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@David_R, just another's two cents... takes time of course to change any one's emotional state, perhaps an option in the meantime could be to use an automated or semi-automated mode of trading in the meantime like a BlackBird (Shark Indicators') or a Trade Unafraid , outsource the emotional component so to speak.
Good for you having the courage to post. Best to ya.
The only thing that will give you confidence in your strategy is testing. Kevin Davey is the resident expert in strategy development and back testing. Having a strategy that's back tested thoroughly and correctly will put you in control and not the market. The majority of traders don't understand statistics. Trading is all about the numbers. If you don't understand the numbers that your strategy is spitting out, you can't predict the probability of future outcomes.
Kevin has a YouTube channel. I strongly suggest you watch his videos and read his posts here. I would bet that your entire strategy will change dramatically after you learn how to properly test.
The big question is: Until when in the future my strategy is going to work? Because markets are dynamic and they keep on changing their own strategies, thereby making me lose my own edge and strategy in the process!
We are traders, not crystal ball operators. What does your back testing tell you? Did you do forward testing? Is your strategy profitable month over month? Are you consistent with your strategy or do you change it when you have losses?
Did you code your strategy to back test or are you doing it manually. If you don't have the numbers, you don't know anything about how your strategy is going to perform.
The market gives us the high, low, open and close every day. That doesn't change.
Post the rules for your strategy along with your back tested numbers and we can take a look at it.
For every strategy I create, I assume it will fail sometime in the future. I plan for it. Then if and when that failure happens, I know exactly what to do.
I've had many strategies last over 5 years. I've had some fail within a year. You never know when this will happen.
The keys:
1. Plan for failure (know when you will turn off strategy)
2. Have many strategies, then failure of one does not kill your account
Do you have any strategies that turned positive again after some time after failing and did you turn them back on? I mean failure can be temporary. Thanks!
I understand that some strategies may not have yielded the expected results for you. It would be insightful to know about the trading approaches that didn't work as intended. Sharing such experiences can be valuable for the trading community, as we can learn from each other's successes and setbacks.
Even failed strategies can provide valuable lessons and inspire us to innovate and refine our own approaches. If you feel comfortable sharing, I'd love to hear more about theses strategies that didn't pan out for you, as it could offer valuable insights and help others in their trading journey.