Bouning Back - How to revive a worn out spirit

#1
Hello everyone!

I have been trading for quite a few years. My trading style was not clearly defined as many of the members in this forum. I had not developed a distinctive style and neither had a desciplined and channelized my trades in a particular direction. I used to take random trades based on price action with no strict rules nor strict stop loss'.
I had a good run in the first few years of my trading (although I didn't make much as in the beginning, my funds were limited). But with time I was churning a decent profit. Not on a regular basis but the trades that went in my favour, went big time in my favour. Enough so that I could cover all my losses and then still have a decent surplus. But as time passed by, the frequency of such winning trades started to reduce so my overal returns started become negative. I have not been able to get back to winning ways. The worst part is that I don't even have a record of my trades, nor my views, nothing for me to look back and then see why I have failed or what I can do to make changes in my trading style.

I am not sure what I did wrong or what I am doing wrong. I need to get back to my winning ways. But at the same time, I also need to know what others are doing to balance their trades. How is everyone managing their trades so that I can learn about my own trading flaws.
 
#2
I think my main problem was money management. Shamelessly I must admit that I never traded with strict stop loss'. I traded with price action movements. I did not have a preset stop loss price while entering the trade. I invariably was forced to square off my positions when the trade went a few ticks against my favour.
Another aspect where I think i failed was bet sizing. I was almost all the time concentrating on one or two trades. This lead me to by heavily exposed to my open positions.
Either way, I would appreciate it if members could suggest ways that I could improve and get back to winning ways. It is important for me and is imperative that I get back to winning ways.

P.s - Any suggestions, comments and advice will be taken in the right spirit. I assure you of that. So please be blunt if you feel the need to be.
 
#3
Hello everyone!

I have been trading for quite a few years. My trading style was not clearly defined as many of the members in this forum. I had not developed a distinctive style and neither had a desciplined and channelized my trades in a particular direction. I used to take random trades based on price action with no strict rules nor strict stop loss'.
I had a good run in the first few years of my trading (although I didn't make much as in the beginning, my funds were limited). But with time I was churning a decent profit. Not on a regular basis but the trades that went in my favour, went big time in my favour. Enough so that I could cover all my losses and then still have a decent surplus. But as time passed by, the frequency of such winning trades started to reduce so my overal returns started become negative. I have not been able to get back to winning ways. The worst part is that I don't even have a record of my trades, nor my views, nothing for me to look back and then see why I have failed or what I can do to make changes in my trading style.

I am not sure what I did wrong or what I am doing wrong. I need to get back to my winning ways. But at the same time, I also need to know what others are doing to balance their trades. How is everyone managing their trades so that I can learn about my own trading flaws.

This is exactly why you keep a trading journal. Now that you have made a mistake of not keeping one. Fix this issue and move on....
 
#4
I think my main problem was money management. Shamelessly I must admit that I never traded with strict stop loss'. I traded with price action movements. I did not have a preset stop loss price while entering the trade. I invariably was forced to square off my positions when the trade went a few ticks against my favour.
Another aspect where I think i failed was bet sizing. I was almost all the time concentrating on one or two trades. This lead me to by heavily exposed to my open positions.
Either way, I would appreciate it if members could suggest ways that I could improve and get back to winning ways. It is important for me and is imperative that I get back to winning ways.

P.s - Any suggestions, comments and advice will be taken in the right spirit. I assure you of that. So please be blunt if you feel the need to be.
1. Learn proper MM and positing sizing. These depend on your account size and your psychology.There is no right or wrong.
2. Learn the expectancy equation and always try to keep the equation positive.
 
#5
This is exactly why you keep a trading journal. Now that you have made a mistake of not keeping one. Fix this issue and move on....
I will. But I would like you to tell me what are the essentials that I should record while maintaining the diary? I mean, I have never been in a habit of recording the things that I do (evident since I haven't maintained a diary), so I feel a little out of place. Please tell me what are the things that you should record.
 

DSM

Well-Known Member
#8
You have yourself identified many issues that you know and are aware of, but lack the discipline to follow. So what is the point of asking for advise, when you yourself don't follow what you know is good for you? Anyway, If it will help :

* Identify your trading style. Write it down.

* Identify your 5 worst trades. What was your thinking/for holding them.? Again write this down, and be aware if you are holding a trade with similar arguments, especially, if the trade is in -ve.

* Take a trade only if the larger TF and the shorter TF are both in your favour.

* Take time to study charts. S&R, MA's, Price Action, Pin Bars, Retracement etc. Next day, you will be better to take these trades.

* Have a max. limit for your loss for the day/week. Close terminal for the day/week and take a break from trading.

* Check your entries and exits. And see if they were at an appropriate level. What happened to the stock after your exit.?

* Have a max no. of trades you will take in a day. Don't exceed this no.

* Follow risk and money management. Max loss/risk should be defined at say 2-3% of your capital for the day.

My 2C.
Hello everyone!

I have been trading for quite a few years. My trading style was not clearly defined as many of the members in this forum. I had not developed a distinctive style and neither had a desciplined and channelized my trades in a particular direction. I used to take random trades based on price action with no strict rules nor strict stop loss'.
I had a good run in the first few years of my trading (although I didn't make much as in the beginning, my funds were limited). But with time I was churning a decent profit. Not on a regular basis but the trades that went in my favour, went big time in my favour. Enough so that I could cover all my losses and then still have a decent surplus. But as time passed by, the frequency of such winning trades started to reduce so my overal returns started become negative. I have not been able to get back to winning ways. The worst part is that I don't even have a record of my trades, nor my views, nothing for me to look back and then see why I have failed or what I can do to make changes in my trading style.

I am not sure what I did wrong or what I am doing wrong. I need to get back to my winning ways. But at the same time, I also need to know what others are doing to balance their trades. How is everyone managing their trades so that I can learn about my own trading flaws.
 
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