Just some thoughts I posted in another thread and wanted to share a little here.
Is the strategy you’re using fit you?
If you’re dealing with a strategy that doesn’t seem to fit you anymore start with some basic questions and some logic.
- How much time do you want to spend at the screen?
- What does your schedule allow?
- If you don’t have a lot of time to spend at the screen maybe think about trading off the Daily or 4HR. Maybe you have time and can sit and use a 1HR, 30min, etc…
- Do you like having indicators or are you intrigued by a naked chart with just price action(which is a “strategy” that doesn’t need to be changed as the market changes). Neither one is wrong just depends on how your brain is wired. I’ve tried both.
- Your account size doesn’t matter if you switch to a Daily, Weekly, or even 4HR just adjust your lot size for your stop loss to be comfortable. Cause bigger time frames may require a bigger stop.
- How much pain can you take, can you keep trades open for days, hours, or only minutes?
Just some simple questions to answer, but also be careful jumping strategies. You can burn yourself out trying to fight just that mental fight of which one fits. Fear and doubt keeps us from being successful in this game, just how our mind is wired. So if you like to start a new strategy just backtest it before going live, at minimum 6 months of backtesting(which is a small sample size but gives you an idea and some confidence in it).
And if you can’t back test, TradingView is only like $20.00 a month and will give you the ability to do chart rewind and test it truly without seeing whats coming up, cause being able to see what happens before where we would place a trade influences your backtesting data and keeps it from being totally subjective.
Also I believe demoing is a waste of time, there is no emotion(biggest single reason traders fail) or feelings in it. And working out the kinks in your system can be done through backtesting it up to present day.
There are plenty of successful strategies out there just got to find what fits you and sometimes that is quite the challenge. Then just hone it and prep your mind for the mental battle.