When to quit a trading strategy checklist:

1. Make sure you didn't break your rules for the last 50 trades.

2. Have trading rules for all parts of your trading strategy

- Entries

- Stops

- Timeframe usage

- Targets and exits

- Trade Management

3. Make sure you adhere to sound risk management principles

4. Journal every single trade

5. Review weekly and make targeted adjustments

 

 

Links mentioned

Edgewonk trading journal: https://edgewonk.com

 

Disclosure: We are also the creators and behind Edgewonk

 

 

Connect with me

My website: https://tradeciety.com/

My YouTube channel: https://www.youtube.com/tradeciety

 

 

In this podcast, I go over the 8 steps and components that need to be defined in order to create a robust trading strategy.

 

The 8 strategy components are listed below:

 

Trading Strategy Component

Your pick

Strategy

Scalping, Day Trading, Swing Trading

Timeframe(s)

Choice and usage of HTF and LTF

Markets

Define markets suited for TF and Strategy

Entry

Entry rules and 10 perfect screenshots

Stop loss

ATR, BB, MA, high/low, SR,

Take profit

Fixed RRR, ATR, MA, HTF, SR

Trade management

Active vs passive

News, overnight, weekend

Define your approach

 

 

Connect with me

My website: https://tradeciety.com/

My YouTube channel: https://www.youtube.com/tradeciety

 

 

The 11 quotes from the podcast:

 

1. “Music is the space between the notes,” because an analogous statement about trading—Trading is the space between trades.

 

2. There are two parts to a trade: direction and timing. And, if you’re wrong about either one, you’re wrong on the trade.

 

3. You have to have an edge to make money, and a chart pattern does not give you an edge.

4. Don’t trade so large that fear dominates your trading.

 

5. Impulsive trades are often triggered by impatience—an urge to do something while you are waiting for a trade that legitimately meets your criteria. The market rewards patience and trades borne of impatience are usually detrimental.

 

6. If a trade is not acting as expected, cut losses immediately.

 

7. If you ever find yourself in a trade based on hope, get out. You need conviction, not hope, to stay in a trade.

 

8. Learning from mistakes is how you become a better trader.

 

9. After taking a loss—particularly a substantial loss—it is common for traders to experience a compulsion to try to quickly make money back in the same market. Resist this temptation!

 

10. Don't ever listen to anybody when you are in a position. Stick to your own approach and avoid being influenced by contradictory opinions.

 

11. After you get out of a trade, whether it made or lost money, you have to forget about it like that [he snaps his fingers].

Link to the book on Amazon: https://www.amazon.com/Market-Wizards-Traders-Youve-Never/dp/B08F2Y6BD6

 

Connect with me

My website: https://tradeciety.com/

My YouTube channel: https://www.youtube.com/tradeciety

 

 

 

 

 

I completely changed my take on system hopping. Also, in this episode I talked about how a strong why will help you push through the tedious tasks every day. And I also share my thought of the week :)

 

Links mentioned in the episode

Lex Fridman podcast: https://www.youtube.com/watch?v=1YbcB6b4A2U

Perfect average day: https://www.youtube.com/watch?v=zRj3LzC6ujY

 

Connect with me

My website: https://tradeciety.com/

My YouTube channel: https://www.youtube.com/tradeciety

My Instagram: https://www.instagram.com/tradeciety_official/

 

 

 

Are the 'big players' out there to get you in your trading? Do the banks and the funds trade against you?

 

In this week's episode, we explore different concepts of market manipulation.

 

 

My Instagram: https://www.instagram.com/tradeciety_official/

 

 

 

This is a three-part episode and I talk about three different topics:
 
  1. How do we deal with the need for certainty in our trading? What is the best trading strategy when it comes to having more certainty? 
  2. Do you need a complex trading strategy or is it enough to have a simple one?
  3. The concept of saving up to make a move' in your life and take a shot at your goals.
 
► My Forex mentoring: https://tradeciety.com/premium
 
► Edgewonk trading journal: https://edgewonk.com/ 
 
 
Links mentioned:
 
 

This question was sent in by a follower on my Instagram channel.

If you want your question answered in the next podcast, you can send it to me via Instagram: https://www.instagram.com/tradeciety_official/

 

 

Join me every Tuesday for a live stream on my YouTube channel (https://youtube.com/tradeciety).

I go over current live charts, explain the best setups, share tips for technical analysis and answer your trading questions. 

 

The times for the YouTube live stream is:

7 am - New York, US

8 am - Rio de Janeiro, Brazil

12 pm (noon) - London, UK

6 pm - Bangkok, Thailand

9 pm - Sidney, Australia

 

You can also find the upcoming live stream link for the current week here: https://www.youtube.com/channel/UC9qrrcSPGThjS_YfuX_RGag/videos?view=2&live_view=502

 

 

##############

 

Risk Disclaimer:
https://www.tradeciety.com/risk-disclaimer/

Any and all liability for risks resulting from investment transactions or other asset dispositions carried out by the customer based on information received or market analysis is expressly excluded by Quantum Trade Solutions GmbH. All the information made available here is generally provided to serve as an example only, without obligation and without specific recommendations for action. It does not constitute and cannot replace investment advice. We, therefore, recommend that you contact your personal financial advisor before carrying out specific transactions and investments.

In view of the high risks, you should only carry out such transactions if you understand the nature of the contracts (and contractual relationships) you are entering into and if you are able to fully assess the extent of your risk potential. Trading with futures, options, forex, CFDs, stocks, cryptocurrencies and similar financial instruments is not suitable for many people. You should carefully consider whether trading is appropriate for you based on your experience, your objectives, your financial situation and other relevant circumstances.

Information and Opinions: Information on this site is provided solely for informational or general educational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or to provide investment advice. The opinions and analyses included herein are based on sources believed to be reliable, but no representation or warranty, express or implied is made as to their accuracy, completeness, timeliness, or correctness. All information contained herein should be verified independently.

Results: Past performance is not necessarily indicative of future results. Investment information may not be appropriate for all investors. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

 

Tuesday is Tradeciety day! Well, it is from now on :)

 

As mentioned in this short announcement, our regular podcast day is going to be Tuesday. Every Tuesday, I will release a new podcast episode. 

 

But there is more!

Join me every Tuesday for a live stream on my YouTube channel (https://youtube.com/tradeciety).

I go over current live charts, explain the best setups, share tips for technical analysis and answer your trading questions. 

 

The times for the YouTube live stream is:

7 am - New York, US

8 am - Rio de Janeiro, Brazil

12 pm (noon) - London, UK

6 pm - Bangkok, Thailand

9 pm - Sidney, Australia

 

You can also find the upcoming live stream link for the current week here:

https://www.youtube.com/channel/UC9qrrcSPGThjS_YfuX_RGag/videos?view=2&live_view=502 

 

 

Podcasts I mentioned in this episode:

The one you feed

The collective podcast

Art department

 

Reach out to me if you enjoy my podcasts and let me know

Instagram: https://www.instagram.com/tradeciety_official/

Twitter: https://twitter.com/tradeciety 

 

Where are you stuck on this competence ladder in your trading right now?
 
 
Get my free ebook with the 10 best tips for trading success: 
 
For my premium trading education, take a look at my new and updated trading courses:
► Price Action trading strategy: http://ultimatepriceaction.com/ 
► Multi-timeframe trading: https://dailybiastrading.com/
► Trading Psychology course: https://tradingpsychologycourse.com/
 

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