With 18 months of trading behind me, I have decided to start this thread in the hope of others learning from my mistakes. (and more importantly me learning from them and not repeating them over and over again) This thread will be my way of trying to maintain some form of discipline in my trading, and not impulse trading when I get bored.
By starting with $20 in my account, I can no longer take those trades based on a feeling (gambling) but rather only on my trading plan.
Here is my basic trading plan
1. Only trade GBP/JPY and XAU/USD
2. Wait for my indicators to give me a signal to Buy/Sell - don't try to anticipate the market
3. Make sure the the Higher Time frame signal confirms your entry
4. Target 30 pips per day trading 1% of account.
5. If more than 3 losses in a row, END trading day
6. Never trade more than 4 hours a day
One of my failings in the past was my inability to accept that losses are a part of trading and not chase after that elusive winner.
By starting with $20 in my account, I can no longer take those trades based on a feeling (gambling) but rather only on my trading plan.
Here is my basic trading plan
1. Only trade GBP/JPY and XAU/USD
2. Wait for my indicators to give me a signal to Buy/Sell - don't try to anticipate the market
3. Make sure the the Higher Time frame signal confirms your entry
4. Target 30 pips per day trading 1% of account.
5. If more than 3 losses in a row, END trading day
6. Never trade more than 4 hours a day
One of my failings in the past was my inability to accept that losses are a part of trading and not chase after that elusive winner.
Respect the inescapable certainity of Math