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Discretionary Trading Plan Challenges
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Discretionary Trading Plan Challenges

  #1 (permalink)
Elite Member
Futures Experience: Intermediate
Platform: CQG
Favorite Futures: ES
Posts: 21 since May 2013
Thanks: 32 given, 15 received

Discretionary Trading Plan Challenges


I've been trading for around five years now. I usually run my account down 50% in the first couple months and then stop. After a few more months I open another account and have success at first and then the same things happen where I run my account down again. Well, I am going through the same old cycle, but it has taken me six months instead of 2 months the run my account down to half the initial equity. The only reason I have been able to three times as long this time is because I have been able to make up for a lot of my losses when I take trades that I have seen before and I have a good read on the market. These particular trades have kept me in the market. They are usually on the short side and showing exhaustion. There are about three patterns that give me a pretty good signal, but they are discretionary and not rules based. This is one of the few things that makes sense to me. They are also pretty big moves which appeals to me as well. Picking bottoms is much harder for me. Anyway I don't have the numbers, win percentage, risk to reward, etc. but these trades make up for all the trades that I typically lose money on.

After getting sick and tired of all the fear and psychological damage I have experienced, I decided to write a trading plan. This is where I always get stuck though, when I am supposed to write my exact setups. I have a major problem putting in my exact entries (risk to reward, etc.) because I usually target an intraday point. Also, I have a few more "setups" that usually work, but I start getting confused when I want to put all these in my plan. On the other hand, if I just do my trades where I go short when I see exhaustion, I may only get a trade or two a week.. if that. I'm sure part of my reluctance to create a trading plan where I might only have a trade or two a week doesn't appeal to my desire to trade and take risk. However, I'm sick of not being profitable and am willing to try anything. I guess the first step is to just finish my plan with the one type of setup and go from there.

Please let me know if anyone else has experienced this. I have attached my partially completed trading plan.

Thank you in advance.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Paris France
Futures Experience: Beginner
Platform: TradingView
Broker/Data: CQG
Favorite Futures: ES1!, CL1!, DY1!
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Posts: 45 since Jan 2016
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Hi !

It is a bit late to answer to your post. And I hope you'll be ok if I don't speak very well English I come from France.

I think you should keep on trading, now you've lost a bit of money you know better the game. But I would advise you to be careful about testing your trading plan on a demo account to have something solid to enter in the market with real money.

Firstly, Try to write your plan as it will be useful to you when you'll be trading. Don't try to trade randomly or verify on trades sample than random trades give you money.

However, If you've seen a good pattern which work. Write it on your plan, try to define it as much precise as you can. You are now able to know how to ride it when it come. To be sure it works, try to write every trade you do, stop and profit level to have something to study after days of trading. Analyze your historical trades to know if this precise pattern gives you money on the long run.

The most important is to write one hypothesis about market, (ex : this precise pattern makes money). Test it on market with a sample of trade 10-100. And, at least, conclude if this hypothesis get market confirmations. If so, you'll be more comfortable to trade and you'll know what you do. Less emotion and wiser mind.

But be careful market can change rapidly so you'll be 100% sure that this precise pattern will make money but you will be able to profit as long as it do. Giving you some free time then to test other hypothesis.


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