Sunday, July 1, 2012
What works best in trading for me
13 months consequtive winning teach me what is works for me:
1. Focus on what is working, not on what you like. If you like day trading better but having better result on swing trade by all means trade the swing... Unless you are trading for fun not to make money.
2. Know what you are doing. Identify the trading result. Is it from mere luck or the methods you apply. I sometimes try my luck for few trades but definitely not my bread and butter trade. Usually those trades I took after secured gains on the month. Whatever the trade goes, I will still net profiting.
3. Explore more depth of your working method. There is no end of improvement. For example if your methods only working at volatile market, find ways how to avoid choppy market. There is no point you trade when the odds not in your favor.
4. Discipline and throw away the "gut feeling" when trading. Like I only buy when news are good and vice versa. Don't care of the rest. The results show themselves. Sometimes it's wrong but over the long term, it will prevail.
5. Automate the trade if you can. Human Brain is not always on top condition. But you don't want to miss opportunity when you are not fit. Robot is the answer for this. Using the robot will eliminate the need to discipline and reduced the brain work when trading. I find out my brain is working better when not trading.
6. Able to move on. If your method is not working, and improvement didn't help, move on to new method. I have seen lot of traders stick to the useless method all the time and refused to admit it. It is human nature, but trading is not the area of human nature. In facts, it opposed all the common behaviour of most humans.
In the end trading is just tools to reach your better goals. Use the money from trading to reach another dream. Don't trade for the sakes of trade itself. The only reason I love to trade to make money because it is the easiest thing to gain big money legally. If there is easier way to make bigger money than trading I will gladly move on to it.
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Nicely said
ReplyDeleteThanks fx. :) wish u for the best
ReplyDeleteIntuitively, I get the sense that you've discovered something that the rest of us need to know...
ReplyDelete...I'm very curious and interested in your thoughts on trading.
MM
MM,
ReplyDeleteKnow exactly what you are doing is the key. Eliminate the unknown happening in trading is very important. If you trade, loss then regret asking yourself why you doin it, means you are not at the best states to trading.
If you profit or loss, you must know why you have it. Controlling on every aspect of your trades is rhe key. You dont have to optimize everything. Overtime, reduce the second guessing factor until it reach the very core of your trade. That's when you got the aha and never turning back.
Some more great advice.
DeleteJust curious but what is the purpose of this blog?
ReplyDeleteIf you do not want to discuss about your methods so what are you looking for?
For someone 60k is pocket money for someone a 3 year salary.
So it is irrelevant how much you make.
The question is how do you make it?
So,
What is your average win %
What is your average win in pips/ticks?
What is your average loss in pips/ticks?
Do you scale in or out your positions?
How many trades per day/week/year?
And what was your maximum drawdown for the last month and YTD ? How about the year of 2011 ?
This is information what I would like to read from your blog.
Hi pro,
ReplyDeleteIt is relevant how much u made, especially when you trade with dealing desk broker like me. They won't allowed you profit too much because it's their loss.
I spend more time to thinking about how to fool the brokers rather than how to trade. Weird but it's working for me.
Tracking all the profit in detail is so boring. Of ocurse I have monthly target but to achieve that I dont need to do the detailed statement.
Also, providing my statement may reveal my trading secret which I kept.
Purpose of this blog is simple: to show others what's my opinion about trading, my self reflection, my experienced. That's it. I don't need to show off. Just a guy who wanna to give some motivation without ruining himself.
Thanks for coming :)
I have my secret weapon as well :)
ReplyDelete