Michael Schweighardt
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Quote
It is not what you know that kills you. It is what you think you know, but which just isn’t so, that kills you.
unknown
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Quote
Anything in life worth doing, is worth overdoing. Moderation is for cowards.
Navy SEAL
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It is an insanely difficult profession, one that is beyond the apparent mental abilities of almost everybody, yet at the same time a profession that will reward you with wealth beyond your imagination, once you understand how this game really should be played.
Best Loser Wins by Tom Hougaard
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#1 Rule in trading as a beginner...
Protect Your Capital. Above all else. This is the most important.
no money = no trading
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update on my tradebook. It's coming together. i have a notebook. like from high school. i write in this everyday. I open to a new page in the morning and write the date across the top of the pages. then i just write throughout the morning during trading. i write anything and everything. i make notes about RULES to add to myself. My notebook goes from January 13th to now. i went through the whole notebook and made a list of all the notes i put a ⭐ star, highlighted or put an * asterisk next to it. here is the raw list: i copy and pasted the raw data into Grok and it gave this back to me: General Trading Mindset Patience is key: Treat trading like fishing—wait for the right setup, don’t force trades. If you miss an opportunity, let it go and look for the next one. Slow down: Especially on Mondays or after a 3-day weekend. Start in simulation (SIM) mode to ease in. Trend alignment: Trade with the trend, not against it—“the trend is your friend.” Risk Management Daily risk limits: Never risk more than 2% of your account per day ($100 on a $5K account) or 1% per trade ($50 on a $5K account). Phil’s key risk: Cap risk at $45 per trade when using this strategy. Loss streak rule: After 3 losses in a row totaling under $60, take a fourth trade; otherwise, pause. Trade Setup and Entry Indicator confirmation: Look for 5 out of 6 indicators to align before entering a trade. Wyckoff phase awareness: Assess the current market phase (accumulation, markup, distribution, markdown). Retest probability: Wait for a retest after a move—70% likelihood (per Avi). Multiple time frames: Use higher time frames (30-minute and above) for confirmation. Position sizing: Take smaller sizes for B+ setups, aiming for a 3R (3:1 reward-to-risk) target. Trade Management Hands-off approach: After entry, let the trade play out—don’t interfere unless adjusting the stop to breakeven (B/E) after hitting 3R. Phil’s key adjustment: Move stop to B/E after hitting the first target. Profit target: Aim for 80% of the Average True Range (ATR) as the target. Predefined exit: Know your exit strategy before entering the trade. 3R prerequisite: Hit a 3R trade before attempting a Phil trade. Specific Scenarios Earnings week: Learn how to trade stocks during earnings periods (implies higher volatility—study this separately). Monday caution: Go slow, especially after long weekends, and start with SIM trading.
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i'm working on my tradebook today. i was also looking for examples. there's another post i found: building a tradebook i will post my tradebook here when i get something complete. right now, i have notes on paper.
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Look at this. I've been a little behind with keeping my journal updated. finally updated it today. Something JUMPED out when i took a look at the last 30 days calendar.
Thursday is not a good day for me to trade is what i am seeing. If i just take Thursday's off from now on until i can identify my issue. i have a separate notebook with all my notes from those specific days. i will review it today and figure out what's happening. my trading buddy said that i might have already solved my issue by just being aware of it. We'll see. i'm going to dig in and take a closer look.
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🥧 (π) Day
14-March-2025 Friday 🟥 day (SIM)
Friday is not a regular trade day for me. Personal stuff to do every Friday.
I just take it slow in SIM on Friday for practice and I will take a trade if I see it is A+++.
Didn’t take any real trades today. Just fucked around. Practiced. PLTR was disappointing. I had no business trading it.
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13-March-2025 - Thursday 🟥 day (SIM)
Not feeling great today. Tired. Shitty sleep. Shitty mood. My wife got me all fucked up yesterday.
SIM day. My psychology is fucked up today and my mind is not clear and not functioning at an acceptable level.
While I’m here writing this…. I need to cut down my coffee to two cups per day, exercise every day and stop taking THC in any form.
No Jarad today. Maybe that’s another sign to just chill today.
In SIM. Not in the zone. Shitty trades. Took 8 trades. -$46. One trade hit by accident. Not intentional.
Just not focused today. Need to take today off and review and reflect.
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i can't even look at the market right now. i'll probably get upset and have FOMO. i'm going to veg out and just get my brain back in order and do some exercise and no more coffee today and limit my THC intake. i can control only my self and how i react. i'm writing this for me. I don't anticipate anyone actually reading this.
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12-March-2025 - Wednesday 🟩 day (SIM)
i'm phoning this one in today.
Feeling okay today. Sleep was okay. Not great. Got to bed a little later than usual. Up on time. Feeling okay. Hydrated. Some light exercise. Ready for some trading.
It was a good day. 15 trades! Probably over traded. Not sure. It takes me a few tries before i catch my move. I can be wrong 4 times and still break even.
i had a great day, but a family loved one can say just one thing and change the mood for the day. 😒😞
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11-March-2025 - Tuesday 🟩 day
My Physical is okay. I did some exercise yesterday. Some stretching and strength. I need to do more cardio.
Emotional is okay today. Not good, not bad. Just fine.
Mental is fine. Feeling okay. Nothing special. Ready to trade.
What a day. Hit target on my first trade. I am in SIM. I have two SIM accounts. I am treating SIM 1 like it’s my real account and SIM 2 for practice and screen time.
Comforted knowing that I could be wrong 4 time's and hit 5 to break even. Slow down. Be cautious. Reevaluate if the trade strategy is still valid even though it's only a few seconds later. Maybe I noticed something out of the corner of my eye that tells me not to take the trade anymore. Don't ignore that. Investigate that. Whatever it is. My style of trading has many opportunities and is not to be rushed. Choose another ticker. Move on to another stock if failed three times. This is a valid rule, but…. I have hit on my forth. I’d say 4 is the magic number, but stopping anytime I feel I am on ‘tilt’ is acceptable.
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10-March-2025 - Monday 🟩 day (SIM)
Stopped out 5 times before finally catching the move.
Traded AMD short. 3 Option contracts. ATR was about 5. I kept getting in too early and getting stopped out. i got annoyed and waited. Noticed it hit it's top and started to finally reverse. that's what i was waiting for and trying for.
i went short and i went a little heavy. i usually take one contract, i took 3. my targets were 3R, 4R, and 5R. All hit!
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so.... i lost 5R on those first 5 tries, then i hit on that last one. the last trade had 3 targets. 3R + 4R + 5R = 12R.
i still was green today with 5 losers because 12R - 5R = 7R profit.
my money amounts are small right now. 1R = $15.
the point is, i can scale up. i can make 1R = $100 or whatever. as long as i know my system can get me green after 5 losers.... i will be just fine.
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The Composite Man is a single, highly skilled entity with a clear strategy who:
- Accumulates stocks at low prices (buying when others are selling, often during periods of fear or capitulation).
- Distributes stocks at high prices (selling when others are buying, often during periods of euphoria or greed).
- Creates trends, tests supply and demand, and engineers conditions to profit from both retail traders and less-informed participants.
