This blog is mainly for me to have a place to write my notes after each day's trading. Currently I am trading in simulation the ES using 2 contracts. One contract is out at 1 point profit and the other is usually left to be a runner. My goal is to be able to trade the maximum number of contracts the ES will allow before you experience bad slippage.
My trading style has evolved from about 6 years of learning a bunch of different forms of trading. I love day trading and have already busted one account at the beginning so I am not going live again until these two conditions are met:
1. I am profitable at the end of every week for 12 weeks in a row.
2. Getting in a trade does not excite me.
For #2 what I mean is that I have practiced in sim for so long and have my trading style so engrained into my brain that when I take a trade it no longer excites me. I know exactly what to do in any situation and if something does surprise I will be able to quickly adjust to it. No longer will I be nervous b/c I am not sure about the trade but that I will be so confident from practicing so much that getting in every trade I take is not exciting b/c I am prepared.
I am using Mack's Price Action Trading. For some reason his style made perfect sense to me. I think if I started out with his style it may not have made so much sense to me but because of my journey so far I think I ran across his style of trading at the perfect time. You can check out his website at http://priceactiontradingsystem.com/. He also provides daily market recaps on his Youtube channel at http://www.youtube.com/user/PATsTrading?feature=watch. I did not want to rely on "customized" indicators that someone else created who I would have to pay for. I did not want my trading to be at the mercy of someone else. I had already been down that road several times and it did not work for me. The only indicator on my charts is the 21 EMA. I first ran across the concept of only trading using price action while only using EMAs from Al Brooks. The problem is that to me, his teaching style is so advanced that it is hard for me to understand what he teaches and how to implement it. I loved his trading style but I had a really hard time understanding it. Mack's style made perfect sense to me the first time I read it so I ran with it.
That was a good read. I actully came to this site because he(mike) keeps on talking about failed entires. ALthough I know about failed 2nd entries , i never really gave emphasis on them.
ReplyDeleteOk good Job keeping up the blog.
Cheers Haile
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ReplyDeleteHi Key94, how's your trading so far? We are on the same journey too, tried out Al Brooks' method, bought 4 of his books and the online course. However, the books are too wordy to me. At last stumbled upon Mack's PAT, and Mack's PAT really makes sense to me.
ReplyDeleteAnd Tan, how is your trading since you found Mack's style of trading?
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