I have been demo trading for a while now with a fixed mechanical system that I haven’t tweaked as yet. I’m a swing trader and have had decent numbers. My issue is that many times while waiting for my signals (laying indicators) to give me the go ahead, I find my self becoming anxious because I know I’m losing pips on a trade that will take a while longer for me to enter.
Also, is it okay to break entry rules when trading reports because market may change more dramatically around these times? I don’t mind waiting, just want to know if any of you would break rules in this event.
May you share a few charts of trades you’ve taken, alongside w/ some commentary on your strategy?
It sounds like you’re saying you’re waiting for an indicator to give you confirmation, but since the indicator is lagging, price already started to move in your direction and you’re having a tough time dealing w/ that emotionally?
Thanks you for the reply. That is kind of what I was saying, but I guess I’m accepting that that is part of swing trading…so, it’s okay now. Also…will do better at taking screen shots of trades, I’v been too focused on journal entries that I forgot about the importance of screenshots of trades.
If you had developed a trading strategy with certain observations, then certainly the entry and exit rules should hold good except during certain economic news releases or highly important news releases. Do no deviate much only to lose at last.
Whether one should break the rules is something that has to be ascertained on a case by case basis, but generally, yes, sometimes one can and probably should break the rules. Trading following rigid rules without considering the context of the market and adapting to it can also lead to a mistake. Usually that happens around high impact events.
Generally the rules of your strategy should take into account major market changes as well, so there shouldn’t be a necessity to break them to begin with.
