I am with you on the journal...I keep one for every trade, just basic stuff...entries, sl, target and reason for the trade. What I find most useful is the recap after the trade, many moments of 'what the hell was I thinking.'
my way of beating it into my head with a hammer
keep at it you got lots of time left to turn it around.
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Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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that should have been obvious, I've been encouraged that my subjective methodology or heuristic for trading would greatly benefit from the objectivity of an algorithmic approach. I suspect it IS possible and while I will not enjoy the process, I suspect I should commit to the outcome of improved trading.
So you "rules" guys say your I told you so with gentle compassion. I'm reading, "Evidence Based Technical Analysis", by David Aronson. I'd love to discuss that here and learn if/how the subjective heuristic method based on years of experience can be converted to algorithm.
The following user says Thank You to wldman for this post:
that sounds very interesting and similar maybe to what I'm trying to do. I have a methodology that really speaks my language, right from the start when I first read up on it, it all made perfect sense. I tried implementing it, and failed miserably. It's basic price action with support and resistance on a 3-min chart.
When I looked back on my attempts to work out what I did wrong, I realised I just didn't know what I was doing. I had what I thought was everything written down in my trading rules, but I was surprised to find I couldn't make the right decision at the right time in the heat of real-time, despite being able to see it perfectly with hindsight.
I almost lost faith in the method, but I know that changing techniques without knowing why you failed is just long road to nowhere. I decided to go back over all the setups on the Eur/USD for 2013 and create a history of virtual trades, noting down everything in a spreadsheet for each trade - all price action signals, all market conditions, all stats P&L, MAE, MFE etc.
As soon as I started going over the setups, I started adding to and refining my rules and it suddenly obvious that when I was trading, I hadn't known what I was doing. Where I have now refined those rules, previously I had been making subconscious decisions based on feel-good-factor alone - i.e. the worst kind - and I hadn't even realised.
Now I know from your journal that you're in a different boat completely with a successful history and all, but what occurred to me out of this is that with all this price action stuff defined and the rules carefully crafted to make sense, I could try turning this approach into a mechanical system. Like your algorithmic approach, I think, but totally scripted in Ninja to work automatically.
That book you're reading, I thought I heard it just debunks technical analysis and is more of a 'you can't do this' book than anything positive - or am I wrong?
I'm just thinking out loud here so sorry if I've got the wrong end of the stick about what you want to do - just tell me to shut up and I'll get back under my rock.
You can discover what your enemy fears most by observing the means he uses to frighten you.
Last edited by Adamus; January 23rd, 2014 at 08:29 AM.
Reason: just clarified 'history of virtual trades'
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