I've been daytrading full-time for more than 2 years now. I've made money in some periods, but i always ended up giving it ALL BACK due to over-trading and poor risk management.
Now i've decided to commit seriously to consistency and rigid risk management. I started off with a horrible mindset and it was only natural that i lost everything i had. It for sure is a character building experience.
I trade the price action. Over time I've collected a fair amount of setups&concepts that provide consistent returns. I have a decent system that makes money, but admittedly, for me it's still a struggle to execute properly. There is a BIG gap between my theoretical profits based on my system and actual results. BUT i am getting better and better every day, trying to close the gap!
My main focus will be on
Now i've decided to commit seriously to consistency and rigid risk management. I started off with a horrible mindset and it was only natural that i lost everything i had. It for sure is a character building experience.
I trade the price action. Over time I've collected a fair amount of setups&concepts that provide consistent returns. I have a decent system that makes money, but admittedly, for me it's still a struggle to execute properly. There is a BIG gap between my theoretical profits based on my system and actual results. BUT i am getting better and better every day, trying to close the gap!
My main focus will be on
- Risk management
- Always in control, always trading. Stay away from hopes and wishes
- Trade only setups with edge. Focus on those low risk, high reward trades. Make sure to cash in on the winners and minimize the losses
- Go with what is, adapt to the situation
- Minimizing mistakes, learning from them, not repeating them again
I will start with a 10k$ account. I will likely trade mostly futures, but also spot cryptocurrency.
Risk management rules(max loss):
Setups on less than 1H timeframes: 50$-65$
1H setups: 100$
4H+ setups: 200$
Max daily draw down(300$)
I will try to update daily. I won't be posting actual trades, but i might reflect a bit on the day and post daily PNL. If not, then i will do it at the end of every week(depending on how busy the market will be!).
Just because i am daytrading does not mean i will take trades every day. I will only enter when i have a setup with edge according to my system.