Alex

Do you have an edge? Can you quantify it? Discover how top traders use various journaling techniques to find edge, avoid repeat mistakes, and recognize shifts in the market.

When should you cut 100% of a trade? When should you take profit on the way up in pieces? When should you cut upon invalidation? When should you mix and match these concepts? This video on profit taking strategies covers it all. Watch at 2.0x speed in 25min. Enjoy!

If you don't know what % of your portfolio you are risking on each trade, you are already setting yourself up to lose. It doesn't matter if it's Bitcoin or a $100k trench play, you have to know when you're getting out if things don't go as planned, and how much you will lose if that happens. If you have a 50% win rate (which is considered exceptional in trading circles), you will have a 6-loss streak 1.6 out of every 100 trades. It's just statistics (see chart). Know how much of your portfolio you will lose if that happens. Size accordingly. The best advice I can give newer traders is to size small when you're just starting out. You are the worst trader you will ever be right now. You will only improve from here if you practice. Live to reach that day. It's the survivors that make the big bucks. What's the saying? "There are bold traders and there are old traders, but there are no bold, old traders."

Trade journal 5/25-6/1. This week I am going to write out my trade journal vs a video.... let's see what people like better. I love to yap but let's try typing. 2 weeks ago was fantastic, I was up 6.2R over 14 trades (way too many trades - I'm working on it) with a win rate of 57%. This week was more challenging on the long side, and as such, my performance was -0.76R over 4 trades. I went 0/4 😱. That being said, my risk control was excellent 😁. I cut all 4 trades fluidly, without hesitation or remorse. I am definitely getting better at being unemotional about my trading. A trade is simply just a trade now. 1st trade: Bonk Long (-0.13R). I was hoping to run back my biggest winner from last week with EXACTLY the same setup (4.2R winner). A classic S/R Reclaim. I entered with 0.5R at the level after it flipped my 15min cloud and the key level with a plan to add another 0.5R as price moved in my direction. The trade was almost immediately offsides (a consistent indicator that it's a bad trade). As soon as my z score oscillator went to -2 std deviations (bottom pane), I cut the trade. I did not attempt a 2nd trade on this as it continued downwards. 2nd-4th trade: PEPE (-0.62R). This was the same trade setup as BONK above, and I tried to enter it three times. Whenever I take the same trade twice, I am mindful of how much I am risking. If I am taking BONK with 0.5R + PEPE with 0.5R, these aren't two different trades, they are one with double the risk. This was the trade idea, broken into two orders. Below is exactly what I live-journaled in my discord regarding the trade. Why paraphrase when you can read my candid thoughts during the trade. If you enjoyed this or hated it, lmk! Feed my ego please with a like or a comment :) Have a great day - enjoy the ride.

Full trade journal for last week (6.2R realized). Topics include: how to cut losing trades quickly, how to size up as price goes in your direction, practicing winning habits. Enjoy!