[pipsaholic]

Hi,

I am looking for some advice from some more experienced trader to improve on my trading system/rules. I have removed a lot of indicators from my system and I am designing my own based on the past 9 months experience in learning and experimenting.

Please review and add or take away what you feel may benefit my system.

Please see attachment .doc

[RealDemo]

Sorry but it doesn't look like you've taken on board any of the advice already given in your other thread.

You've got way to much stuff going on, trim it all back.

What is the key premise that your working with here?

When you say analyse something...what is it you are actually doing? be very specific, and keep it sharp.

I don't want to sound mean, trust me I've been there in headless clucking mode too, but if this list is a reflection of what's going on in your head then it's time to stop and listen to what people are trying to tell you.

[wrbtrader]

Originally Posted by pipsaholic »

Hi,

I am looking for some advice from some more experienced trader to improve on my trading system/rules. I have removed a lot of indicators from my system and I am designing my own based on the past 9 months experience in learning and experimenting.

Please review and add or take away what you feel may benefit my system.

Please see attachment .doc

Hi,

You should first try using that trading plan you've posted for a few weeks to a few months to determine if you can do all of the different types of analysis...efficiently and profitably. I counted about 25 different trade methods within your trading plan. Most traders can't manage using one trade method and yet you're attempting to use 25 different trade methods together as one trading plan.

Therefore, I highly recommend you remove most of those indicators and price action methods and decide upon just 1 - 3 trade methods within your one trading plan. This will allow you to efficiently determine problematic areas within your trading plan resulting in you being able to adapt your trading plan to minimize drawdown periods when market conditions changes and to remain consistently profitable (if profitable) because the markets are constantly changing many times per year.

It's that constant change why most traders have big drawdowns or consistent drawdowns because they failed to recognize different trading conditions or not willing to stay on the sidelines until favorable trading conditions return that would allow them to exploit whatever trade method they're using.

Simply, with 25 different trade methods within your trading plan, when something goes wrong (it will go wrong), you will be constantly running around in circles chasing your butt trying to find the problem if you're not profitable...you're trading plan will not work via its current design.

Why? There's too much to do (analysis). Most of that information your brain will attempt to sort through and piece together will result in you not having the ability to follow that trading plan you posted. Thus, you will either conclude you didn't have the discipline to follow your trading plan (blaming yourself) or conclude you don't know what's wrong with the trading plan because you're using about 25 different trade methods as one trading plan.

Once again, I highly recommend you only use 1 - 3 trade methods from your Pre-Trade and Main Analysis list and then slowly build up to all those other methods assuming you're still profitable. Yet, don't continue adding more trade approaches if you can't be profitable with what you already had in prior.

I'm now very curious to see what your charts look like on your monitors as if someone was standing behind you and taking a picture of your monitors (plural) instead of showing one chart that's been maximized for forum discussion. Thus, I would be more surprised if you have less than 3 monitors in your attempt to manage 25 different trade methods as one trading plan.

Start small, master it and then build up.

[TimRacette]

Hi pips, I read through your trading rules, you have some really good stuff in there, but there's also things you probably don't need. I have two specific comments regarding your word document. The first, try rewording it to the first person I instead of you/your. It may seem subtle, but it can help embed your routine and principles on a subconscious level.

Second, For your trade entry section, take a 3x5 note card and write out your exact entry criteria in steps. Put this in front of your screen and when you think you see a trade setting up, just run through your "trade entry checklist" to make sure it fits all your criteria before pulling the trigger.

Writing out a trading plan is great, but it's usefulness comes in the simplicity and being able to refer to it when the trade is setting up. Over the years I've gone through my trading plan and simplified it to the core idea so there is no room for interpretation. This was a great Saturday morning exercise along with reviewing my trade notes from the week.

Best of luck and happy holidays,
Tim

[pipsaholic]

Originally Posted by RealDemo »

Sorry but it doesn't look like you've taken on board any of the advice already given in your other thread.

You've got way to much stuff going on, trim it all back.

What is the key premise that your working with here?

When you say analyse something...what is it you are actually doing? be very specific, and keep it sharp.

I don't want to sound mean, trust me I've been there in headless clucking mode too, but if this list is a reflection of what's going on in your head then it's time to stop and listen to what people are trying to tell you.

