Ratman's beginner's set up and analysis

A journal is incredibly important for my trading. I've attached a sample of what I do for EVERY SINGLE TRADE. In excel I have a separate tab for each date, plus a trade summary that lists all my trades in a table, plus a balance sheet with money management stuff like equity curves, overall P&L, win % etc.

Obviously the trade entries aren't all this long. This one shows how much detail I go into on winners where trade management is key. I can look back and see whether my stoploss management was optimal. The stop management on this trade was OK, but I missed some clear chances to add to my position.

After a month I go back and review the trade and see where the market has gone, and add a 'hindsight' comment.

Anyway, this may or may not be of help to people on this thread. My journal has evolved over time to reflect my style as a trader and is possibly the major reason why I'm profitable.
 

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I havent posted in ages.

What you cats think?

any ideas?

I'm thinking the short looks more sensible but gold daily is looking h&s ish and its on a down. Looks double toppish at old support level for Jan. You know what they say abouts gold and the dollar.


Also thanks for the journal blue.

Ive only made three trades since i started using it and they've all been profitable.

I'd advise anyone else who is new to trading to adopt that method... it really helps you to analyse your positions carefully and maintaini discipline.
 

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Hi Aaron,

Just read your post on the potential set-ups thread about that descending triangle and thought I'd throw an idea at you which is working for me (6 months into learning to trade).

For quite a long time I watched loads of markets looking for pins, IB's, H&S, triangles, double tops / bottoms, failed retests and all on multiple timeframes etc. until one weekend I thought my head had exploded!! It was very obvious I had analysis overload and nothing was going right. Anyway I re-read TD's MMT thead and re-wrote my trading plan in a way that I thought would suit me. I like watching lots of markets as it interests me to see what is going on so rather than watch a load of charts looking for 20 different set-ups I now watch a load of charts looking for 1 set-up and 1 set-up only. For timeframes I focus on daily, H4 and H1, although I am liking H1 less and less as it is too hectic for me. For additional 'pleasure' I scan the top 200 companies in prorealtime EOD looking for that 1 set-up as well. If I see it I will evaluate and trade it. By chance I saw the cable H&S this morning but didn't even think of trading it as it isn't the set-up I am looking to trade.

Anyway the point of my rambling is that, for me at any rate, trading is about making money, and to make money at something one has to become good at it. Usually it is better to be 'master of one' (market or set-up) than 'Jack of all Trades' (all set-ups and markets). To that end, because I enjoy looking at lots of markets, I have scaled down my potential set-ups to now only having 1 that I look for. But I look at it on 24 markets!!

It's just a thought and has helped me attain more focus.

Rob

P.S. Obviously there is a converse in that you could wtch for loads of set-ups, patterns etc. but maybe just focus on 1 market.
 
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I'm in the same position as you. I like to see what's happening. I enjoy learnig about the markets and thats why I want to trade but ultimately I want top make money. I'm getting a bit carried away. I'm calming down now but I still need to get the kind of figures I was seeing on demo out of my head. I was bringing back over 100% with a £7-800 margin. Now with spreads and added fear, live trading messed with my head after I made a few losses. I'm not as ermm... "astute" as I was on demo.

I have trouble trying to let go of winning trades so I'm constantly monitoring loads of markets. This way I end up missing out...

I'm definately taking what you said on board. I'll choose a few set ups and cruise through the markets... see which ones I call the highest percentage of he time..
 
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Real money definitely changes one's perspective!! It's worth having a go at focusing on one set-up or market if you're having that 'wood from the trees' sensation.

Can be a bit dull but, as I have read all over the place, the day trading becomes boring is the day one can call oneself a 'trader'!!
 
I'm seeing a potential open offside of the trendline on Sunday night.

Target of between 250 - 300 pips from the breakout point.

That's a price projection based on the highest close above the trendline.
 

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What an advice

kitejedi said:
Hi Aaron,

Just read your post on the potential set-ups thread about that descending triangle and thought I'd throw an idea at you which is working for me (6 months into learning to trade).

For quite a long time I watched loads of markets looking for pins, IB's, H&S, triangles, double tops / bottoms, failed retests and all on multiple timeframes etc. until one weekend I thought my head had exploded!! It was very obvious I had analysis overload and nothing was going right. Anyway I re-read TD's MMT thead and re-wrote my trading plan in a way that I thought would suit me. I like watching lots of markets as it interests me to see what is going on so rather than watch a load of charts looking for 20 different set-ups I now watch a load of charts looking for 1 set-up and 1 set-up only. For timeframes I focus on daily, H4 and H1, although I am liking H1 less and less as it is too hectic for me. For additional 'pleasure' I scan the top 200 companies in prorealtime EOD looking for that 1 set-up as well. If I see it I will evaluate and trade it. By chance I saw the cable H&S this morning but didn't even think of trading it as it isn't the set-up I am looking to trade.

Anyway the point of my rambling is that, for me at any rate, trading is about making money, and to make money at something one has to become good at it. Usually it is better to be 'master of one' (market or set-up) than 'Jack of all Trades' (all set-ups and markets). To that end, because I enjoy looking at lots of markets, I have scaled down my potential set-ups to now only having 1 that I look for. But I look at it on 24 markets!!

It's just a thought and has helped me attain more focus.

Rob

P.S. Obviously there is a converse in that you could wtch for loads of set-ups, patterns etc. but maybe just focus on 1 market.
Click to expand...

Thanks alot Kitejedi for this great post.
I have read the Money making trading Thread and i have chosen a set up which am still working on it. I have borrowed a lot from that thread in coming up with my own system and i am still testing it and it looks promising.

I am also doing a 2 year backtesting in 5 pairs which i want to trade. I think it will take me two to three months before i can come up with a working system based on price action as it explained by Trader_Dante and other forums like FF.
Thank you

Edward
 
Hi Edward,
Thanks for your kind words. Re T-D's MMT thread it's the levels that are important - get them dialled first and it all follows on from there IMO :)
Cheers
Rob
 
lets see if this one plays out...

Not trading live at the moment... gotta save for holidays

Just having a look at the 15 chart that somebody else was talking about and thought I'd analyse and demo it

Lets see how this one plays out

short 240 stop 260

Initial target 210 but i want 200

work out the r:r yourselves if you're interested in that... from time you adjust your stops or add to your position its b*llocks anyway
 

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Hey Aaron
You could set targets for your trades at the major SR levels before you go to bed!
Nic
 
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