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I would be curious to know how systematic you are with the trading process? I always thought I was but when it got down to it I wasn’t or didn’t follow the rules. For me it wasn't until I defined my entries, backtested and stuck to those rules did I see a turn around in my PnL.
When defining my entries I kept it simple. 3 rules: one for trend/direction, the signal, and the entry. This helps with backtesting and sticking to a plan.
For backtesting I try to be unbiased and remove hindsight by using bar replay and journaling the trade regardless of what I think I would have done in the moment. It’s easy to look at a previous day’s chart and tell yourself “I would have made that trade. Would have ignored that one…” but that’s just not the case. In backtesting you’re trying to discover your edge, will you statistically come out ahead? That won’t happen if you’re muddying it up with other factors.
The hardest part is sticking to your rules. Yes I miss out on big moves but I have to ask myself if trading every one of them really is going to lead me to profit? I have found my profit only goes down the more I trade. The more you trade the more commissions you pay.
Just my two cents. Maybe there is some insight for you or maybe just the ramblings of an armchair warrior.
Can you help answer these questions from other members on NexusFi?
I have a pretty simple strategy. Which I follow.
but you are kind of right sometimes i slack off a little. especially with entries. My strategy is based on confirmation but sometimes I bet that the confirmation occurs to have a better entry position and exit immediatly when the confimation not occurs.
Really nice advice!
with follow traders i mean to see their perspective on data and how they analyse data, i dont mean copytrading. But for sure the ultimate goal is to develop a uniqe own strategy.
Do you have some other advice on creating own startegy even if that are mistakes that you did or something?
you are pretty on point with the analysis of profit taking. I loose a lot of profit in my trades. I am also price action trader, I would be happy if you could share your insight of Profit Taking.
I am not fan of SIM acc, because I am not in the same emotional state with them I am trading with a small accounts rn.
You are in the right place here at FIO to learn. Check out the webinars, some are old, but still very valid.
Once you think you have a strategy, play it without money. Either use sim, or if possible, just read it from the charts. Playing with real money bring more emotions, but start without putting any money. I played too much with real money and lost in the beginning over and over again. Then I woke up, and change everything, and started playing things smarter.
Depending on your style, there are a lot of good free training videos. Most of them on youtube are crap, most try to sell you something. Don't go for that. Check the webinars here on FIO.
Maybe start a journal here, share your strategy, and you probably find people helping you out.
@OG65 I have been trading for 3+ years and I am now reaching consistency. I will tell you something hoping that I will save you a lot of money. If you follow what I am going to tell you, you will save at least 50.000 euros and a lot of unhappiness.
Enroll to any funding company: TST, earn2trade, or any other.... wait until they have some promotions and take the biggest account (the others are basically impossible).
You will pay 200 to 300 USd per month, and you will reset for 100USD everytime you lose more than 3000USD per day. Basically every 100USD you spare 2900USD.
When I started in 2018 I though I was smarter than anyone else, I was a top graduate in engineering and I was doing a phd in applied math, so I thought I was a lot smarter than Mr. Market.
I knew that on average it takes at least 3 to 5 years to become profitable, I had 6 months of SIM trading and I decided to go live with an account of 50.000USD.
I blew up in 4 months.
I could have days in which I made 3000USD or even 5000USD and days in which I lost 4000USD, I had a 10.000 day loss.
My mind was completely messed up. I had already traded "casually" before, for around 2 years, so I was not a complete newbie.
However the stats are clear most of traders blew up their accounts in 90 days, so this will probably happen to you as well. And trust me, the account size doesn't matter.
I now look at some videos of that time of my life and I see how naive I was. I could put on a position with 7 NQ contracts, sometimes eve 11 contracts.
I will give you something to think about. If you are starting out you might have a 3000USD day, but how many contracts di you use to gain 3000USD? If you trade ES or NQ on a very good day to make 3000USD you need only 1 or 2 contracts. This means that your gains are meaningful and you took a good bunch of the market move.
You want to go live? open an account with 3000 USD and start out with micros, you can earn a living with those, you can have 300USD days or even 1000+USD days by just trading 3 or 4 micros.
learn to use stops, learn to apply a max daily loss.... there is so much to learn.