Thanks for sharing your exit strategies, Trotty. They make good sense. The real hurdle I need to get over is that I know all these things, but probably as a result of being burned too many times in the past (I've been trading fx live for nearly 4 years now), I find myself taking the profits too early rather than stick to my plan. Mark Douglas calls it "accepting the risk"
Not being emotionally attached to the position is the hardest thing. I find myself looking for an exit once a trade starts going green. Walking away is a good solution to this! It sounds ridiculous writing this, but it's the hardest part for me.
I think overtrading has also been an issue and another part of the same problem. I used to keep the 1 minute chart open to "perfect" my entries, but now see that it's not necessary. It only made me jump in and out unnecessarily. So I've taken it off my platform since re-reading the thread and 15min is the lowest timeframe for me now. I'm also just using the ma's that have been suggested here. I'm thinking of taking the volume off my charts as well, as it's not part of the strategy, and a whole massive, subjective issue in itself. I found it helped with 1 minute charts, but with higher timeframes for me, with my feed, it's not that helpful. I think my motto should be " Don't try to be a smartass! Keep it simple"
The results are looking a lot more promising already.
Not being emotionally attached to the position is the hardest thing. I find myself looking for an exit once a trade starts going green. Walking away is a good solution to this! It sounds ridiculous writing this, but it's the hardest part for me.
I think overtrading has also been an issue and another part of the same problem. I used to keep the 1 minute chart open to "perfect" my entries, but now see that it's not necessary. It only made me jump in and out unnecessarily. So I've taken it off my platform since re-reading the thread and 15min is the lowest timeframe for me now. I'm also just using the ma's that have been suggested here. I'm thinking of taking the volume off my charts as well, as it's not part of the strategy, and a whole massive, subjective issue in itself. I found it helped with 1 minute charts, but with higher timeframes for me, with my feed, it's not that helpful. I think my motto should be " Don't try to be a smartass! Keep it simple"
The results are looking a lot more promising already.
There is no top. There are always further heights to reach. Jascha Heifetz