Trading results can never be the same. If you really wish to keep up with the market, you will have to keep learning and keep improving. There is no room for anyone who stands stagnant in the market. Read the news and discuss with other traders to know what they have been doing and how you can incorporate the new things into your strategy.
Hitting the roof as trader
- Thread starter Raheel Shaikh
- Start date
Exactly, constant refinement is the key to survive in this market for a longgg term
You do have to ask yourself if forward testing was honest, did you triple small account three times and have a goal of 18 of 20 trading days have to be profitable. What is your "mean" losses on profitable days, so when you hit that amount of losing trades you done for the day. I find many beginners can't read charts well, before looking for signals to enter, be able to read a chart that might negate a signal. Knowing what average swing length helps for uptrend/downtrend or count number of pullbacks, more than 3 does not mean I can't take more but I will reduce risk and shorten time stops to get to breakeven stop. Few days a year price will trend entire day, don't want too hard on rules no to continually take trend trades, but certainly not going to risk same as I did in beginning of day. System you trading might only work for first 4 hours of trading day, I quit after 4 hours as I have most losses. Have to be able read the chart, if bars getting smaller, targets get smaller for me. Always try to get at least one tick, let someone else pay the commissions.
Turn your outlook around, trade for the challenge of you against you, and money is the outcome of Trading Plan. This way your system lost and not you personally.
Agreed buddy!
It's very important to stay updated with market news in order to formulate a strategy that suits your trading style and needs.
Do you mention your emotions in a trading plan?Do you write when you succeed and when you fail? Do you write about the market conditions or the factors that led to different outcomes?
A trading plan is very different from a trading journal. A trading plan is like a roadmap,showing you the way to execute your trades whereas a trading journal is like a diary, which keeps the record of every little thing that happened during the process.
Both are very different from each other but are equally important. One can’t replace the other.
A trading plan is very different from a trading journal. A trading plan is like a roadmap,showing you the way to execute your trades whereas a trading journal is like a diary, which keeps the record of every little thing that happened during the process.
Both are very different from each other but are equally important. One can’t replace the other.
The only way to improve is to measure. Without measurement you cannot know if you are making progress. (Pause and consider this.)
Examples of measurements:
This is basic process improvement. You can read about all the fluffy stuff here: Deming’s Theory for Quality Improvement | Testing Change
But the point they don't emphasize enough is you HAVE TO MEASURE, otherwise you have NOTHING to gauge your efforts against.
If you do this, you will probably see that the weak link is the person. That is why automation is so powerful.
PS: Journals are like emotional salve. They do not feed improvements. Plans and measurements of the plans execution does.
Examples of measurements:
- Times you followed your plan?
- Times you have win- loss relative to your plan.
- Times you have xyz emotions relative to your plan.
- There are tons others.
This is basic process improvement. You can read about all the fluffy stuff here: Deming’s Theory for Quality Improvement | Testing Change
But the point they don't emphasize enough is you HAVE TO MEASURE, otherwise you have NOTHING to gauge your efforts against.
If you do this, you will probably see that the weak link is the person. That is why automation is so powerful.
PS: Journals are like emotional salve. They do not feed improvements. Plans and measurements of the plans execution does.
True that! If you keep believing that what you are doing is good and enough, you won’t find more options. But if you are open to learning and updating yourself, it gets better and bigger.
Exactly, we can't think of using one over the other.
Step away for some time, apply your experience to games of probability.