Hey Everyone
I'm going to start posting my daily trades here. I joined this community in March 2018. I did sim for 4 months. Went live in July. Loss $3,000 in 10 days. Went live again in August. Loss $1,000 in 10 days. Went live again in October and I'm still currently trading with that buy in. I haven't been profitable and I am down to about $300 above PDT.
Every day I will post my P&L and Tradervue Dashboard, and I plan to post any relevant/interesting trades that I've taken.
I'm not the best trader, but like many people here, my biggest problem is self control and discipline. The Good days are ok. The bad days have been extra bad. I've finally realized my limitations on my self control and I have increased my DAS Risk controls.
My current settings:
Max Daily Loss: $200
Max Pos Loss: $80
Max Shares traded a day: 4,000
Goal is $150
If I my P&L hits $120 in a day, my max drawdown is 20%.
My trading is cut off at 12pm
Auto Stop on Max Position Loss and Max Daily Loss.
I've implemented these slowly throughout the past month. I originally started with just the Max daily loss, until I began to double down and let my big losers run and run and run because I wasn't ready to end my day and then it got to a point, that the loss was so significant that I couldn't exit the trade and had to pray for a reversal. It didn't always come.
I've had to implement the Max shares traded and max drawdown, because I've let too many winnings day turn into losing days, mostly by overtrading. The 4,000 shares and 12pm cut off time is my way to combat my overtrading. It is still very easy to overtrade when you are trading 100 shares at a time, but I felt this was the best balance considering I do take 300 shares or so at a time on MU/AMD. I didn't want an AMD day to be cut short because of this limit.
Some of the problems that I currently deal with:
Walking Away - I have a hard time walking away when I am losing. Often times, I finally quit when Das Stops me Out. This will be one of the things that I report on daily.
Stopping Out/Doubling Down - This used to be one of my bigger problems. Again, I hated to lose, so I will let me losers run or double down on my position to try and get out at break even. It works until it doesn't. I've been better at not doubling down with the Pos Max Loss with Auto Stop.
Overtrading - My problem since the very beginning. When I first started trading, I didn't have a stopping out problem, I just had an overtrading problem. If anything I had the problem of stopping out too quickly. I tried to implement a trade limit for myself, but then I started letting my losers run a little because it was one of my limited trades for the day. I still let trades run (not as bad as before) , and I still overtrade on a daily basis. I probably average about 12-15 trades a day.
Taking Bad Setups - Another issue that I've been working on is my patience and taking better setups. The emotions get to me at times, and I will trade to just be in a trade. Sometimes as soon as I exit a trade, I will find a reason to enter a new one.
Short Bias - I have an extreme short Bias. Since Oct 2018, 80% of my trades have been short.
Relying too heavily on the 1 min chart - This one, I've been getting better at and its really helped. I used to trade solely off the 1 min chart and at times I still do. Less often than before.
These are the problems that I deal with on daily basis. Going to fix all of these on my way to becoming a profitable and consistent trader. I'm going to be documenting my journey to make trading my full time career.
I would happily accept any questions, feedback, or critiques. So please feel free to chime in. If there are any particular trades of mine that I didn't share for the day, that you might want to see, feel free to let me know.