Well there are n't many and we don't know if it is taken in real time. the one i pointed you to ... i know is real.
lets say, you have trading system, dont search for it in the internet. for the moment, you already traded and you bought in certain place and sold in a certain place. why ?
crystallize it and it becomes a trading system. remember a trading system with 30% success ratio can also be a making money in the long run and even 90% success ratio can be a looser. We are just trying to win more money than loosing, that's all
so we now have a trading system that will be mechanical. so we wait for our setups to come and place orders and leave the market to do the rest.
trading is not like using a machine gun, pulling the trigger randomly so that we hope that the enemy is conquered. it is more like a sniper waiting carefully for the prey to come to an ideal spot..
once you have trading system then you have filters, max trade in a session etc etc. we just execute the plan (things around our trading system, money management, position size, exits partial exits if any)
backtest your system with the capital you are going to start with. lets say 1 lakh rupees. what if you started to trade on 2009 ... will it make money ... if yes. what is the max drawdown. keep this money as a reserve and start trading as per your trading system. we keep everything constant, except the market, because we dont what Mr. Market will do to us. Rest, what we can do we take it in our hands.
lets say, you have trading system, dont search for it in the internet. for the moment, you already traded and you bought in certain place and sold in a certain place. why ?
crystallize it and it becomes a trading system. remember a trading system with 30% success ratio can also be a making money in the long run and even 90% success ratio can be a looser. We are just trying to win more money than loosing, that's all
so we now have a trading system that will be mechanical. so we wait for our setups to come and place orders and leave the market to do the rest.
trading is not like using a machine gun, pulling the trigger randomly so that we hope that the enemy is conquered. it is more like a sniper waiting carefully for the prey to come to an ideal spot..
once you have trading system then you have filters, max trade in a session etc etc. we just execute the plan (things around our trading system, money management, position size, exits partial exits if any)
backtest your system with the capital you are going to start with. lets say 1 lakh rupees. what if you started to trade on 2009 ... will it make money ... if yes. what is the max drawdown. keep this money as a reserve and start trading as per your trading system. we keep everything constant, except the market, because we dont what Mr. Market will do to us. Rest, what we can do we take it in our hands.
One part which puzzles me is, I don't have clear rules like how many trades I should take in a day/week or when should I stop taking trades.
The way I trade is, I wait for my entry point and takes the trade. Sometimes the price will not come to the entry price. What should I do on that day? In these cases, it itches me to get into trades. How to handle these situations.
I recognize the importance of system and I lake a clear system obviously.