I discovered through my trading ups and downs that trading is all about improving and increasing in knowledge, I think every strategy has room for improvement! In times a combination of strategies or simply adopting one or two things from different strategies can in times bring improvement to your current strategy!
It’s true when you say what works for another person might mean absolutely nothing to any other person. For example I know of a lady who uses the RSI strategy, she is really good and has the ability to scoop great profits, I introduced my strategy to her after showing her the setbacks that I encountered with the RSI and the Stochastic strategy. I told her to try my strategy on a demo account for a period of about six months before she tries to use real funds, she agreed. I’m just a week she called me and said, don’t share your strategy! So I asked why?? She just said that she adopted something? The resistance points. So you see, she continued to use her RSI strategy but she added resistance points as a way and means of improving her strategy. This is why sharing ideas can bring room for improvement, one does not necessarily have to abort their whole strategy but one can bend the rules for improvements sake,
You also made mention that a strategy should offer at least 6% a month! I think this should depend on the instruments that you trade and the risk that you take! On a daily basis (i mostly trade XAU/USD and one or two currency pairs) I target at least a minimum of 1% of my accounts initial (the value of my initial deposit) value and a maximum of 5% but in some occasions with the volatility of Gold and most major currency pairs I leave winning trades to take a much longer ride, I control these rides with a stop loss. Every trade I place has a stop loss, the stop point is always very close to my entry point! Resistance levels assist me in placing limit orders and instant executions with stop levels that are very close to my entry point. So far this is basically how I trade, I keep my risks as low as possible, and I place 15-45 trades a day in some instances I just scalp (like today).
Regardless of my account value I try to trade no more to a size of 10. For me 6% a month is low, it’s good to make 6% it’s actually great but depending from individual to individual we have different goals. Once I reach my 1%-5% then I’m sorted! The rest will be just a bonus.
It’s true when you say trading differs from individual to individual I’ve doubled my accounts initial deposit in a month but it took time for this to happen!
This is why I would love us to share ideas on different trading strategies and systems that work for each person perhaps someone out there can learn something, adopt something, maybe even just be motivated by the fact that there is still hope, it’s all about improvement, hard work, acceptance of market outcomes wether a winning trade or a losing trade.
Trading also needs to be kept simple. With a set of rules that you follow! A strategy that ones does not understand is better of left alone, the key is knowledge and understanding of how the strategy works in detail, buying and selling should always be accompanied with valid reasons, and these reason have to have something to do with what the markets are doing in the background. I once came across a wise saying - Right thought is MASTERY, Self Control is STRENGTH and Calmness is POWER! This is so true and this has to be the attitude of every trader!