Hi guys! It’s Billnz again.i have been here taking course at school of pipsology from past two years.I have learned a lot on issues concerning forex and i fortuunately been able to filter information and made my own set of rules and strategy which guides me in tradin.since the begining of this year my perfomance has been very good in terms of analysis and on return side in my trades.
I can confidently say that:
1.i have developed a very good strategy that suits my personality
2.I have prepared my good trading plan which consists of set of rules that guides me.
3.I have developed my trade journal that keeps track on my behaviour in which i record every things concerned in trades position that i take on daily basis.and so on
I trade on daily basis like excuting one to three trades a day which runs for several hours before i modify order like break even,closing,or trailing stops.my analysis is from D1 down to M15 chart.
Problem i face is.
I have a tendence of whatching my trades very often and this sometimes annoys me and i am looking for a solution to it.how do you guys get away of your chart if you have running trades especially intraday positions which you expect them to run by 3 or 5 hours oe targeting like 50 to 100 pips?
Excellent- the proof is in the pudding. Saying one thing but doing another means failure.
What type of returns YTD? How accurate are you- sharpe ratio-max drawdown- risk of ruin?
So, these two things:
Directly go-against what you’re saying here; you can’t have it both ways.
How can you “confidently say” that your “trading plan has rules that guide” you, but at the same time say you’re having trouble following those rules?
So, you’re not actually 100% confident then- that’s where you need to start and be more honest w/ yourself. If you were confident, you wouldn’t have this problem. If your rules took into account what to do (mentally) while a position is on, you wouldn’t have this problem- catch my drift.
That “what to do” gets less and less “annoying” over time w/ experience.
Make your plan. Plan two exits - one which is the winner where you put your TP, the other is the loser where you put your SL. Set it, forget it. Take the money or take the loss, on an individual trade basis, it doesn’t even matter.
Wish there was an easy solution but honestly it’s just discipline, having it and fighting that temptation to keep looking. I still struggle with it too!
What time frames do you trade, for instance if you trade 4 hourly charts, switch your computer off and go back in 4 hours later, you’ll win some lose some (at the time of writing this 2 oils trades reversed on me within a 4 hour time frame that’s trading), hopefully win more than you lose, I used to do the same when I first started but unless you discipline yourself to shut down and let fate take it’s course it will drive you nuts.
My solution is to have a robot to move manage my trade. Then I get on with other things. One day I will have to sign up for a vps to run my MT4 but for now as a relative newbie I leave my computer on while the robot is on.
Tracking the trades frequently can be frustrating. I don’t do full time trading so simply rely on the robot trading about preparing my rules. That’s how I keep a control on everything.
