Point system ideas

Beginner Questions
1

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?

2

Waiting for every single indicator to line up (2 out of 3 is good enough)
[B]Not looking at when news comes out[/B], and trading accordingly (I don’t look at news, EVER)
Not looking for, or marking trendlines (Only mentally if I do it at all)
Reaching to justify a trade (There are varying degrees of confidence)

I am “guilty” of all the following and I probably do consistently better than the majority of traders. I don’t consider any of the above particularly negative towards your trading.

One thing I would include is doubling-down… buying more when you are already in a loss position so it doesn’t have to go your way as much to get positive again. As one of my friends said about the stock market, “Never try to catch a falling knife.”

3

Well, you may be right, and I can edit it if/when I see fit! My problem however is that when I notice these things post-trade, it ticks me off. If I consistantly look at it dosnt help I’ll modify it but this is what I try to do, and as such I will try to maintain that as best as possible once I follow my rules for a prolonged period of time I will then adjust it to suit the market to the best of my ability – which should be further along.

Thanks for the input though!