Congratulations!
So I have finished school yesterday after about 8 months of hard work.
I have a few hundred demo trades and maybe 200 lives trades under my belt.
I did not blow an account yet.
I am slightly below break even on my live account.
I sort off have a day job and execute trades at any time. No matter which session, at my PC or on my smart phone.
I am a swing trader.
My portfolio consists of 8-10 pairs.
I am almost purely a technical trader. I keep an close eye on fundamentals and news to determine how it may affect my trades e.g. news spiking me out.
I do not trade the news e.g. spike trading. I used to do this, but it is not for me.
I have been using my new trading system for a bit more than 1 week after some adjustments to the old one.
I have a trading plan which are work in progress.
I am lazy with journaling everything.
My strategy is to ride waves, catching new trends early after breakouts.
I focus on trades with potential moves of 100+ pips. 100 pips is also the maximum stop loss I would risk.
There are a few other things which do not come to mind right now.
What should be my next step?
O yes, I concluded that I need a trading coach after Reading another article by Dr. Pipslow. Where can I get me one of those?
I’ve opted for the self coaching method for the time being. In the meantime, my coach identified a few issues.
My portfolio consisted out of about 20 pairs. The coach suggested that it may be a bit much to keep track of all the time and then I would only miss out on opportunities. This were proven when the EURNZD moved down about 600 pips within less than a week without me even seeing it even though I will looking at the pair more than once every day. I were like, what in the feeck just happened there a few times. I were anticipating this big move, and missed it! Thinking about it now, I’m still like WTF man. My portfolio were scaled down to 8-10 pairs for the moment. I can see them all at the same time.
The next issue that were identified, were that my stop loss of 35 - 70 pips were a bit tight for a swing trader. Remember those news spikes etc. he mentioned. I have registered my maximum stop loss to 100 pips.
The next issue was that my trading system needs some adjustments to be a bit more accurate. I have tuned it a bit and it seems to work a bit better.
A few other issues were identified that needs attention.
And here I thought I’m almost done with Pipschool.
