Trade.com journal. Is making a living with CFD trading a SCAM or a CHANCE?

[Thoris]

Dang! I should have done this much earlier! I only did this for one week and the data I've colected is already impressive! I think if it goes like this and I manage to collect enough evidence and make proper conclusions... that is so insightful!
The more I learn, the more I see that this 'trade.com scam or chance' topic has got all the chances to settle with the second option. There really is a chance to make living with CFD trading!

 

[Granigamand]

Great to hear that. I always had a feeling you are determined enough to go al the way through from first steps to being consistently profitable.

 

[Bearad]

Could be a premature enlightement. Collecting the data is just the first step. Making conclusions is the second one. Reconsidering the conclusions is the third step that most traders forget. Unfortunately.

 

[Thoris]

Once again I have to agree you know what you'r saying. At the moment I'm little stuck in interpreting the data. The most important question at the moment is how much data is enough to drive conclusions. I don't like the idea of journaling the trades all my life. That's awfully dull and I jhave to force myself in the end of the day. Missing a day is a pain as well as tomorrow you need to remember the last day and do a doubled work.

 

[Bearad]

People say it takes at least 21 day to develop a good habit and make it automatic. This is not a good idea to omit some days or trades in your journaling. Doing the doubled work is a pain. Non-complete stats can result in non-reliable results and conclusions. So yeah, you better bring this practice to be a habit, daily routine. I also believe your "making a living with trade.com" thread has got all the chances to result in "It's a chance" conclusion, so be patient and don't give up. You've gone too far to give up now.

 

[Thoris]

the reasearch I've been working on with a so-so result for so long has started bringing fruits, I guess.
I guess the reason of a so-so result was really hiding in the disciplined journaling of ALL THE TRADES like you said.
The last month has clearly shown that there is a reason to move the stop loss to breakeven in case the price has tested the entry point three times already (the limit entry is considered to be one of these tests).
Sounds like a minor detail, but you can't even imagine how much it matters to me to solve this equation!

 

[Bearad]

Why do you think we can't imagine? We can ))
I've been trading long enough to now how much the made up mind on some minor details matter!
Does your find relate to some certain asset, or all of them together?

 

[Thoris]

Dang! Do you think this really might be different for differnt assets?

 

[Bearad]

Ahahah, didn't mean to disappoint you but yeah, it really can be different for different assets. Oil and EURUSD like to do the retests according to my observations. I won't be that sure about gold and yen, for example.

 

[Thoris]

It took time to check this hypothesis and I'm not even sure I've spent enough. It's rather difficult to find out whether I took a large enough sample to drive some reliable conclusions.
However, it really turned that the results are different.
The results are the following. It is worth moving the EURUSD stop to breakeven in case the price has hit the entry point three times already. The entry on the first approach counts.
However, it turned out that oil really is not like that. So far it looks like one should never move oil to breakeven as it keeps testing stong levels again and again sometimes.
As for the gold ... I strart thinking I shouldn't trade it at all. Most of my losing trades are gold trades!
I'm writing it here not for the purpose on someone copying my findings on own account. I don't think it will be the same for any trading approach. All systems are different I guess.
I will just leave it here so that I remember myself about these conclusions.