The biggest challenge I have experienced whilst the end of day trading. A simple moving average crossover system is controlling my emotions whilst holding a long term position.
I would welcome any tips and advice you can share.
I see it more than timing. A lot more. You need:
• Exact rules for selecting your tracking portfolio.
• Exact rules for entering your trades at the right time.
• Exact rules for exiting your trades with a loss.
• Exact rules for exiting your trades with a profit.
• Exact rules for how much money to bet on each trade.
Have all set?
I enjoyed watching your introduction video. It has brought all my trend following training back to me and totally pushed the reset button for me, hopefully removing most of my negative and doubtful emotions.
I really like the way you present the trend following topic, which I find easy to follow and understand.
Recently my confidence has taken a bit of a hammering which has resulted in me doubting myself and my decisions
I believe this has been part of my problem and think I’ve been listening to what other so-called media/news say.
Thank you for providing me with total clarity. I think I’ve been contaminated by the noise from the crowd and listening to too much media which has acted as a distraction etc.
I’ve been trading for approximately just over a year now which I spend about 15 minutes a day after the markets close resisting the temptation to mess with my open positions.
So far this I have to say has been one hell of an education so far, learning what I don’t need to know, and what I don’t need to do.
I have a short term moving and a long term average entry and exit strategy using a daily or weekly chart. I look at the forward market and pick the contract furthest away. I generally like to wait for the trend to start and then join, after leaving it for a few days/ week/s in the case of my long term strategy.
I trade the individual stocks, ETF’s, Commodities and Forex markets, providing balance and to avoid markets that are correlated with each other.
I have a well-planned risk and money management strategy, which I manage very well.
To be honest I treat every trade as a test. If it goes in my favour I add to my position/s.
And as you rightly say I always have a stop loss either positioned outside of the 20 day high or the low position and if Im trading a long term position I use a 100 day High or Low as my stop loss position.
I am pleased to say that I have all five items on my pre trading checklist with a strong similarity as a pilot check sheet mentality.
However recently I felt a little doubtful which I believe is mainly with all the noise and distraction in modern life these days. I’m pleased to say you have reinforced the five principles of Trend Following to me, which I will incorporate with my pre trading mentality.
I also enjoy reading and learning more about myself and what type of person am I, with the hope to strengthen my trading experience and confidence. As I like listening to you speak and like what you say about trend following, I am truly thankful for you sharing your blog, podcast links, which I look forward to listening and learning more and particularly as I am not fast at reading, I look forward to purchasing a few of your books in time.
I’m pleased to say that a bit of repetition often works for me, and this time is no exception.
Thank you for your reassurance, it means a lot to me.
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