Lets say you have a profitable method of trading whatever it may be. At what point do you leave well enough alone and stop tinkering with it? I have a tendency to try and change or add to whatever I'm doing everytime I get bored or get a fancy new book off amazon. I did the same thing when I played poker but I think it worked out because you had to evolve to survive especially playing with the same regulars everday. My golf game drastically improved when I stopped trying to do everything I read in Golf Digest. Maybe my trading will improve if I unsubscribe from all the trading books and stuck to the method I came up with. I wouldn't know anything with out the books, blogs, and forums but I think it might be time to stop with the indicator, price action, fibonnaci, book reading.
The following 2 users say Thank You to El Chupacabraj for this post:
What has worked for me is to set an attainable goal (most everyone wants to make hundreds of percent return, but that may not be realistic) and asses the goal at specified intervals. I set myself a goal of beating average S&P returns, so roughly 8-10%/year. Every few months I sit down and look at my performance thus far, asking myself ‘am I on track?’ Honesty really pays off here.
I tend to frequently ‘tinker’ with my strategies, hoping to increase returns. This is why I use algo strategies, because I can change something and test how it would/should perform over historic data.
There is a ton of information out there, much more than anyone could ever imagine reading. This can cause ‘paralysis by analysis’ where you get stuck simply by knowing too much! Shutting out the noise may help you hear what’s really going on
Hope this helps!
What are others thinking?
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The following 2 users say Thank You to FXCM Brad for this post:
For me, it was a very long journey. My last "bad habit" trade was on April 1. Since my results are public now, I vowed never to make such trades again: You can see the drawdown is shown on the chart Mt4-iron1 System | Myfxbook
For me, it's been like weeding a garden, I stick with the highest probability stuff and throw out the lesser quality setups. Now I have what I like and I'm not changing. I like courses, so I might pay for a course if someone could show me real results, and it's not killer expensive. Take for instance the price action trading guy on youtube (Mack). Some of my trades resemble his, but some don't. I subscribe to his channel on youtube and enjoy watching his videos. I would LOVE to see his live results.
I also think that "public" results help to keep me in-line too. Since Ninja is so popular in the US, they should create a service to verify peoples' results. Then people can stop flapping their gums and show some real results