I keep changing my trading plan. A new one every week
A simple temptation but dangerous.
Don’t change your plan while you’re in a trade but review your plan after a series of trades, both winners and losers plus the potential trades you rejected. Change the rules then if you need to, but backtest the new plan before you resume trading again. Demo accounts are useful for this.
That will not end well , system hopping is an account killer
How many trades are you putting on every week? I’m guessing it’s not enough to make a sound decision of whether the strategy is profitable or not.
5 or less.
Yeah it’s not enough. Try 30 at least. On demo please.
Man did I have this bad. Yes it really is an account killer and one of the most un talked about problems there is.
I wish i had advice to give - other than don’t do it.
What may help is pinning a few screen shots to the wall of successful trades (for your strategy ) or a checklist that you have to fill in prior to each trade.
Your issues are rooted in a need not to be wrong - unfortunately your going to have to learn to embrace being wrong on a regular basis
But… I know exactly where you are - it’s a horribly cycle to be in.
PS I got to the stage of a new one everyday at my chronic stage
So is staying with a system that Don’t Work!!
All systems work contrary to belief, regardless of what the non profitable armchair gurus will say, the area to look at is the risk/reward rate. If your plan has a very low win rate the return needs to be very high to pay off the loss and vise versa if high win rate can reduce the target. The advice I would give is back test a year your plan and see the major turning points to see what the RR needs to be to suit the plan. If stuck talk to someone who trades for a living and try and emulate what they do in your own way as trading is personal to each trader. Put the work in and you will get there
If you want to change the trading plan, you should first practice the demo. It is never possible to trade without a plan. Trading profit depends on the plan. If you research the plan in demo trading, you can avoid a lot of losses.
You gotta take it slow, put in focus and stay calm, you’ll come up with a sound plan surely.
Some changes is always necessary and as market also change. But some fundamental should be always the same like risk management, controlling emotion etc.
consistency is important in your plan and strategy
Changing the trading plan frequently can cause some problems. It takes time to learn about a trading plan, but if you don’t give that time, you won’t be able to make a good trading plan. So every trader should go ahead by maintaining discipline with patience.
Do not do it. Once you have developed a trading plan, stick to it.