@Ben1987
mate, my first concern is… i shouldn’t be intervening too much because IT’S YOUR SYSTEM
and i don’t want you to cater it to me.
but all i’m saying is… I did this VAGUE THING as well
and i found that Until i got specific and defined things i wasn’t profitable
example
Step 1. based on research define an entry point
Step 2. Have i defined an entry point
Step 3. Am i certain about the entry point
Step 4. Define WHY this is a good entry point (this will later serve to show you where you stuff up)
Step 5. have i defined a Take profit
Step 6. do i know why i have placed the Take profit at this specific point
Step 7. Have i defined a Stop Loss
Step 8. Do i know why i have put it here specifically
Step 9. Does the stop loss give me an ACCEPTABLE LEVEL OF RISK
Step 10. if the trade gets stopped out, do i have a fall back plan
and then everything like
Step 5. have i defined a Take profit
Step 6. do i know why i have placed the Take profit at this specific point
should sort of be like this
Step 5. have i defined a Take profit
if YES Move to Step 6
if NO - Define a Take profit
Step 6. do i know why i have placed the Take profit at this specific point
if YES - Move to Step 7
if NO - Determine the specific reason
THINGS LIKE THAT is what i’m talking about
this should be YOUR TRADE PLAN
i just want to be point out really obviously that you need to really really get specific, but IN YOUR OWN WORDS, not mine
at the end of the day, if your flow chart looks like garbage to me, BUT YOU UNDERSTAND IT specifically… that’s fine
so that’s my point
but you are doing good mate, don’t worry
this takes a few months to perfect, so just let it happen
be cool
oh. one last note
a guy gave a very good piece of to me at one point.
he called it
BUILD A CASE
and
PROVE YOUR CASE
it means this…
Imagine you are in court and i accuse you of stealing something in a shop
now, i can accuse
or
i can do something more concrete
I CAN BUILD A CASE AGAINST YOU
example
the CCTV camera on the streets shows you walking into the shop
the CCTV camera in the store shows you waling into the isle
and the item can be seen on the shelf
you are then see picking up the item (Which is obviously a porno mag hehe) and stuffing it down your pants
Point is
THE ACT OF BUILDING A CASE WHEN TRADING, Psychologically, gets you to
now. this is not flawless, but… when you trade incorrectly… YOU NOW HAVE A ROCK SOLID REASON WHY YOU FAILED
as opposed to … I’m not really sure
so consider PROVING THE CASE to yourself before placing the trade
me personally
i don’t just write it down
i video myself
i use 2 video capture softwares
i use Debut Video capture to record my desktop (you can also use Camtasia if you like, but Rendering time is a pain)
i also use another one (forgot the name) not to record, but to just access my webcam so i have a box
on the desktop that i can see myself in
that way when debit video records the desktop
it records me and the charts and i basically just speak to myself on the camera and tell myself why i believe that this trade will be successful
now if i stuff up later
i go back and revisit the recording
this helps immensely in my opinion
be cool