My trading journal

[iyerboi]

first you should have a system for entry and exit, the system should be based on charts. i myself am learning brooks price action since a year, still not feeling confident, they say it takes years of practice to be profitable.

what's brooks trading? all said and done, imho money mgmt is what that separates the profitable traders from non profitable ones.

 

[iyerboi]

Day 1:

Bought 5800 call at 24, TSL hit at 25.20. (1 lot)
Bought 5800 call at 22.5, TSL hit at 23.10. (2 lots)

Profit for the day = 23.

Ledger balance - 10,853 approx. (after adj. some past credits)

 

[chetanbang]

what's brooks trading? all said and done, imho money mgmt is what that separates the profitable traders from non profitable ones.

http://brookspriceaction.com/
Al Brooks trades on a 5 minute candlestick chart with a 20 bar ema. he does not use any indicators.

this thing works. if you are interested i would suggest you to register on that website and watch these videos http://www.brookspriceaction.com/links.php?t=sub_pages&cat=9
get to know the abbreviations http://brookspriceaction.com/acronyms.php?sid=5f6e96aa7bf6ab5c16f8d1776829024c

next, read all the articles http://brookspriceaction.com/kb.php?mode=cat&cat=1&sid=5f6e96aa7bf6ab5c16f8d1776829024c
and future magazine articles http://www.futuresmag.com/Pages/Futures-Magazine-Author.aspx?key=AL BROOKS

next, watch the youtube videos http://www.youtube.com/brookspriceaction#g/u

then jump into his books. if you directly jump into books, you will find it difficult to understand.
also don't miss out on the daily bar by bar analysis of emini futures at his forum.

i know this is too much, but any trader must put this much effort to make it.

 

[iyerboi]

like rule one , rule 3 is not overtrading , overtrading is when you put on a position just for the sake of it ,rule 4 is good but y 2 it shuld be atleast 3 , after 3 most intrday traders are booking profits so stocks reverse , after 1 european markets open so nifty could reverse betwaan 9.15 and 10 things profit taking , or stcks are driven higher so that they can be sold of after 10 its momentum trading between 9.15 to 10 , you have to know all these general patterns.

by OT, meant the extra trade where u looking for one last trade/ scalp cuz u think u just spotted a 100% winner.

no trade after 2 cuz mosta my big losses have come after that period. also, finally got a put in a day's work for what i get paid

as for the last para - yuppp! lots to learn

 

[ryan4ucar]

Day 1:

Bought 5800 call at 24, TSL hit at 25.20. Profit of 5. (1 lot)
Bought 5800 call at 22.5, TSL hit at 23.10. Profit of 5. (2 lots)

Ledger balance - 10,840 approx. (after adj. some past credits)

buddy trailing stop loss is when you are in big profits if you buy at 24 it goes to say 30 and forms a range then goes to 36 now you put a stop loss at say 29 , ull get thrased by the market if you adjust for every point

 

[ryan4ucar]

by OT, meant the extra trade where u looking for one last trade/ scalp cuz u think u just spotted a 100% winner.

no trade after 2 cuz mosta my big losses have come after that period. also, finally got a put in a day's work for what i get paid

as for the last para - yuppp! lots to learn

well big loosers means you are not consistent with your stop loss , tom if you have 2 big losses between 12.30 to 12.45 ull say no trading in between this time? think about it.

 

[iyerboi]

buddy trailing stop loss is when you are in big profits if you buy at 24 it goes to say 30 and forms a range then goes to 36 now you put a stop loss at say 29 , ull get thrased by the market if you adjust for every point

yup, i know that buddy. the thing was, tod market did not cross 26 ter i got in. and once in positive territory by a decent amount, i move my sl so that i at most break even. so when it fell again, my tsl was hit and loss avoided.

ofcourse if market was trending, maybe i'da waited.

 

[iyerboi]

well big loosers means you are not consistent with your stop loss , tom if you have 2 big losses between 12.30 to 12.45 ull say no trading in between this time? think about it.

nah, think u din get me there. i dont take NEW positions ter 2, (not close my positions by 2). the other reason is i work at an ofc - so dont wanna spend all time until 330 at the markkets

btw ur rt abt my sl - thing is once i make consistent profits, i just avoided keeping SLs. no wonder paid dearly for it.

 

[Hector146]

Thanks for your rules.You did great.Good Luck.

 

[ryan4ucar]

yup, i know that buddy. the thing was, tod market did not cross 26 ter i got in. and once in positive territory by a decent amount, i move my sl so that i at most break even. so when it fell again, my tsl was hit and loss avoided.

ofcourse if market was trending, maybe i'da waited.

In that case better strategey is to have 2 lots open use one as scalping lot and take profit equal to your stop loss and make the trade free youll get good prices plus you wont get wicked by keeping a close stop loss