Hello Michael, My two biggest failings: 1. Failure to cut losses, otherwise known as failure to honour stop-loss levels; otherwise known as “fear of missing the turn” 2. Position size discipline. I’ve been trying to trade for some time. However, “life keeps getting in the way.” Poor excuse but it is a reason. The result is that I don’t trade for long enough periods to develop a set of rules worth following and hence tend to be scatter-gun in my choice of buying/selling levels. And that leads to poor results.
Your system is now?
I mostly follow two strategies: 1. Supply/demand = unfilled order locations revealed by price action. Sam Seiden methodology first taught through the Online Trading Academy, now Sam is The Pinnacle Institute. This seems to me a logical explanation of price action. Trends are part of the diagnostics and the trick is to spot those sites of unfilled orders on the price action. Few trades but commonly larger R:R. Their view is less than 3:1 is not a good trade. 2. Trend-Signal “Sniper” buy/sell signals. They generate proprietary buy/sell signals using multiple price action based inputs. They don’t publish their algorithm. They encourage the use of ATR as targets and recent price action for SL. They trade more frequently than #1 but have lower R:R ratios each trade. They move SL to follow trends to extend trades beyond ATR if they’ve caught a turn into a new up/down trend. Both encourage set/forget with Entry, Stop, Target setting. Moving SL in #2 is part of their aggressive/advanced strategy but obviously requires paying attention to the trade. Both can be applied to Forex, Stocks, Cryptos. #1 is also applicable to Futures and Options, but these are not traded by #2. My failure to get either to work for me, whereas their published track records are stellar (both show >50% success rate), means I’m stuck in the Trough of Disillusionment of the Gartner Cycle with both systems currently. The problem is with me, not the systems. I’m not convinced by “Technical Analysis” indicators as predictors.
I would simplify and go trend following. Resources to start are below.
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