and Viper was right!
I haven’t checked my positions last two weeks and today
I find account back in good order, thanks to some good wins
unimpeded by myself! It seems to be key, for me at least
So from October 1st, my account hit an all time low of around -35% DD
but now is around -3% down and soon back in the Green -
if I continue to keep out of my own way!
I’ve opened about four new trades, no deep analysis, they just stood
out almost at first sight.
Risk is no more than 2% per trade
On my demo account I am making an absolute fortune - because
I really don’t care! I see a really good set up, a few checks for key levels,
how price has related, and is relating to key MAs, where higher TF is going etc
all the usual stuff, click on buy or sell and just re move my MT4 from my desktop!
Seriously! out of sight, out of mind. The more I keep tampering, the greater the DD.
It is a major breakthrough in Self Realization
So, in other words, I am a set and forget trader
not by choice, I love playing around with all my indicators all day
but the hard facts are that I can’t afford to
I have to literally forget, detach from outcome
Its true, regularly monitoring charts enables you to take remedial action,
but in my case that invariably means closing ‘bad’ trades for a small loss
that promptly then turn around to make hundreds of pips profit that I never
see, having shot myself in the foot - over and over again!
Its nearly all about psychology. and how we do one thing is how we do everything
I used to be a 100% failing salesman, but eventually, after many years I became
a 100% successful salesman, once I learnt to detach from outcome, and genuinely
didn’t care if the prospect bought or not.
Exactly the same with public speaking, so there is commonality here
I’m not advocating this to anyone else, although I strongly advocate that
everyone find out exactly what kind of trader they are
I believe millions may love the idea of quick scalps on the M1 TF. and
some do incredibly well at it. but it’s definitely not for everyone.
Conversely, I’ve tended to favour D1 TF, but I really don’t want to wait months for trades to play out. H4 seems to be the middle ground
I definitely don’t have the same success on H1 or below
so almost 18 months of journal keeping, and whilst it has been incredibly
helpful, I have nothing much to write if I am away from the charts for
a week or two.
Nevertheless, abstinence needs to be monitored for profitability!
and by abstinence I don’t mean from trading, but from checking
Actually you need to have open positions 90% of the time, according
to the well founded 90/10 rule
So we’ll see how things progress