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Sticking to a plan is difficult but it is the only way to identify patterns in your trading that are not working. If you keep changing rules you will not know which ones are helpful and which ones are hurtful. But if you find that one of them is obviously not working then there is little reason to continue following that rule. The whole point of the exercise is to ensure that you have a proven edge before you commit serious capital.
I have not seen you mention this rule in your analysis. Are you sticking to this rule? Also note whether the trade is trend or countertrend.
Before you consider changing your rules, just make sure that you are following all your rules.
8 trading days at 2 or 3 trades per day is certainly not enough of a sample size to determine if any trading method has a good chance of being successful long term. As others have said before, backtesting is where you determine if a trading concept is worth even trying out in any forward fashion live or sim.
Also, changing your rules and or chart after 8 days, does not mean that you can continue forward with the assumptions that you derived from the previous 8 days. Whenever you change one thing, any thing about your method, all the conclusions you derived prior to that change should be considered void, and you should start the proofing process again from scratch (day 0), re-backtesting the new method with the new change, and moving forward again from there.
I see! Thatīs the idea, I agree! However Iīve seen already that Iīll have to change my stop loss. My 3 losing trades failed because the stops were easily hit.
Yes, Iīm sticking, although I forgot to mention. Thatīs one thing I could metion also, if the trade is trend or countertrend! Nice sugestion.
Thatīs the reason for me to feel chained, Iīm following all my new rules.
Like I wrote before, these indicators give many false entries signals during a trading day. However, and altought we know that there are no certainties in the markets, if they are close to each, giving a signal, it could be better than not having them.
The purpose of this exercice is to test (even just for two weeks, as I know I need a lot more time), if my trading plan, tactis, rules and strategies show a proven edge. I trade for 18 months, thus Iīm at the beggining. This is a path I need to stay, in order to improve.
But, do you want to make a sugestion for other indicators?
Iīve had my trading day 3. This time I tried on paper trading (one broker that uses the same platform of the one I use to investment. By the way, the platform is not very good, bugs, indicators disappear, etc. Two of the charts arenīt very good regarding image quality...).
Well, in about 45 minutes I did 3 trades. 3 winning trades!
I had to add the symbol of buying manually after copying the chart, as the platform didnīt added it (Chart 2)...
Here they are:
Trade 1 chart
Trade 2 chart
Trade 3 chart
Analysis:
All trades followed the rules/tacticts. You have days wainting hours to enter. I had entries in about 45 minutes...! About simulating trading, this time, I donīt know what to think, if the fact of not having pressure/emotions can have anything to do with the 3 sucessful trades. I think not, as I simply followed my plan, plain and simple. However, I think it could be better to think about paying close atention to the "M" (Mind) part.