This is not exactly a planned post but I have had some posts wanting my exact strategy, wanting to view the markets in the way I do, and challenging if I am really what I say I am. To the latter I say I don’t suffer from the need to boost my ego by proving anything. (A lack of ego is a positive in trading and learning that has probably helped me in this way)
My experience should be apparent to you in what I share. If it is not feel free to continue on to another topic.
To the first my exact strategy is based on years of market experience as I mentioned a short trade on USD/SEK daily chart that I now have moved my stop into profit and it is slowly but surely approaching my first TP (though I do not know if it will hit, I do know I will make some money on this trade.) This trade jumped off of the charts at me. Very obvious. But others did not plainly see it and that is okay, I don’t see trades that other traders see. If I just gave my strategy out with out my experiences it wouldn’t make them anymore likely to see that trade or be a profitable trader.
This brings us to the question: “How long until I am profitable?” Or “Can’t you just give me your strategy so I can just start being profitable from day one?”
These are logical questions to ponder when one begins their trading career. A more seasoned trader sees it as a lack of knowledge and a need for more training. If you become obsessed with being a “Profitable Trader” you will likely find yourself spending much money on courses getting half way through them and having lost 3 trades in a row, be once again handing over your payment info to some new “guru”. While a lot of trading gurus are full of it you probably have had a profitable system in your hands at least once.
You will also be more likely to fall into forward testing only and not thoroughly back testing your system because ultimately you want to see the profits rolling in TODAY. And any number of mistakes that such a short sighted view will produce.
I will qoute a great trading pyschologist Rande Howell who says “Patience is the TRUE work of trading.” And oh how right he is.
Now what questions should we be asking ourselves?
A good question would be:
What do successful traders actually DO differently than losing traders in the markets?
We could all be trading Support and Resistance reversals or breakouts and some will be profitable and others not. You can even have two traders follow the same signal provider and one lose money and the other make money.
Due to their expectations, their true grasp of thinking in probabilities, their mental toughness to handle draw downs.
To just give you my strategy without explaining to you how to approach the markets and explaining about draw down would cause MORE blown accounts than if you read my posts and began practicing whatever strategy you use currently with good risk management and a sound mindset. (Whatever strategy you are currently trading should already at least be back tested and if you are forward testing it, it should be in demo.) So I trust if you are applying the info I have shared so far you are either in demo (No risk of blown account) or trading live a strategy that had already been back tested and forward tested as profitable.
My next post will be focused on a better topic but I felt this needed to be explained.
Thank you all for your time reading my posts.