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I'm curious if people keep a playbook of sorts. The setups you look for, and only trade those plays.
If you do, what form does it take? Just a mental book of rules, do you write it out hard copy, soft copy? Is it elaborate, simple?
The following 2 users say Thank You to cdnftrstdr for this post:
It takes the form of an operating manual. In theory I could give it to anyone and they could follow my trading strategy. It is written in an if/then format. If this happens then I will do this.
I thought it would take me an hour to write. Took about 3 weeks.
I judge my success by whether I followed my plan or didn't. A trade that loses money is considered a win if I followed my plan. A good trade with a bad outcome.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
The following 6 users say Thank You to deaddog for this post:
Generally, I just code the system to indicate them, like if condition x is true direct action buy/sell/exit or indirect indication like color change or signal plots.
This can't be considered elaborated play book but this is how generally people keep the noise down on charts, all retail traders like me who know little bit of coding will have their fun time with almost every indicator they can get their hands on, in that process they come across/develop many many setups, most don't work, but some will resonate with your personality and will also have some statistical edge and you should ideally not let go of it till it loses that edge.
Having said that, if you actually write them down in notebook or journal of sort, that's much better than above as its easier to analyse in future, coded indicators you just forget about when you are too unfaithful
The following user says Thank You to AllSeeker for this post:
As for me, I'm still working on my playbook. I have been for many years. Most of my setups began simply as observations and, through research, developed into actual systems over time. The mere act of writing down these observations, developing rules and codifying my decision-making process helps me both to internalize these plays and to find areas that may require a bit more R&D on my part.
I suspect that my playbook will never be complete, just a perpetual work in progress. But it's still an invaluable exercise for me.
The following 5 users say Thank You to Schnook for this post:
Thanks for the replies everyone, useful indeed or me to hear how some others are handling it. I already suspected that it'll be an ongoing refinement and adjustment.