Discussion in 'Journals' started by Buy1Sell2, Dec 23, 2016.
I don't break rules. I need a swing buy signal or a stop out to exit
Breaking rules is not part of PRM. In order to implement PRM successfully, one must stick with the plan.
Ok. When you were in initial stages of formulating your rulz, you adjusted them, right?
There is no more room for further adjustment now?
Mac you're a self admitted new trader...prob best to stop micro managing more experienced guys.
I applaud Buy1Sell1 as he is rigid on his rules. I have system that does swing trades off the 60 minutes, it is automated and very rigid, it has to be cause what is a wonderful 14 points for you, if I stay with rules can be much much greater profits or breakeven or a loss as we have no idea of what the markets will do. But based on much back testing for like me, I can only be profitable by staying with back tested systems. Just like trade I took earlier, went against me almost 3.00 points and I have to stay short and I have to add onto on each signal and averaging down on all, we just don't know what the markets will do, but have to base on the past as we can't base on the future.
But that's the nature of public forums though, as long as it's a civilised debate. If you don't like anyone suggesting, then why go on public forum?
Yeah I hear ya....just annoying to hear a new guy who likely hasn't a clue busting someone who obviously does.
B1S2 is correct, in order to succeed, you must have a trade plan and you must observe the rules of the plan. Unless you are a rare savant, adjusting the plan on the run is a road to failure. If the conditions are too uncomfortable...eg extreme volatility, unsettled news etc, there is nothing wrong with going for a walk or going out to lunch. The markets will be there when you get back.
I wasn't "busting" i was probing.
Once I defined the rules for good, there has never been a need to change them. Markets are essentially the same as they have been for a long time. It's just the logistics that are different.
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