To be a consistently good trader, you must trade in a consistent manner. As those of you who follow me and review my trade idea’s know, they are the same, almost boring. You see Type 1 (Shown above) or Type 2 trades all the time and they look all the same. EXACTLY!!! That is what you need. If you have taken (either live or back tested), and documented, the same set-up numerous times, you can develop a statistical basis for the probability of that trade type’s success. IMHO, this is a critical element to achieving long term Success. I believe, if you know statistically, the probability of a trades success then you will be more confident in it and allow it to play out. Moreover, if you have a method that is not quite up to snuff, then get rid of it. I would urge you to be more selective in your trade process and only look for trades that you know, through your back-testing, have a high probability of success. This is Quality over quantity. Stay green my Friends Allen
** The Above chart is an example of how I document my trades-- every trade. I also use a spreadsheet to keep track of the data.
Allen, your willingness to share, to take the time to lay out setups well enough for others to understand, are deeply appreciated. I really like your post formats
AGold54
⋅
@nicker, Thank you I really appreciate the feedback :)
IFSNAA
⋅
Hi David, I'm a new trader. Where can I geta more detailed look at how to use this approach? Thanks!
AGold54
⋅
@IFSNAA, My Book....which I am in the process of writing :) my methodology is unique as I combine Strength and weakness, correlation and multiple time frame analysis with Ichimoku concepts. Although it sounds complicated, it actually is quite simple and allows trades set-ups and entries to be identified easily.
Hello @AGold54 I have tried trading ichimoku and gave up after a while. Can you share how you take trades or point me to where you posted on your strategy?
AGold54
⋅
@Ifeanyo, for me Ichimoku is just a cog in the wheel. I combine strength and weakness, correlation and multiple time frame analysis with Ichimoku concepts. If you pm me your e-mail, I would be more than happy to provide you some great material I have :)