A penny for your thoughts

[Dawso]

Hi all,
I would appreciate some constructive advice on my trading plan. I’m trying to keep it as simple as possible and know it really well. But I seemed to have lost the plot recently, and I’m starting to doubt it. Sometimes it works a treat and other times, it has me guessing. I'm thinking of including maybe 1 or 2 indicators for extra confirmation, could anyone recommend the best ones that would work in conjunction with my plan?
I'm really worried about analysis paralysis, so I will only try out the top 2 that are recommended and see how they go.
My target is 100 pips per week, and when I can achieve that on a consistent basis I will up my lots to make more profit.
All feedback is appreciated,
thanks,
Dawso

 

[michy_witchy]

isn't this a bit too restricting?? I'm in no place to judge your methods of trading as im a rookie myself. i came on to t2w to look for advice, same as you. but i had a look at your trading plan above, and it seemed like you tried to make everything too... how to say... black and white?? i would definately agree with the chance of analysis paralysis, but i am also aware that you are under pressure to meet targets... but perhaps just go with your instincts once in a while?? hope it goes well for you

 

[blancspa]

I am gonna steal chapter managing the trade from you

 

[barjon]

hi

before tinkering with your plan i'd be analysing the failed trades to see whether there is a common feature that can be identified. no point looking for a plaster to stick on your arm unless you know it's going to cover the cut!!

good trading

jon

 

[Dawso]

Hi guys, thanks for the feedback. i'm changing my plan a little and will do some back testing before i give it a go live.
Dawso

 

[Stewenson133]

100 pips per week? forex?? u'll be the richest in a few weeks

 

[Dawso]

if you think 100 pips per week's not realistic, you may as wel give up now . . .

 

[everyonerich]

i made minimum 100 pips everyday trading xau.

 

[Yoshie]

trading XAU is very different, 100 pip on XAU is roughly equivalent to getting 10 pips on GBP/USD as the spread of XAU is about 10 times the GBP/USD

 

[tenbobtrader]

so you often pull up the wrong order box ? (entered more than once in the plan)

concentration effected by emotion, excitement, market setup visable etc

Large POST IT NOTE ON SCREEN

or set order defaults if available on your platform to instrument and a standard Stop/Target that can be adjusted in your own time

self monitor - aware that could be possible cause

If that was your reason for the multiple entries / check list in your plan

if not sure somebody else made aware = We often do things at a sub level to try and protect ourselves from repeated error etc

set up a physical barrier would be my advice - not a mental one

 

[Dawso]

thanks mate, i trade straight off the screen now, instead of hitting the new order at the top of the charts. this has fixed the problem of wrong currency, i got it wrong a few times when first starting but have learnt from it.