Weekly roundup Sat 8th March.

Two weeks forwards testing under my belt. I’ve already updated my journal proforma’s at the start of this week and now I need to do it again, to log down exactly what I want. I also was reminded by the nobrainertrades website to print off each trade chart and use to make notes  and appraise the trade. I’m entering lots of trades, many more than normal, just so I get results that I can analyse. This is not over trading because thankfully this week I’ve calmed down and am not interested in whether I’m profitable on not.

One of the main things that has come out for now, ( this might change with more results), is that I need quite a decisive reaction at my levels or I need to kill the trade quickly. My trading chart is the 1 hour, but I also print off the 5 min to see what occurs after entry. Anything that hangs around going sideways, especially using my resistance as support or vice versa appears to have a good chance of going against me. I will see if this continues to happen. I see that if my stop has been tucked in behind a level including a round number, I have a good chance of getting out for break even at some stage after an hour has passed, that is unless the move has quickly spiked down to my level and quickly looks like the support changes to resistance and the move is bouncing around with energy, then I must get out for a small loss. All in all, this part is about cutting my losses off quickly.Overnight limit orders with big announcements pending are also a no-no, as is trading around the NFP. With stop losses in the 25-28 pip range, an ROI of 3 to 1 is minimum, with a max around 5 to 1, dependent on levels in the way of the trade, this is the, ”letting your trades run,” part .

Anyway I’m going to continue entering trades, even if they don’t look the best, letting either my stops get hit or my take profits, just to get a bigger sample before I start to to write up any plan. One little set back. I bought another system, derr, from Rob Booker for £16.65. What was I thinking! I’ve dumped it in a file somewhere. I could ask him for my money back, but it’s a lesson best learnt with cash. I need to keep focused on what I am doing. Period!

I’m out of here.

I

3 responses

  1. Hi,
    I’m guessing that you also succumbed to Rob’s very persuasive Trifecta Trade Strategy promotion. Well, you’re not alone… I have to admit that I wasn’t thinking straight either and also spent $27 USD (£16.65) for yet another “secret” trading system that I’ll never ever use!
    Memo to self, I must stop doing that!
    Keep up the good work,
    Cheers. Pete.

  2. You’ve got it. I thought it was about increasing profits 12 fold with far less trades. Instead its the same old indicator system he’s been using for a while. I’m trying to stay away from indicators. Rob does a great podcast and is a clever tutor, but sometimes I wonder.

  3. Good for you for resisting the urge to dive into yet another system and undo the good work so far. The only suggestion I would make is to restrict your forward testing to good trades that you would actually take in real life otherwise the sample data will be skewed and less meaningful. The hardest thing we can do sometimes is to sit on our hands, which is probably why you bought another system. My suggestion is to use back testing , go through hundreds of these set-ups so you can train your eye to spot them easily and focus on one piece of each trade at a time, for example the entries, so you can notice what are the best type of entries that have the highest win rates. This will keep you busy while you are waiting for good trade set-ups and will make it much easier for you to recognise the trades that have the highest win loss ratio

    All the best

    LR Thomas

    http://10XROITradingsystem.com

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