Forexwatchman
Sergeant
- Messages
- 198
After the worst week I've ever had since my trading days began, I have come to a low point, a point at which I either turn things completely around or I give up defeated. Not a very good spot to be in. It's terrible when you know you can do better but you just aren't doing it. When you have to keep reminding yourself that it was just a lack of strategy and discipline and not some bigger force behind it all that really means you're not cut out for this and it's never gonna materialize into something long-term. There's the nagging uncertainty of whether the forex market is even a viable way to produce income in the long run or if it's just a random force of nature like gambling, sometimes you have a string of wins and other times a string of losses- the wins being the motivation to do it again, and the losses you must force out of your mind before the fear and anxiety stop you forever- but eventually the house gets all its money back regardless of how well you try to manage your losses.
So what are the facts- just the straight up facts. 1) I know that I am committed to seeing this thing through to the end. 2) I know that I have just as much reasoning, skill, and discipline as anyone else who ever made it in the forex market. The one and only thing I am lacking is a strategy, written in stone, tested and proven to myself. The key part of that last sentence was the proving it to myself part. I've always been the type to question something down to it's purest form, getting at the very root, the most senior fundamental datum of something is only captured through personal observation and experience, the rest is only second hand.
So there you have it, the sole reason behind me writing this, to develop a strategy, to test it out in real time, and to keep a running history of that process so that I can say without question that at the end of this process I am either gonna trade successfully enough to make this a living, or I should use my skills and abilities elsewhere. And as depressing as the thought of all this hard work and stress leading to a DEAD END may seem, I will say this right now in advance: I would be a much lesser person if I chose to simply give in and give up than I am to embark on this process of exploration of the forex market, answering my questions objectively and studiously in order to arrive at a conclusion of my own once and for all.
So what are the building blocks of forming a good strategy.
1)Know the kind of trader you are.
2)Know what indicators work best most of the time and when and how to use them.
3) Based off #2, determine entry and exit points.
4)Continue to research and adapt the overall strategy.
5) MOST IMPORTANT: Keep it simple.
Now I will go about this process in that order. And any suggestions are more than welcome. I would love to have others in the same boat as me follow along and use this as just a small part in their overall compass through the forex ocean, for whatever its worth.
So what are the facts- just the straight up facts. 1) I know that I am committed to seeing this thing through to the end. 2) I know that I have just as much reasoning, skill, and discipline as anyone else who ever made it in the forex market. The one and only thing I am lacking is a strategy, written in stone, tested and proven to myself. The key part of that last sentence was the proving it to myself part. I've always been the type to question something down to it's purest form, getting at the very root, the most senior fundamental datum of something is only captured through personal observation and experience, the rest is only second hand.
So there you have it, the sole reason behind me writing this, to develop a strategy, to test it out in real time, and to keep a running history of that process so that I can say without question that at the end of this process I am either gonna trade successfully enough to make this a living, or I should use my skills and abilities elsewhere. And as depressing as the thought of all this hard work and stress leading to a DEAD END may seem, I will say this right now in advance: I would be a much lesser person if I chose to simply give in and give up than I am to embark on this process of exploration of the forex market, answering my questions objectively and studiously in order to arrive at a conclusion of my own once and for all.
So what are the building blocks of forming a good strategy.
1)Know the kind of trader you are.
2)Know what indicators work best most of the time and when and how to use them.
3) Based off #2, determine entry and exit points.
4)Continue to research and adapt the overall strategy.
5) MOST IMPORTANT: Keep it simple.
Now I will go about this process in that order. And any suggestions are more than welcome. I would love to have others in the same boat as me follow along and use this as just a small part in their overall compass through the forex ocean, for whatever its worth.
