Thanks, I needed that insight.
I have deviated too much from my original idea where now I am putting more emphasis on technical entry points while limiting my emphasis on making sense of the market which made me lose my touch on price action, market sentiment and my most beloved fundamentals .
My capital, unfortunately, when down to $207.46 and I must realise I ain’t no technical trader and need to evolve my original ideas to trading .
I have been putting less emphasis on fundamentals and more on following the market trend while aligning stochastic overbought and oversold just to see the price still going the same direction and losing money.
Previously, I used economic events to create myself higher probability trades, not stochastic overbought and oversold. Also, the higher timeframe analysis for me has been of no use to me, since I base my trades on the present fundamentals, candlestick patterns, price action and market sentiment. In all honestly, technicals seem useless in my style of trading, after all, I could be a “special snowflake” afterall haha.
Which was mentioned by:
I am failing more on a technical approach than my fundamental analysis lol I’ll give my fundamental approach a shot! lol, I also usually ask questions before I enter a trade, but now I have automated my approach by technicals which seems wrong.
It is entirely my fault that I did not write a hand-written trade plan that I usually take when I traded and got influenced by other people’s approach that works for them but might not work for me.
I will be demo-trading until 16 Feb to finalise my approach and write down a weekly trade plan to see my final results. I’ll have a hand-written approach on how I will trade every week and not try to automate it by technical entry points.