I wish you further success in your decisions
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Following along on your journey. Good luck. Hope to learn some things.
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Hi @Worker_Bee , If you have tight schedule. You may consider having a good Expert Advisor.
The challenge to run an EA is Money Management (MM). From my experience, it’s easier to manage MM compare to other aspects ( disciple, emotion and mentality).
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Welcome back and good to see your new trading journal. I’m following your journey and hoping for the best with your new strategy. Good luck!
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Best of luck to you! Maintaining a family and trading daily is quite a challenge, but you seem to have a hang of it. For starters, one trade per day. But the discipline is necessary, in order to succeed in both aspects of your life at the moment. I am in my late 20’s and have been trading since 7 years now. I went from aspiring lawyer to a full-time trader. The decision to transition from lawyering to trading came with the sacrifice of breaking myself down, and rebuilding myself to understand, appreciate and encapsulate risk management and tactful discipline. But even with all that conditioning, it took me three years before actually “finding my way.”
Now, having refined my methodology through dedicated research and experience, I eventually, converted my strategy into an Expert Advisor, that respects my trading plan. It fits into my schedule, because, for starters I don’t have to review it until end of week or month. Just 4 days or 1 day of each month on the charts.
Given your lifestyle, and challenge with discipline, perhaps you can attempt the same, get a programmer to code your strategy for your use, and ensure that it follows all risk and money management that you may overlook when trading manually, but fits well with your trading plan.
Wishing you the best, to you and yours!
Cheers!
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Week 2:
| Trades | 4 |
|---|---|
| Win | 3 |
| Loss | 1 |
| Win % | 75,00% |
| Profitfaktor | 2,96 |
| R | 1,96 |
| RoI | 3,92% |
Total:
| Trades | 8 |
|---|---|
| Win | 6 |
| Loss | 2 |
| Win % | 75,00% |
| Profitfaktor | 2,98 |
| R | 3,96 |
| RoI | 7,92% |
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I’m replying to this cos your life seems to fit my profile, exactly!!
I think that you can have just a little peep into the future by examining the past. This has saved me lots of money. BACKTEST, BACKTEST, BACKTEST.
What I do now when I come up with any fancy strategy is that I put it in a strategy code and test it over some period on the pairs I wish to trade on. It lets me clearly see the strengths and weaknesses of the strategy over some period in the past and saves me time testing on demo and my money so I don’t go live immediately. I will highly recommend you backtest. It should tell you if the RR ratio is also good or bad.
All the best!!
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What I did, is to backtest with market screenshots of which I took some myself and some I got from a trader I followed quite a while.
I am not good with coding a strategy etc. I once tried to backtest with pinescript in tradingview but than didn’t work out. Also I would have to buy data to backtest a longer period.
The big problem I have with automatic backtesting is that I regularly make judgement calls if price looks weird. I can’t teach that a computer.
This is one reason why EA’s are not for me. Another one is that I don’t want to use metatrader.
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I tend to ask of those who say 1% / trade - Why do you need to put so much money in your account if you’re only using a tiny proportion ?
Exactly so !
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Very simple - Leverage laws in UK,EU and elsewhere.
Without going into leverage mathematic calculations, if you trade DAX on IG for example with a stop loss of 20pts you would only be able to risk 2% of your account ie £1 bet for every £1000(approx) in your account and if you need a 40pt SL then you can only risk 1% or risk margin call.
Yes, it is quite mad, but of course, we have to be controlled. 
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Johnny is right. With 3 % risk I can only lose ~3,6 R before I have to put additional money into my account. 3 % risk is really dangerous for the account.
This is why this is only an option now, at the beginning, when my account is small enough and with this high win rate. I will probably reduce risk to 2% with my first increase in size already.
Edit: I wired new money to the account. Risk is now at 2 % boys. I will change the RoI numbers above accordingly.
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Hey, I understand your situation all too well. I have 2 kids and a fulltime job aswell. I get my time in the evenings when the kids are in bed. Unlucky that it is when the NY session is about the end.
Anyway what I’m curious about is your 2 trades. What do you mean by I look for a long and a short on the 1h/2h. You just set 2 orders at for example a resistance level for short and a support level for a long and then hope for the best?
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Basically yes. I trade other (mostly breakout) traders. I go short just above the last high, which looks like there are stop and buy orders. Other way round for my long order. I don’t need a big move, only a small reaction to the support or resistance level. Only once in a while a high or low is broken without an immediate counter, at least in my market (DAX). I did not test this with any other instrument. Maybe I will when I have more time. I can imagine that it could work for other heavy traded instruments.
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Week 3
| Trades | 5 |
|---|---|
| Win | 4 |
| Loss | 1 |
| Win % | 80,00% |
| Profitfaktor | 4,04 |
| R | 3,04 |
| RoI | 6,08% |
Total:
| Trades | 13 |
|---|---|
| Winner | 10 |
| Loser | 3 |
| Win % | 76,92% |
| Profitfaktor | 3,33 |
| R | 7,00 |
| RoI | 14,00% |
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How far above the high or low are you placing your orders?
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Very close. Only around 1 point above or below.
Hey mate! @Worker_Bee
I trust that all is well with you and the family. Just touching bases a bit. I’ve now taken the time and had a preview of your previous thread etc. Hope all is well!
Keep it up, to both you and all the dads/mums out there managing a family and trading.
Take care!
Cheers.
Had two bad weeks with this strategy, where I gave away all the profits. Then I was on a two week vacation in Portugal, near Tavira in Algarve, beautiful place. I rested, cleared my mind and went through this circle of first wanting to quit trading for good and then throwing me into charts, researching like hell.
I consider me a successful person. I have a very well paid job and a wife who also has a very well paid job. Together we are not rich but…you know. We usualy buy what we want without thinking about money. We have a big house and bought a new car recently. What the hell do I want in the markets? I started thinking I would get rich quick, I know now that this is not possible, even if … margin requirements in EU limit us a lot … But now I cant let go because, it would be the first time in my life, that i would fail at something. And I am a terrible loser.
Yes you are right: This is why I am back listening to TH again. I dont copy him, but I trade and manage his SRS and BB setups on my own. Goal for now is not to make money, but cut losers quick, to let winners run and add to it. I funded my account with enough money to triple my position. I am up around DAX 80 points for october.
This 80 Points come from 2 trades: +52 on first entry and +18 on second and +32 on first, +14 on second and +14 on third entry.
The rest of the trades were breakeven or small losing trades costing me -50 points.
It is hard. I go to the screen each morning thinking about how I most likely will lose or trade breakeven today. But I will force myself to continue. Because this is the one thing everybody paises about TH.
At one point, one has to listen and learn. I wanted to optimise the amount of time I win. That doesn’t work for me. Instead I will try to optimise the money I win, when I win.
Sorry for this text wall. I just came back from a black hole and wanted to give you a status update. Have a nice day.
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Sorry to hear about your recent setback. I’ve almost hung it up several times over the past few years, but like you, I’ve come too far and learned too much to just give up. And I’m so glad I pushed through the tough times because it is all finally paying off.
I truly believe this is key, to focus on the process and not the profits. I like to use the old baseball analogy; focus on making contact with the ball and the home runs will come naturally.
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Thanks for sharing 
Keep pushing, it’s all part of the process.