I closed last month with 4 weeks in a row w/o loss (P/L is calculated on weekly basis).
I had few several issues:
- watching for losses in real money was killing me
- calculating position size according to acceptable risk
- position size increasing after successful periods
- missing moving to B/E in a certain condition
- opening trades during dead time
- over trading & trading discipline in general
- and other stuff which I don’t remember now
I needed a tool to help me isolate myself from real money numbers, and automate a lot of stuff - moving to B/E, position sizing, different set of restrictions.
So I wrote telegram bot for myself which only support trading with Oanda broker.
Bot understands commands like:
order sell cad 1.36
It will open sell order for usd_cad with stop loss at 1.3600 and set TP with RR set in settings.
It will close order right away.
prints you open trades with ONLY PIPS, NO REAL MONEY numbers, Sample:
USD_CAD sell at 1.35812 40.9 pips SL:B/E TP:15.5 pips
EUR_USD buy at 1.12964 41.4 pips SL:B/E TP:55.8 pips
It can also report something like this:
moving USD_CAD to B/E
Extra things like:
- Logging all your thoughts during trading week
log “good setup on nzd_usd but weekly plan is done”
- All trades are added to trading journal for further analysis with screenshots of setup (from Tradingview)
- Bot is doing weekly review and increasing risk percentage based on results of the week.
So I NEVER see real money numbers. It is much easier to trade now.
Some details about strategy - Price action, 1H+ charts, liquid pairs (majors, eur_bgp + jpy pairs), no news/calendars. Last one and I think very important - timing.
Best book IMHO - Trading in the zone.
P.S. Honestly, there was 1 technical loss cuz bug in a bot during trade close.