Trading Strategy

A reader had commented he wasn't really learning anything from my blog. That's fair as typically I only post my day's summary or the week's summary. Earlier in my blog, there are splashes of my trading, various things I'm doing, but nothing in a real step-by-step approach to what I'm doing. Do I do that on purpose?

I made an 8 min. video, which is my first one which is a quick and dirty version of what I do minus all the rationale and details. Obviously many things are missing and it assumes you know a bunch of stuff already. I noticed I reversed some of the things like calling support resistance and resistance support, so you'll have to forgive me. If not, oh well.

There is a written trading plan that took me months to develop and it's still a living document as things change and I find out different things, I will add to or modify my plan. One of the things I changed on there was that I am to trade every trading day, and gives me the option to trade on a holiday or not, or the day after a major holiday (i.e., Thanksgiving, Christmas, New Year's). Other than that, I'm to trade daily no matter what.

I did put in there if I haven't had sleep in 3 nights, there is the option to not trade also. That's about my limit in being able to think is not sleeping for 3 nights in a row. Of course, that doesn't happen too often. I've found even missing one night, I can still reasonably trade, rather I have to set my expectations and goal low and use a longer timeframe.

My blog really isn't a step-by-step tutorial of how to trade, or is it news driven. It's just me sharing a bit about what trading is like for me, as I rebuild my trading accounts. I focus mainly on the psychology of trading, which many people don't really care about until they've been bitten a number of times like losing their whole trading account at least once.

It's really more my journey in how I manage life with trading and to tailor my trading to meet my life. Maybe for the single guy who has no responsibilities my blog isn't all that useful, but it is if you can glean from my successes and failures and learn from them.

My trading strategy works for me. When I follow it to the T, it gives me >80% profitable trades and keeps my costing trades low relatively. It's when I do not follow my strategy or plan is when I end up with bigger costs and fewer profitable trades, or profitable trades that are less profitable.

It would stand to reason that if you have all these things written out, why would a person not follow the plan? It really boils down to one's belief system and there are still some things in my belief system that cause me to do things that sabotage my trading. I'm working on those things very aggressively.

My trading strategy also fits my personality, knowledge, and works for me for this season that I am in. It may not in a year or 2 or even 6 months, as I learn and want to change. I may find I want to reduce the number of indicators or increase them. Not really sure. But, what I have right now I've had for the past 6-8 months.

I am thinking of taking off Bollinger Bands, just to have less clutter on my chart, as I don't really use BB.

Some people may think my stuff is too cluttered and that doesn't work for them. They may like Elliot Waves, or Stochastics or something else. You must do what works for you and what you are able to trade successfully. Forcing my system on yourself is integrating my personality into yours and it may not mesh.

I've found the combination of what I have: moving averages, RSI, Volume, MACD, candlesticks, and the price action work real well. I could really trade with just candlesticks and price action, but I've found adding the other stuff helps give me better confirmation of what I am seeing, which allows me to have a greater percentage of profitable trades.

There are 2 videos I'm uploading and I will add to this blog, but the upload times are 30-45 min. each and then there is a video conversion, which is taking 2 hrs at least per video. These videos are about 8 min. in length. This is one of the reasons why I rarely do videos because it takes such a long time and I have other things to do.

The 2nd video I had been uploading and had another 10 min. left and my Internet Explorer just closed down all the windows. Not sure why. But, I had to restart the upload all over again. Anyway, a pain in the butt.

However, since it was requested and I had the time this evening, I'm obliging.

Life is pretty busy with raising 2 young kids by myself, as well as all the other stuff I have going on. My trading blog hasn't been a huge priority, and for right now, it still isn't. I'm glad to have the readership that I do, but it's just me living life. I don't really want to spend all day sitting in front of the computer.

Anyway, keep the questions and comments coming and I'll address as best as I can. Please give me grace, as I get distracted with so many different things.
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