Taking break actually works for me.
That’s great! Because of the lockdown and having to stay at home, more and more people are getting into meditation. Do you use any apps for this or is it more like a self-meditation routine?
Knock your strategy down and re-build it.
Strip your strategy down to its single main core principle concerning price behaviour - one type of price action, one candlestick pattern, one chart pattern. Become the world’s leading expert in that principle factor.
Collect your own statistics re its occurrence, characteristics, performance etc. Refer to Thomas Bulkowski’s methodology (not just accepting his results) on chart features for guidance on the sorts of parameters and criteria that might be worth studying and go through them individually until you have one which significantly enhances trading performance. Then add another. Whichever you use should not require much subjective judgement in use, keep it objective. Once you have at most three such factors stop searching. Make sure your set-up or entry criteria are not overlapping - i.e. there is little to gain from using 3 separate indicators which all gauge momentum change.
Yes, it is a good way to cope with all the stress. Other than that, what I would recommend is to backtest your strategies and look for loopholes. However, it is not always that you have a flaw in your trading strategy.Sometimes, it’s our psychology that lets us down. So, as a trader we need to look at both sides.
I have joined a few forums like myfxbook and this one where I discuss my trades and other issues.
Whenever you feel like there is no progress occurring in your forex trading, you need to accept that either the efforts are less or they are not in the right direction. More effort using the right approach to improve yourself will help you resume your progress.
I sit back and relax, look for the areas that need improvement and plan the strategies accordingly.
Good one buddy! It’s always better to take a break for your own betterment rather than fighting with your trades.
This is great advice. And I guess this is also another strong reason why having a trading journal to help you keep track of your progress helps. I’m not sure I’ve read about Thomas Bulkowski before, but I’ll definitely check him out now. Thanks tommor!
That’s greeeat! I’m a believer of support systems like the one we have here. I hope it has helped you so far. How are your trades doing these days?
In my opinion, progress lies even in failure. There is always some sort of progress happening even if you can’t see it physically or even monetarily. So even while trading, I’d like to suggest to my fellow traders to remain calm and keep grinding.
Take a break don’t even up a chart and go back on demo after a fortnight and fine tune your previous strategy take the time to analysis your trades journal everything
Has this ever happened to you before?
Yes, taking breaks helps a lot. I prefer spending some time with my family or going for quiet walks. After this, I do not jump directly into trading. I analyse my last mistakes and accordingly make changes in my trading plan and then trade.
Trading is a business, but trading is not the same as working for another person. If you expect the same kind of progress, you are not likely to be happy most of the time. You need to find a way to enjoy it, even when you are in a losing streak. Fortunately, there are many strategies you can use to come out of a losing streak. You can take a break, do something totally different, or even read a book. You can also give yourself a break by trading smaller amounts or reducing the size of your trades. Then, you can come back refreshed to trade again.
When there’s no progress in trading you need to give attention to the loopholes you’ve been missing out. The market always changes and you must adjust your strategies accordingly. You can also stop trading for a while and get back fresh.
That’s always a good way to go about it. And spending time with your family and loved ones can help clear your mind so you’re ready with the proper mindset to enter your next trade.
That’s an interesting way of putting it. What’s your favorite way to enjoy your trading even while you’re on a losing streak?
Exactly, try to reassess your strategies and your plans in the market. Most times it can require taking a little break and learning, or even developing a new working plan for yourself if the old is not working for you.
This is what I do most times when am stuck, I always go back to an article by my broker forexchief on their library titled “Forex Strategies”. This has helped me a lot to reassess myself.
I prefer taking a break, this is what works for me very well!