Wow!
That was a post and a half
A lot of what you say is how I feel - I jumped from one system to another until I thought I better come up with one of my own that I fully understand lol.
Analysis paralysis - you're right, a simple system is always going to be best - I think I said it before that my charts used to look like Christmas trees but certainly less is more at least for me.
I don't want to change anything that I'm doing but would like to explore the possibilities of enhancing the system. Backtesting is a whole lot different than forward testing that's for sure - you wouldn't blink at a loss on backtseting because you can scroll to the right and see that you're back in profit a few weeks later.
The reason there are no profit targets is that when we do get the biggies (300 plus pips), this is what makes the system what it is and in theory pays for all the smaller losses and some. After all, nobody knows whether a trade will peter out after 100 pips or go on & on & on like some have in the past.
I will be trying a few ideas out in a demo account, especially my 'extra' trade idea when I have one in guaranteed profit but there's no rush to go live with anything. The market will always be there tomorrow, next week, month........
Thanks for your input, been very useful
Kind Regards
Steve
That was a post and a half
A lot of what you say is how I feel - I jumped from one system to another until I thought I better come up with one of my own that I fully understand lol.
Analysis paralysis - you're right, a simple system is always going to be best - I think I said it before that my charts used to look like Christmas trees but certainly less is more at least for me.
I don't want to change anything that I'm doing but would like to explore the possibilities of enhancing the system. Backtesting is a whole lot different than forward testing that's for sure - you wouldn't blink at a loss on backtseting because you can scroll to the right and see that you're back in profit a few weeks later.
The reason there are no profit targets is that when we do get the biggies (300 plus pips), this is what makes the system what it is and in theory pays for all the smaller losses and some. After all, nobody knows whether a trade will peter out after 100 pips or go on & on & on like some have in the past.
I will be trying a few ideas out in a demo account, especially my 'extra' trade idea when I have one in guaranteed profit but there's no rush to go live with anything. The market will always be there tomorrow, next week, month........
Thanks for your input, been very useful
Kind Regards
Steve
DislikedHello Steve,
I ve been following your thread since I ve discovered the FF and its a very interesting read.....thanks for posting your daily trades, your thinking..your happiness at your winning and your annoyance at the losses..!!!!
I know what it feels like to have a negative month...actually I know what it feels like over and over so hang in there....
What I like about your system is its simplicity....I m a great believer that too much analysis= complete paralysis!!! I know this because I suffered from it....
I don't think you should change anything to your system you are trading in your live account.....Coz that is when the emotion sets in after a string of losses.......and we try to change things around to make it better only to possibly make things worse.....I know coz I ve done it!!!!....
Its true no one wants to take losses.....and although we love to talk about keeping emotions out etc...I think even the most professional of traders cannot do it completely.....and its understandable...if you don't want to protect your account who would...!!
The point I m trying to make before this goes into a novel length......you have planned your trade (namely your system) now its a case of trade your plan.....
You know it works for you in the past...coz U have the pip statement to prove it......at the moment it may be the market is not suited to your plan...this may be a couple of days, or a couple of weeks...just see it thru....absolutely no harm in not being in the market for a couple of days.....and if you feel you need to re-assess your system to make changes then tweak it to adapt to current market.... be out of the market when u do that.....no harm in that....(just make sure you keep posting though even a single line like..."I did nothing today !!!!)
There are things you can think about such as...trading all pairs as a team and setting dollar based profit targets, if that occurs you close all the trades and enter the next day etc...
The point being.....no changes to the system on the live account what so ever without testing it...not only back but also forward....(coz trading the left of the chart is much easier than the right!!)
Hang in there and see it thru....and I m sure your fan base will be reading with u all the way thru!!Ignored