In 2018 I started this Journal and for a while I was having some success. Following a trading pattern was good. Being able to consistently trade a pattern was hard, as the patterns by nature are subjective.
Later on in 2018 I studied for a diploma in trading and analysis and I was introduced to pivot points as a guide to where and when a trade could be placed.
I was trying at the beginning of 2018 to get away from indicators and trade naked. I was looking to get away from subjectivity and be more pragmatic with the trades.
It dawned on me whilst looking back at my course notes that the entry has very little to do with whether I am personally going to be profitable. I can get very good entries. The entries for me are not the problem. It's the discipline to take the best trade set up, take a certain amount of risk, take profits.
During my year, a lot of winning trades were undone by the pointless gambles that followed a good trade plan, badly executed.
So now it is 2019. I am determined to do this year properly. That means, defining my risk, taking a maximum of 1 trade per day until I can prove that a second will have just as high a probability of success as the first. I am going to take some profits in each trade at the first available chance. I am going to attempt to capture a reasonable amount of pips from the 2nd half of my trade.
Later on in 2018 I studied for a diploma in trading and analysis and I was introduced to pivot points as a guide to where and when a trade could be placed.
I was trying at the beginning of 2018 to get away from indicators and trade naked. I was looking to get away from subjectivity and be more pragmatic with the trades.
It dawned on me whilst looking back at my course notes that the entry has very little to do with whether I am personally going to be profitable. I can get very good entries. The entries for me are not the problem. It's the discipline to take the best trade set up, take a certain amount of risk, take profits.
During my year, a lot of winning trades were undone by the pointless gambles that followed a good trade plan, badly executed.
So now it is 2019. I am determined to do this year properly. That means, defining my risk, taking a maximum of 1 trade per day until I can prove that a second will have just as high a probability of success as the first. I am going to take some profits in each trade at the first available chance. I am going to attempt to capture a reasonable amount of pips from the 2nd half of my trade.
- I have been in the Forex markets for several years.
- Pretty much tried everything that you see on FF and elsewhere on the net. I was the ultimate strategy hopper.
- There is nothing wrong with changing the strategy as long as each time you learn something and more importantly you don't lose all your money. I have invested thousands of pounds into my forex education, I have to say invested as if I said wasted , I'd just cry.
- I have actively looked for mentors and educators and i'll be honest and say I have never found exactly what I am looking for. I am starting to feel that maybe there is no one out there who can tell ME how to trade and even if they could, it would be best still that I figured this out for myself.
- The reason for this journal is solely to maintain discipline. My aim is to publish one strategy and for me to trade it, with no deviations.
I don't profess to have any answers to the forex puzzle, however I am starting to see improvements in my trading and I feel I have an understanding of why the markets are moving but more importantly where they are moving.