Paper Trading with Ricky Day 11

Day 11

Today was a tough day for me, just like any typical Friday. I followed Phil's advice and tried trading on ToS with real money instead of paper trading on Webull. I learned a lot about myself and my mistakes today. I wasn't so much worried about using real money as I was about losing it.

I realized that I care more about showing off my winning percentage than how much money I actually make. I now understand that this isn't a good mindset. I need to put my ego aside and focus on being proud of my trading strategy, not just the wins. My success as a scalper will come from sticking to my strategy, not just the numbers.

As a response to this realization, I wrote down a set of rules or policies that I'll follow every morning. I'm sharing them here for feedback:Purpose and Intent:

The main goal is to reduce losses, maintain and gain profits, and establish parameters for the strategy to increase the probability of profitability. The focus is on winning.

Trading Rules:

1. Avoid penny stocks (anything less than $2; accepting $1.90 but nothing less).

2. Avoid chasing green candles.

3. Ensure there is a volume flow, checking DOM_MAS_V2, and requiring bars to be big.

4. Follow Ricky's strategy until you can read volume independently.

5. Sell if the trade doesn't move exactly as intended (if there's a pullback and the next candle is red, or if DOMINATOR MASTER V2 starts by filling red).

6. Stop trading if:

   • There's a big win (over 6% on the trade).

   • There's a big loss (over 6% on the trade).

   • Cumulative day win on trading capital of 6%.

   • Cumulative day loss on trading capital of 6%.

   • After completing 4 trades.

Situational Awareness Tools:

1. Constant green flow in DATA II BID.

2. Price action above 5 and 13 EMA and VWAP.

Additional Notes:

1. Avoid focusing too much on candles; use DOMINATOR V2 to assess volume strength and color.

2. Mondays and Fridays tend to have slow volume.

3. Turn off YouTube live chat to avoid distractions and focus on potential stocks.