With a new year comes renewed enthusiasm for my trading. I anticipate this will be my breakout year where I finally break the nut which has proved so elusive: consistent trading profits.
My first primary goal is consistency. I intend to trade 2 systems on the forex and spot gold markets.
The first system is meantrades classic. Depending on the prior months results I will either use 10 range or 20 range bars to maximize profitability.
The second system is a momentum based system which does not use support and resistance levels. A pure trend trade system which will test my patience as well as my beliefs about the forex market.
Another goal very much on my mind is the use of stops. Last year I discovered that the best thing about constant range bars was not their clarity of trend but their ability to reduce stops to the smallest level possible (but not any smaller). Thus my goal is to apply stops on a absolute dogmatic level.
In the past few months I have discoevred the world of online poker and have experienced some modest success. The exercise of playing another game of skill with money has helped me realize just how essential stops are in the longevity of a trading system. For years I struggled with this. Meantrades did not employ price stops and although the returns were outstanding, in other periods the draw downs were just unbearable.
On the mental side of things my goal is to not respond so emotionally to situations I find uncomfortable. Just try and take things in stride. I'm 36 years old, it's time to find some peace of mind in my life experiences. Some things in life are just unpleasant. Better to face them head on than the rant and rave about how distasteful they are.
Hope the New Year is a good one for you too.