After being a daytrader for 3 yrs. Reading (literally) hundreds of books on trading, sitting with many types of traders and being a memeber of all the chat rooms at one point or another.......
I finally have a trading plan that is "MINE", bits and pieces from all of the above, one that I believe in. One that I take every signal that is presented. This moment and process took me much, much longer than I expected it to. I never realized how my inconsistencies in my trading were a direct result of not having a written plan to follow. I thought I had a plan with rules in my head, until I tried writing them down, when it took me a month to do, I knew I needed to take a step back. This took place about 3 months ago, and although my P&L has been stagnant during this time, I knew to ensure long term success, I had to develop a plan with an edge that was mine. The edge didn't have to be a big one, just one I believed in and could occur with enough regularity to make a living.
The plan and signals aren't complex:
* entry and exit signals (for me tests and retracements on multiple intra day time frames) / the hardest part here was exit signals for profit targets
*trend identification, or lack there of
*money management and capital allocation
*To trade very aggressively when the time frames I trade are a blatant long or short (to make up for all those small losses)/ to not trade very much when there are no "clean" signals
* when and how often to take time off to recharge myself or to reward myself
* progress review
I feel like I am a baseball player who has spent the last 3 months breaking a new glove, and now it is perfect for me to trust in a game every day. I am now at the point of "there is my signal, execute the trade,this is where I am wrong, this is my profit objective......let the market unfold.
I guess my question to everyone is : To those of you who have a written plan and every day go to the market with a belief in your edge:
How long did it take to develop an edge that was "yours?"
Do you now feel like a "professional" running a money management business? (my metaphor I use)
I finally have a trading plan that is "MINE", bits and pieces from all of the above, one that I believe in. One that I take every signal that is presented. This moment and process took me much, much longer than I expected it to. I never realized how my inconsistencies in my trading were a direct result of not having a written plan to follow. I thought I had a plan with rules in my head, until I tried writing them down, when it took me a month to do, I knew I needed to take a step back. This took place about 3 months ago, and although my P&L has been stagnant during this time, I knew to ensure long term success, I had to develop a plan with an edge that was mine. The edge didn't have to be a big one, just one I believed in and could occur with enough regularity to make a living.
The plan and signals aren't complex:
* entry and exit signals (for me tests and retracements on multiple intra day time frames) / the hardest part here was exit signals for profit targets
*trend identification, or lack there of
*money management and capital allocation
*To trade very aggressively when the time frames I trade are a blatant long or short (to make up for all those small losses)/ to not trade very much when there are no "clean" signals
* when and how often to take time off to recharge myself or to reward myself
* progress review
I feel like I am a baseball player who has spent the last 3 months breaking a new glove, and now it is perfect for me to trust in a game every day. I am now at the point of "there is my signal, execute the trade,this is where I am wrong, this is my profit objective......let the market unfold.
I guess my question to everyone is : To those of you who have a written plan and every day go to the market with a belief in your edge:
How long did it take to develop an edge that was "yours?"
Do you now feel like a "professional" running a money management business? (my metaphor I use)
