Granpa74

First, i would like to give KUDOS to all traders in this post..BRAVO! its nice to see a nice,peaceful and productive post.(not the same ole bashing and smart A.. comments that we see often) After 1.5yrs as an aspiring trader, i used every indicator,automated software, educator service out there, blew up 3 times. Then it hit me, Price Action and the markets are gonna do what they are gonna do, with or without me. As a daytrader mental balance and achieving goals, reducing losses was key. I also, came to the realize that every trader is watching PA in his/her own way and for one person 38% or 62% Fibs was a preference. But in reality its all the same shit! ( if price is going up or down) it will get from point-point eventually. So, i had to find my way of seeing Price and comfort zone to trade as mechanically as possible. So, i fired my mentor, stopped reading trader forums (except TI, when i see good responses only) and gave it a K.I.S.S approach. Mayor issue i found, was my trades were on point, but my stops were to big or i would move the stop making the loss larger. Then i noticed, i wasn't patient with staying in a trade for 3-4 hours so. Also, i was overtrading taking 20-25 a day was to much for my mental balance so, 3-5 trades per day. I started using all-in /all-out and trail my stop as trade goes in my favor. Incresed my dollar per contract instead of overleveraging my act. This allowed for that mental demon to not tap me on my left shoulder and make me screw up a good trade. Then, set daily/weekly goal (realistic one) If i hit daily goal early, i cut size by 50%. If i hit weekly goal in the first 2-3days of the week, i will pay my self my %, cut size by 50% the rest of the week and take Friday off. Some my argue this many different ways, but its what has worked for the last 3 yrs of my trading and it's as simple as possible and i can look at trading in the most 1+1 manner and love it more everyday. I started on the ES then moved to TF. Now, i trade (TF,CL and GC) without complicating things and making a living. Hope this helps any of you out there. Tks. Ed

Thats the point, if you havent reached your goal that late in the year. Why would you risk capital and potentially dig a hole that you dont have time to dig out from. Trading is about Planning, executing the plan, and being able to make it to the next day of trading. But this is a very complex profession as traders see things very differently thru ea set of eyes. Good Luck.

Nice comments all. A- 2 hours morning session, 2 Hours late day some days, not all. B-1 hour per day M-F. Then i do a top down review on Sunday for 1 hour C- I like to read or re-read some books, once every other week. Try not to absorb any other traders systems or look at this or that ideas. Once you master Basic Price Action, market Phases, and know how to use a FIB your set. like Bathrobe said............ KEEP IT SIMPLE! Happy 4Th. Ed.

Take December off and enjoy your self. If you havent made your yearly goal by the end of NOV, you should stop trading and come back in JAN.

As most traders know the old saying (K.I.S.S) applies to all aspects of life. If you are trading and doing well, you will find your self to be alone alot. Most times having to many people chatting and over thinking the trades leads to trading errors. I like the one comment about separating from trading during the day/week or month. if you cant get away from trading, you are giving up the reason most people trade FREEDOM. I love trading, been living off the e-minis for 3 years now. Wouldnt change this life for the world! but, you will get outta trading what you put into it. Focus on making it to the next trading day, sustained profits and most importantly maintain your mental state during losing periods. Make sure you pay your self in money and time. I take 10days off ever Qtr and come first week in December i shut down computer and head to caribbean untill after new years. Hope this helps you, good luck!