min to size up the trend).

Is this everyone else's experience or just that it's not working with my strategy? I call this the T+2 paradox (T being your timeframe)

 

[augubhai]

Bigger timeframes have their uses, even for Intraday trading. Depends on your trading method.

 

[goldenedge]

KISS - keep it simple stupid, is a bad advice given to traders in terms of developing a methodology to trade.

There are two parts of methodology - 1)Analysis 2) Strategy. Analysis is the part where you spend most of your mental energy and strategy is where you develop a plan to execute your ideas.

So , keeping analysis simple is never a good idea. You should look at a lot of things before even developing a plan. For example, you should look at your indicators, momentum , trends or range, similar market movements, price action, time/volume etc (just an example) and form a VERY CLEAR analysis on what you are going to do. You should know the ins and outs of your analysis. This consumes a lot of mental energy , especially for beginners.


And this is just the beginning. Next, you should develop a strategy, trading plan , trade management after trade open , write your journal and thoughts. It might be easy to some people but trading really takes a lot of mental energy for me.

Instead of keeping it simple, I prefer to have a very specific and clear analysis for my next trade no matter how much time it takes.