Trading journal

Personally, i think the issue is just a question of confidence based on positive results.

I don’t think it is enough just to know that signals, and therefore trades, would be valid. I think you should journal the actual financial results from all signals and see the results.

There is nothing more effective than seeing consistent results emerging from your journal to get your eagerly waiting for the next trade - and keep you focused on the big picture.

Unless and until you actually quantify your trade results you cannot ever be sure whether your work is likely to produce a net profit - and find that confidence?

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Good point. I’ve done all that stuff already. The problem isn’t the strategy. It’s really just me.

The hard part is just stepping out on faith in my strategy.

It pretty much feels like this

Hi.
I am going to ask you a series of questions to determine what is wrong with you, your strategy or your plans. As long as you reply, I will keep asking questions until we get to the crux of the matter.

Question 1. Have you determined the scope of the markets you trade in? Is it just Forex pairs, or do you trade other stuff besides?

Thanks. The problem is just me. I know what I have to do. I just have to get myself to do it. I’m working on it step by step. It’s frustrating, but it’s coming along.

That is an interesting question @Mondeoman, I was thinking of the same thing when pondering @dushimes description of his trading strategy, in particular:

If one is looking to trade on longer time frames and profit from the rare, but big, trends to make the main profit and cover the string of small losses, then I would think that indices might be a better market than currencies?

I think @dushimes would do well to take you up on your offer considering you broad and extensive experience of many markets. :slight_smile:

I am not good at “mindset” stuff so I won’t comment on that! :slight_smile: But I would say that you have a strong persistence and determination as evidenced by the hours that you have put into your studies. And that alone justifies continuing with your work!

I would add one further point. Fear is a terrible distorter in trading and creates so many unnecessary problems. Here is one way of looking at things:

I don’t have any fear in taking positions because I have a 100% success rate! :slight_smile: Yep, that is correct, 100% success rate. Every single trade I take is a success. But, of course, they do not all make a profit!

What I mean is that every single trade I take is in accordance with my strategy in both key areas: 1) where to get in, 2) where to get out. I have no idea when entering each individual trade how it will turn out. but I do know that whichever way it goes it will meet my strategy criteria. Therefore, whatever the outcome it was a successful trade.

Its a bit like you buy a new car and you decide to take comprehensive insurance. You don’t want any accidents but you know every time you drive there is a risk. But if and when one occurs, your strategy has you covered, and you continue to enjoy your driving. Isn’t that what we do with trading?

We deliberately take on risk because we know without a position there is no profit. But we build our risk/money management rules to ensure that the risks are covered. So provided we stay within our rules every trade is successful - where does fear come into that? :wink:

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