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Jimmy Jones: Made my first trade tonight using only s/r lines.... I went short and took 20 pips with a tight stop up above the s/r. 2r trade, not great but was more interested in the concept than the gain.
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Congrats Jimmy! I started incorporating this methodology into my trading plan a couple of weeks ago and have seen a great improvement!
Re trade documentation ....
Interesting .. JimmyMac and Kenneth Lee have almost opposite points of view on this ...
I see JM's point .. if your trading plan is in place, you don't need excessive documentation and post-game analytics .. but, on the other hand...
Kenneth has a lot of validity, especially for newer traders. As I was reading his post, I was thinking .. maybe write out a set of questions/criteria that can be answered with a simple yes, no, or a check mark .. and print it out, one set of questions to a page and then use one page for each new trade.
That way you would have a quick way of 'checking' that the trade you are about to take will meet your (already defined) criteria...
Probably too basic an idea for the pros, but for newbies ... could be useful.
I still would like more input from seasoned traders .. do you document each trade and if so, why? And, briefly .. how?