I'm from the UK and joined BBT about 2 weeks ago after reading Andrews 2 books and have been sim trading since, mainly had red days due to overtrading and not taking proper set ups, I've since worked on this and am currently on a 2 day green streak.
People have spoken about the importance of keeping a journal so I'm giving it a go. At the moment it will just be a record of my trades and and some notes about why i took it, the plan, entries, exits and how i thought it went but may add some more detail to it if necessary, especially once I go live.
I typically take buy/sell in 100 shares with the aim to enter trades with a maximum loss of $10, so risking 10c, but will take less shares if the risk is clearly higher.
I try to practise a variety of setups but always have my main focus on volume price action.
So here goes.
3/7/19
Mood is pretty good, feeling nervous to try to keep my streak alive, as well as knowing I'll be posting the results online..
Things to work on today:
Only taking proper setups that are verified by volume, and waiting for a good entry with a focus on not chasing and then getting stopped out on a pullback.
trade 1: 5 min orb on BUD, momentum seemed to be bearish, after the pullback, volume was gaining as price decreased so i entered.
entry was decent on a slight pullback, waited for at least 1 R before my first partial.
shouldve got all out earlier but was convinced it was going to be a false breakout so kept my original stop loss and lost most my money gained.
Trade 2: MA trend on NVDA, in hindsight I should know this is a bad time for this strategy so shouldnt have taken this.
even so entry was OK not great but i took half shares, got one partial before i stopped out. not good
MA trend on AMRN: already held the 50 on the 1 min and bounced right back, so my entry was good i think.
took a partial slightly early as i got nervous followed by a hotkey mistake before i went all out.
starting to get a bit frustrated but was only slightly red so still okay.
trade 4: reversal on FB, saw a double top had formed at an even 197, so took this trade early before any moving average crosses to minimise my risk with stop above the top.
think i shouldve waited for the cross and didnt stick to my stoploss so lost a fair bit on this.
trade 5: VWAP false breakout, saw it broke above VWAP twice and formed a double top at 2 resistance levels. my entry wasnt good, almost got stopped out because i thought it was about to run.
waited a good amount before i started partialling and eventually got stopped out with a good profit.
Trade 6: MA trend, stock bounced off the 50 on the 1 min chart with increasing volume so got it, entry was OK for stop losing the 50.
tried to take a partial at 1R and ended up buying more... almost got stopped out then another hotkey mistake.
luckily once PCL broke the stock ran so i made a nice profit.
definitely time to stop after this since i was making stupid mistakes.
overall almost hit my target but stayed in the green...
did brake rules though. going to set physical stop losses for reversals to minimise losses.
still need to work on entries and thinking about is this a good setup.