HI everyone!
I am new to this thread
First thanks Feb and everyone for a great thread and great, simple and effective style preached here. I ve traded live for 6 months now and I got my account drained to -30 %, then up to brakeeven, then up to +40 %, and now down to almost brakeeven again. After all this boom and bust, I wanted to reevaluate what I was doing and I quickly realised that I couldnt because I never really followed a simple trading plan, instead I was just playing around support and resistance guessing will it hold or brake, following my gut feel. I decided I needed a simple system, rule based, in order to be able to evaluate my trading results. The thing is from the first trade, I had no problems in cutting losing trades quickly, so I think even in lack of a trading plan that is what kept me with this results till now.
I ve read the first 50 pages of the thread until now, I ve tested the system, demo traded and got positive results, and today was the first day I took it live. I had two trades on GBPUSD, a -29 pips loser and a brakeeven (fair enough for first live day).
P.S My plan is to read through the whole thread, but please, anyone, note me if there is some major change in the system or the trading approach from page 50 (around Dec 2008).
Greetings Coronajazz
I am new to this thread
First thanks Feb and everyone for a great thread and great, simple and effective style preached here. I ve traded live for 6 months now and I got my account drained to -30 %, then up to brakeeven, then up to +40 %, and now down to almost brakeeven again. After all this boom and bust, I wanted to reevaluate what I was doing and I quickly realised that I couldnt because I never really followed a simple trading plan, instead I was just playing around support and resistance guessing will it hold or brake, following my gut feel. I decided I needed a simple system, rule based, in order to be able to evaluate my trading results. The thing is from the first trade, I had no problems in cutting losing trades quickly, so I think even in lack of a trading plan that is what kept me with this results till now.
I ve read the first 50 pages of the thread until now, I ve tested the system, demo traded and got positive results, and today was the first day I took it live. I had two trades on GBPUSD, a -29 pips loser and a brakeeven (fair enough for first live day).
P.S My plan is to read through the whole thread, but please, anyone, note me if there is some major change in the system or the trading approach from page 50 (around Dec 2008).
Greetings Coronajazz
You wont survive without preserving!!!