I’ve read about this somewhere else and have been keeping an informal point system but today after being having an attack of the stupids I’ve decided to write out a point system and am also asking for advice on people out there. My ‘system’ is not really a system but more a collection of rules and common sence, and works very well when followed… [U][B]when followed![/B][/U] Hence I’m pissed at myself. Live trading is for me, but the stupids have got to go.
Sure I could blame my broker for SL hunting, but to be honest Oanda was less then 1 pip away from my stop off and on for a half-hour or so. So if you think Oanda does SL hunting, they do a very poor job at it. Nope I blame me and have a very bruised ego to go with it.
Heres the idea, you dont want any points, if you get points and or just go by your points your going to be better off then going by your account size, pips, or percent increase – all of which are great to have good results but difficult when we get emotional, I’m generally good at suppressing my emotions but Its all to easy to get excited or nervous about a trade, so heres my (borrowed from somewhere I cant remember) solution.
Points can be added up daily, weekly, monthly, etc… depending on taste; heres the list of ways to get points (I’ll make it simple 1 point per screwup):
Not doing a through pre-trade check (Most of what it is anways)
Not using indicators(on a per-ignored indicator basis – not to mean waiting for every signel to line up)
Not looking at when news comes out, and trading accordingly
Not looking at other timeframes
Not looking for, or marking treadlines
Not looking for, or marking support/resistance levels
Revenge trading
Reaching to justify a trade
Not following set money managment rules
Any thing else you guys think should be included?