I have taken on board what others have said, but I do not feel I have way to much stuff going on I am not going to use 3 vague rules. I like to filter out areas which I have learned to see if they fit the market. No where did I say that all my rules had to be 110% I didn't mention in my previous thread that I only look for 3 reasons to enter a trade out of the 20 possible confirmation points.

Analysing I am monitoring and marking key points and swing levels at that time.

Originally Posted by wrbtrader »

Hi,

You should first try using that trading plan you've posted for a few weeks to a few months to determine if you can do all of the different types of analysis...efficiently and profitably. I counted about 25 different trade methods within your trading plan. Most traders can't manage using one trade method and yet you're attempting to use 25 different trade methods together as one trading plan.

Therefore, I highly recommend you remove most of those indicators and price action methods and decide upon just 1 - 3 trade methods within your one trading plan. This will allow you to efficiently determine problematic areas within your trading plan resulting in you being able to adapt your trading plan to minimize drawdown periods when market conditions changes and to remain consistently profitable (if profitable) because the markets are constantly changing many times per year.

It's that constant change why most traders have big drawdowns or consistent drawdowns because they failed to recognize different trading conditions or not willing to stay on the sidelines until favorable trading conditions return that would allow them to exploit whatever trade method they're using.

Simply, with 25 different trade methods within your trading plan, when something goes wrong (it will go wrong), you will be constantly running around in circles chasing your butt trying to find the problem if you're not profitable...you're trading plan will not work via its current design.

Why? There's too much to do (analysis). Most of that information your brain will attempt to sort through and piece together will result in you not having the ability to follow that trading plan you posted. Thus, you will either conclude you didn't have the discipline to follow your trading plan (blaming yourself) or conclude you don't know what's wrong with the trading plan because you're using about 25 different trade methods as one trading plan.

Once again, I highly recommend you only use 1 - 3 trade methods from your Pre-Trade and Main Analysis list and then slowly build up to all those other methods assuming you're still profitable. Yet, don't continue adding more trade approaches if you can't be profitable with what you already had in prior.

I'm now very curious to see what your charts look like on your monitors as if someone was standing behind you and taking a picture of your monitors (plural) instead of showing one chart that's been maximized for forum discussion. Thus, I would be more surprised if you have less than 3 monitors in your attempt to manage 25 different trade methods as one trading plan.

Start small, master it and then build up.

I am going to amend my plan by stating that only 3 of the following 20 points required to be met to find a valid signal.

See attachments for my overall setup before zooming in.

Originally Posted by TimRacette »

Hi pips, I read through your trading rules, you have some really good stuff in there, but there's also things you probably don't need. I have two specific comments regarding your word document. The first, try rewording it to the first person I instead of you/your. It may seem subtle, but it can help embed your routine and principles on a subconscious level.

Second, For your trade entry section, take a 3x5 note card and write out your exact entry criteria in steps. Put this in front of your screen and when you think you see a trade setting up, just run through your "trade entry checklist" to make sure it fits all your criteria before pulling the trigger.

Writing out a trading plan is great, but it's usefulness comes in the simplicity and being able to refer to it when the trade is setting up. Over the years I've gone through my trading plan and simplified it to the core idea so there is no room for interpretation. This was a great Saturday morning exercise along with reviewing my trade notes from the week.

Best of luck and happy holidays,
Tim

Yeah, putting I seems more personal I agree good idea. Good idea for the small card, but things always small get lost around here lol. I have out it on my whiteboard. To be honest I would love to simply it so easy it takes 2 mins to read and follow, however I would be missing so many things out which I feel will come back to haunt me. I am considering making it more of a checklist.

I am also considering making live videos and talk through what I am thinking at the time of the trade do you think it will help as writing your setup or results can be difficult and you miss things out.

[yiman]

Originally Posted by pipsaholic »

Hi,

I am looking for some advice from some more experienced trader to improve on my trading system/rules. I have removed a lot of indicators from my system and I am designing my own based on the past 9 months experience in learning and experimenting.

Please review and add or take away what you feel may benefit my system.

Please see attachment .doc

looks to me like you are over analysing. My experience is that the simpler the better. Ive been down that road trying to use different methods to get confirmation. All it did was give me a headache, confusion and bad trades.Int he end i was neither winning or losing, Very frustrating after all the hard work.

I spent a few years and alot of money looking for the holy grail and eventually discovered Ihad it all the time. It was stiting there between my ears waiting for me to recognise it.

