Good Day Traders & Journal.
I know itâs been a bit since I have posted a proper entry here. Thereâs been a lot going on in terms of my own business as well as Eid and stuff. Also took a few Lâs in a row which got me very frustrated.
It got me thinking that this strategy âis not good enoughâ.
Having looked at plenty different communities mentorships etc. I have decided to stick with it but fine tune it after gathering data. As mentioned before I will do this by backtesting as well as forward testing using a demo. I have opened a demo on pepperstone as I could link it to myfxbook.
I recently came across myfxbook and was pretty impressed with the data it gave me. It saves a lot of time trying to filter through data i would otherwise gather manually. So all my forward testing will be done through that.
In terms of my backtesting, I am working on building a notion workspace where I will have all my trading related stuff in one place.
So after having some time off here is my action plan;
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Backtest 4 pairs over 2.25 years (2020 - 2021 + Q1 2022)
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Forward test 12 pairs (I do not know if I am reaching too far here. But since it is a demo I feel this will give me the chance to get into a good habit of doing some forecasting every morning and evening)
This will also allow me to analyse pair characteristics and which pairs work well with my trend continuation break and retest strategy.
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Weekly Advanced Self Review (on a Sat morning)
For my ASR I will do the following;
a) Review all the trades I took that week and see what I could have done better
b) Backtest all 12 pairs for that week and see what trades I missed and what the results would have been. Also why did I miss this trades.
If I can consistently do this for the next month I feel I will be at a stage where I can do a monthly ASR and tweak small things like how I enter trades, trade management and also will give me an idea of high probability vs valid set ups.
Since this journal is all about being honest and truthful to my future self, the main reason I was so fed up was because I ran an FTMO trial two weeks ago. The first week was really good and I managed to get 2.6% in the bag. The second week was not too good and I lost 1.5%. Therefore I did not pass the two week trial and I was pretty upset as I set high standards for myself.
The week or so I have had away from the charts and trading gave me time to dig into the psychological aspect of trading as well as allowed me to reflect. Going forward we need to ensure that we are focussing on implementing the best possible systems rather than chasing good outcomes. Best possible system = desired outcome.
Also I did some more digging into ICT and SMC. I feel like I am too early into my journey to be learning about all this stuff. And as I learn more, I will look into this stuff to add to my arsenal. For now we continue with what we were doing and get better at it.
Peace Folks.