oh yes, I've done that for a LONG time, and everytime I come up with something new and fascinating, it tells me, i was out of the zone and my lefty got engaged and was looking to find a solution to a problem which was not even there. The lefty turns a normal situation and presents it as a problem and then finds a solution and say, hey, we've done it, here is the solution. Guess what's it going to do next? it will find another problem with the very thing it proposed as the solution to the problem. So in trading, losing is not a problem, so it does not need solving, the problem however is the MIND! that needs to be solved. And the best solution is to ignore its ill suggestions. The best solution is not finding a solution, rather "choosing" to "focus" on something that we want and divert our attention from "what we don't want".Mdock wrote:Immy,
Thanks wise words, everytime i try to add indicators to the system i came to the same conclusion it's better without them.
Cheers
The problem is the mind, because it tells you, "you should never lose" and that is wrong, because in trading its not possible to not lose. The fact is that you will lose and you will win too but it is our job to keep our losers smaller in number but most importantly smaller in size compared to the size and number of our winners. a 50% win/loss ration is very easily achievable. But keeping 1:2 risk reward is required. So if you come up with a strategy that makes you 10 pips every time you win and loses 5 pips each time you lose with a 50% win/loss ration, you have a winning formula. All you need to do is to continue doing it.
But the problem is that the mind does not let you do. It does not let you stick to the plan. Our lefty, objective, problem solving brain does not let us do that, so when you lose it tells you to hang in there, its going to turn around and when it turns around and you are a few pips in profits, it suggest that you should run with your few pips, to cover the previous rent or else you may lose all that too. It also tells you, after 2-3 consecutive losing trades or a couple of losing days, that the strategy might be not working, that there may be a problem with it. This is where Patience and Discipline must be exercised.
Patience, when waiting for the correct setup, Patience, when waiting for your target to be hit, and patience when its a little bit in minus and your small 5-7 pip stop loss is not yet hit, and patience when you're in a little bit of profit, patience, to let it run, and during all this, you must exercise discipline so you may adhere and stick to the plan. It is with this formula that can help us achieve Consistency and Consistency is a process. It is the process of doing the same thing over and over and not abandon the plan. Be a brick layer and show up at work everyday! again and again and again.
Yes it could be boring but a repetitive, weekly or monthly trips to deposit cheques in the bank is not so boring, is it?
