Quote:
Originally Posted by Tess
Oh you can do it all right.
If you have belief, wrapped around a sound, common sense structure - then you can do anything you choose to.
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Hi Tess, that is probably what I meant by strategy and I have done a lot of thinking and reviewing this week. Your comment that I already had a strategy and later Jocelyns that I didnt have to look too far are interesting in the context of me feeling so different about it. Using you as a model you engage the market on your terms at the levels you decide are important (ie strategy). What entry set ups you then use are a different matter and probably of relatively less importance. I have the latter not the former
I now realise that I have outgrown my original trading plan and that was the issue. I had begun to realise this when talking about how many trades I wanted to do, what return etc
What I have come up with so far makes more sense to me. Essentially I prefer trading trends. The multiple timeframe strategies therefore suit me. I find the best entries at the European or London open and I have a small number of favoured pairs although I think need to be willing to expand these as performance varies. I added yen crosses when the carry trade issues started to bite and more recently euro crosses as the euro set sail for the heavens
In terms of strategy then at the Europe open and for up to a couple of hours after that I should look for the best trending pair within my area of competence and if an appropriate set up occurs trade it. I am currently excited about the 3 ducks as my set up and break of a key level my entry signal. If no trade is obvious I should take the night off. If this does not produce the 2 or 3 trades per week that I am looking for then I might look to use an IB, round number or other strategy which can equally well work in a ranging environment or for that matter trade pure price action through peaks and troughs. All of these form part of my tested toolbox
I think this is the start of having a strategy, a rationale if you will for engaging the market and within that using whichever of my tools that suit the conditions at the time
More to consider but while it may not sound much its taken a fair bit of thinking through this week to get here. The benefits so far have been immediate with 2 trades on wednesday, 1 yesterday and 1 today for a 4-0 (total return 4R) result much closer to what I have been aiming for. In fact 2.5R per month meets my dollar return aim. I have also had the last 3 nights mainly with the family and they are happier and I am refreshed so its all good. As always the feedback I have had from so many people here and in the 'real' world of traders locally has been invaluable so thanks