I ended clearing everything off my charts and spent a week just looking at patterns and drawing trend lines.

then I started sim trading the patterns. When i was sattisfied that the patterns were jumping at me I added my indicator. The indicator is only there to act as confirmation or to detect divergences. It is secondary to the price action.

once i was satisfied with that I started using wolfe waves , again they jump at me because i am primarily looking at the price chart.

The simpler your final system the better IMHO.

[joshdance]

Originally Posted by pipsaholic »

I do not feel I have way to much stuff going on I am not going to use 3 vague rules.
...
See attachments for my overall setup before zooming in.
...

All the forum junkies who have not yet had any success at all read all of this garbage about systems and rules, and they write these intricate, long, detailed documents containing "rules" which are just a total waste of time only impede the learning process.

It's like going to a baseball game for the first time, sitting in the stands, and sitting there with your head in a baseball rule book memorizing all the rules, and thinking you understand how the game is played. Maybe you should get your head up out of the book, and WATCH the baseball game that is being played right in front of you.

It's funny that you say "I am not going to use 3 vague rules" while instead you have 20 vague rules. You actually have no rules except for the section "Exit Rules," all of which are actually specific (note: not necessarily good or bad, just specific).

You are looking at 9 markets, multiple time frames. Drop them all except for one market, and limit it to 3 time frame charts (2 would be better). And unless you are a long term swing trader or investor, and do not mind getting screwed by bucket shop forex brokers, you should get your butt out of spot forex ASAP and into a real centralized exchange and instead, trade currency futures.

My advice (since you asked for advice and feedback) is the same I gave someone here:
http://www.traderslaboratory.com/for...tml#post131797

[pipsaholic]

Originally Posted by yiman »

looks to me like you are over analysing. My experience is that the simpler the better. Ive been down that road trying to use different methods to get confirmation. All it did was give me a headache, confusion and bad trades.Int he end i was neither winning or losing, Very frustrating after all the hard work.

I spent a few years and alot of money looking for the holy grail and eventually discovered Ihad it all the time. It was stiting there between my ears waiting for me to recognise it.

I ended clearing everything off my charts and spent a week just looking at patterns and drawing trend lines.

then I started sim trading the patterns. When i was sattisfied that the patterns were jumping at me I added my indicator. The indicator is only there to act as confirmation or to detect divergences. It is secondary to the price action.

once i was satisfied with that I started using wolfe waves , again they jump at me because i am primarily looking at the price chart.

The simpler your final system the better IMHO.

Great advice however I do feel that my plan is simple yes it has alot of steps on it but if as some say only follow 1 or 2 rules to enter a trade its like saying play baseball only if you know how to use a ball and bat no use using your speed, intelligence, rules of the game etc.

I heard some top experts saying if you have more things on your chart than S&R and trendlines your over complicating your system which I find unbeliveable. I dont believe huge banks and instituations use only those to make millions I have seen their setups and they have technical indicators and lots of rules in place.

So, what would you advise me to take off my plan?

Originally Posted by joshdance »

All the forum junkies who have not yet had any success at all read all of this garbage about systems and rules, and they write these intricate, long, detailed documents containing "rules" which are just a total waste of time only impede the learning process.

It's like going to a baseball game for the first time, sitting in the stands, and sitting there with your head in a baseball rule book memorizing all the rules, and thinking you understand how the game is played. Maybe you should get your head up out of the book, and WATCH the baseball game that is being played right in front of you.

It's funny that you say "I am not going to use 3 vague rules" while instead you have 20 vague rules. You actually have no rules except for the section "Exit Rules," all of which are actually specific (note: not necessarily good or bad, just specific).

You are looking at 9 markets, multiple time frames. Drop them all except for one market, and limit it to 3 time frame charts (2 would be better). And unless you are a long term swing trader or investor, and do not mind getting screwed by bucket shop forex brokers, you should get your butt out of spot forex ASAP and into a real centralized exchange and instead, trade currency futures.

My advice (since you asked for advice and feedback) is the same I gave someone here:
http://www.traderslaboratory.com/for...tml#post131797

I disagree that looking at 9 markets is bad for a newbie I was always told to specialise in 1 currency pair while others had clearer trends and setups and even if not trading you learn a heck of a lot its like watching 1 baseball game which is boring compare to 9 top league games.

Why would currency futures be any better it still uses the same concept.