After 9 months of trading on SIM, cycling through indicators and methods, attending webinars, endless hours watching the markets....I'm running out of time. My wife gave me 12 months and I've almost used that up (August 25th). The pressure is on.
I've made progress, I'm down to a simple method in determining the markets structure and I use the DOM for entry at those predetermined levels. I still have some big issues to over come. They are, but probably not limited to:
1.) Over-trading - As TH says I'm working for the broker'
2.) Taking the wrong trades
3.) Failure to plan the trades
4.) Exiting too early or too late, not following the plan
So to help me overcome this I've decided to finish up my SIM trading at the end of the month on ASF, a public forum. That gives me a couple of weeks to perfect my One Good Trade (book by Mike Bellefiore) before going Live on August 1st and finally end my misery and either *rap or get off the *rapper.
From tomorrow i will attempt to take one trade per day for each market i follow, K200, HSI, Dax and Crude.
Here are the rules:
1.) No more than one trade per market,
2.) If no planned trade setups apparent, don't trade.
3.) Max loss per trade is about 360 EUR on average but its specific to each market.
4.) Max daily loss is 500 EUR
5.) I must take a trade at a predetermined level anticipated in my my plan.
6.) I must use the trade management in auto to go to breakeven. I can move my final contracts target order only.
By doing this on ASF i feel i can make the trade a good one, put my best effort into it by being publicly accountable and learn to exercise discipline.
Tomorrow i will structure the markets and post the plan for the morning sessions, and the trades that i will anticipate. I will try and post the Market structure before the markets open but time is tight in the morning so they may get posted after the open. To start here is the K200, and the HSI.
I'm open to criticism, but please keep it constructive...this is already difficult enough to do!