It’s difficult to me… really difficult at this time of my life dedicate entirely to market analysis. I’m not giving up... never.
I’m still reviewing my procedures and this log is going to help, or at least it will keep what the hell I was thinking at the time to open a position.
Some considerations that I’m now willing to follow:
- Stay away from 5min chart or less. I tried before and didn’t work, why to try again? Even trade in tick charts and positions went awfully wrong. Like chasing rabbits with blind eyes. Stay Away!
- Analyze the bigger timeframe first, and then at least three timeframes over the trigger timeframe. Get the bigger picture before enter with the trend, not against it.
- Maybe consider as trigger timeframe 15min chart but analyze 1H, 4H and daily charts before.
- Return to demo account till be consistently profitable.
Things that I’m aware of, and have to work in:
- Still don’t have a rigid strategy; I have a general idea about technical analysis but I’m not certain in my procedures
- Technical indicators are history price tools, but the most direct and realistic indicator is price. Support/Resistance and pattern are extremely strong tools. Use them.
- Lack of a valid entry strategy.
- Trend is my best friend and I don’t want, need or be able to fight with it.
So this is it. Every single trade I make is going to pass through this blog.
