Shellsnail's Intra-day Trading Journal

Trading Discussion Trade Journals
1

[B]My Mindset: [/B]

Each day is a learning experience and an opportunity to improve.

[B]My Goal:[/B]

I’m trading on a demo account of $500. My goal is to triple my account, restart with $500, and triple it again.

I am not concerned about how long it will take.

[B]General Rules:[/B]

Loss Limit for the day: 5%
Loss Limit for the week: 10%
Min Risk amount for 1 trade: 1%
Max Risk amount for 1 trade: 2%
Max Risk amount for 1 position: 5% (from scaling in and adding to a position as more patterns appear)
Only trade pairs that have recent fresh news.
When the market proves me wrong, get the f out of the trade.

[B]Trading Timings:[/B]
London Open - London Close

[B]My ‘Playbook’:[/B]

Skeletal thought process:

  1. Look for something to happen that defines my particular market bias for the next trade.
  2. Once bias is defined, look for entries.
  3. Define Risk and SL.
  4. Look for levels to take profit.
  5. Verify that expected RR is at least 1:5.

[I]The Rule of 3[/I]

Market bias is defined by the rule of 3.

  1. Levels must always be present.
  2. TL break (1 min TF)/ Engulfing candle (1min)
  3. Slowing momentum (3 thrusts pattern, divergence)/ In line with 4H trend

[I]Entries[/I]

  1. 50% retracement entry
  2. Engulfing bar entries
  3. Reverse TL bounce entries.

[I]Hold trades when[/I]

  1. In line with H4 trend and D1 trend.

OR

  1. Divergence on H1 Chart (for reversal trades)

Exit these trades when there’s a 15min trendline break.

[B]Exit Strategy[/B]

  1. Look to take 2/3 of positions off at identifiable supply/demand levels on the chart and add back the 2/3 of position on 50% pullbacks OR pullback to key levels OR breakout of consolidation zones.

  2. Exit all positions at final defined TP level usually R1/S1 of the day or a round number or a logical level based on Average Daily Range. (except for trades to hold)

[B]Things to Focus on[/B]

  1. Intra-day levels.
  2. Repeating Ticks at key levels.
  3. Chart Patterns.
  4. Possible Catalysts

[B]Things to NOT focus on[/B]

  1. Others
  2. Predictions of market direction in the overall trend.
  3. Personal Issues.
  4. Results/ P&L
  5. Opening and closing orders - trading for the sake of trading.

[B]Philosophy[/B]

  1. Never be afraid to take small losses.
  2. The important thing is to stay alive. 90% of trading is just staying alive until you catch the 1,2 trades that make good money for you.
  3. Just keep making that “One Good Trade”.
  4. Form opinions based on bigger picture bias; Smaller timeframes help to define the RISK and ENTRY and EXIT levels.

And for everyone learning to trade, this is an excellent video - a presentation by Mike Bellafiore: