The importance of having a plan and sticking to it!
Hello traders
Before I log off for the day (I'm in UK and heading to bed!)
I wanted to share an idea on having a trading plan with an 'EDGE' but also having the trading psychology to stick with a trading plan.
I'm lucky enough along with our fellow traders to run a script that has given us an 'EDGE' in the markets.
This has enabled us to trade freely without emotional constraints. I simply place trades that appear on my charts then let them play out.
I do this with no anxiety, no worry and no constant checking of the charts or my trading account.
Here we have a short trade on EURAUD working the one hour time frame.
This trade present last Thursday the 7th and I simply entered. I was then alerted by TradingView when the trade hit take profit on Tuesday the 12th.
I've only just checked the charts now on how the trade played out candle by candle.
As you will you see from the chart the trade played out with a good drop towards the take profit target before retracing back to near entry.
After another little drop and another retrace to near entry the trade then headed down to take profit target.
All of this happened with out me knowing! In my opinion this how trading should be!
On this pair I have the script I use set to a take profit target of 1:3.4 and I always use a stop loss because realist among us will know not every trade lands.
The script presents all the trade information on the chart when the algorithm sees everything is met accordingly to my settings.
I simply take the trade and get on with the rest of my day.
I'm able to do this as I know trading the pair in question by the manner describe above is profitable.
How do I know this? The built in strategy tester tells me. At the bottom of this screen is the data from the strategy tester for the last 39 trades. This data is from two full years of trade data on the pair in question. Feel free to press the sub menus which show the performance overview and the list of the 39 trades. All data is based on 2% risk and a £1000 starting capital.
No one can predict the future but this level of back test data gives me the confidence to go and trade in this manner.
All of what I have described above is what has given not just me but all our traders an 'EDGE' in the markets.
With that edge has come the ability to control emotions accordingly. Sticking to a structured plan is now easy and we trade emotionless with no fears or anxiety.
I have left descriptions on the chart showing not only the entry and exit points of the trade but also a pointer where the old me would have been feeling regret, anger, anxiety and all the other bad feelings that can come with trading. Those feelings all used to come as a result of not having an 'EDGE' in the market to the level that I have now with using this script.
For any more questions on the script in use feel free to ask any questions.
Before I log off for the day (I'm in UK and heading to bed!)
I wanted to share an idea on having a trading plan with an 'EDGE' but also having the trading psychology to stick with a trading plan.
I'm lucky enough along with our fellow traders to run a script that has given us an 'EDGE' in the markets.
This has enabled us to trade freely without emotional constraints. I simply place trades that appear on my charts then let them play out.
I do this with no anxiety, no worry and no constant checking of the charts or my trading account.
Here we have a short trade on EURAUD working the one hour time frame.
This trade present last Thursday the 7th and I simply entered. I was then alerted by TradingView when the trade hit take profit on Tuesday the 12th.
I've only just checked the charts now on how the trade played out candle by candle.
As you will you see from the chart the trade played out with a good drop towards the take profit target before retracing back to near entry.
After another little drop and another retrace to near entry the trade then headed down to take profit target.
All of this happened with out me knowing! In my opinion this how trading should be!
On this pair I have the script I use set to a take profit target of 1:3.4 and I always use a stop loss because realist among us will know not every trade lands.
The script presents all the trade information on the chart when the algorithm sees everything is met accordingly to my settings.
I simply take the trade and get on with the rest of my day.
I'm able to do this as I know trading the pair in question by the manner describe above is profitable.
How do I know this? The built in strategy tester tells me. At the bottom of this screen is the data from the strategy tester for the last 39 trades. This data is from two full years of trade data on the pair in question. Feel free to press the sub menus which show the performance overview and the list of the 39 trades. All data is based on 2% risk and a £1000 starting capital.
No one can predict the future but this level of back test data gives me the confidence to go and trade in this manner.
All of what I have described above is what has given not just me but all our traders an 'EDGE' in the markets.
With that edge has come the ability to control emotions accordingly. Sticking to a structured plan is now easy and we trade emotionless with no fears or anxiety.
I have left descriptions on the chart showing not only the entry and exit points of the trade but also a pointer where the old me would have been feeling regret, anger, anxiety and all the other bad feelings that can come with trading. Those feelings all used to come as a result of not having an 'EDGE' in the market to the level that I have now with using this script.
For any more questions on the script in use feel free to ask any questions.