Hello deaddog, When does a trader know the trading plan is not working? Where does the trader get a trading plan from? Thanks,
Your equity curve will show you the plan is not working. I wrote my own plan after watching how the market acted. Google trading plan for some ideas
Modify part of him. I will build new circuit in the brain.. it will take some time, but new habit will be build.
Hello deaddog, Let us cut to the chase, it is humanly impossible for one human being to trial and error X to XX,XXX trading plans or trading ideas seeking consistent profits for years to come. It is impossible and will take XX years. My point is, its better to be a gambling trader day to day and trade what someone thinks makes money discretionary and remove the fixed trade management approach. Or be a damn good programmer and program and back test thousands of trading ideas with a very good fast computer. Being comfortable with discretionary gambling trading saves the most time and is the most fun if a trader do not have time and skill to program and back test. This is why I say the OP should be happy about whatever it is he is doing if he has some profits consistency. Rather that is gambling, guessing, or whatever. Because if OP changes, he can go down a rabbit hole for years and years and years and get alot of confusion. IMO, better to stare the chart and gain experience and guess and gamble price direction every trade. More fun, less trust in others.
Hello Leob, If what you are doing is making money, please do not listen to anyone else, just please keep doing what you are doing.
Hello Leob, It took me years to come to this conclusion and I am programmer myself and try back testing trading ideas. You will waste alot of time thinking that a trading plan and trading idea is all you need. If someone had a trading idea or trading plan that makes money, they will never share it with you or me. Even if you go down the automated trading systems route, where will you get trading ideas from? Noone is going to tell us a trading idea on the internet that makes money. So think about it logically and most important practically. Practically is the key word here. We are human, we do not have TIME to be trying 10000 ways to trade. So what is it , we most do to have a chance of making money. It simple, open the chart. Stare at the chart. And make bets. Just like at the casino. That is right, take a guess at what will make money when you are starring at the chart in real time. Just take a GUESS and GAMBLE on what will make money at the time you are watching the chart without any help. What other choice do you have? Because noone is going to help you anyway. And you do not have years and years to search the internet for what makes money. get and experience starring at the chart and take a guess for each trade. After XXX guesses, your PnL may be positive, or maybe negative. but atleast you gain experience and you can go back and guess some more. So just be comfortable with being a Gambling Trader and do what you do think makes money everyday. And get alot of practice guessing. Once you decide to be a Guessing (Discretionary, Gambling, Take risk, etc) Trader, all your emotions goes away and you do not have to worry about what other people say, because your mental has already said "hey you just guessing anyway"
Hello Leob, Well I said it for you. Find a theory of trading and be a guesser and gambling trader. Saves times.