Had a very good coaching session with my coach yesterday. Basically it seems that he is happy with how I am analysing the market in terms of the STAM strategy. This has given me confidence and I think it will also increase my productivity – as I will just continue doing what I am doing and I will spend less time worrying about whether I am doing the right thing.
I need to become less concerned about my trading results. To date I have done very few trades, and the results are not necessarily indicative or meaningful, because the sample size has simply been so small. I need to focus only on whether I am analysing, executing and managing the trades well – that’s all. And according to my coach, I am doing it reasonably at the moment – the main thing that I can do better is timing when to get into the trade i.e. entering at the right level so this is what I will focus on more.
Thus far I have 7 trades (excl. the open cable trade) – 2 winners, 5 losers – average loser is 0.7R, average winner is 2.16R.
Trading Strategy Ideas – for the future
- Buy/Sell the strongest/weakest pairs at the start of the week (either on Sunday night or Monday morning) without a stop or target and let the trade run until the end of the week. Could potentially do the two strongest versus the two weakest. Should be relatively easy to backtest this over the last 10 years to see how that has performed. It would increase the number of trades done on a monthly basis. It could mean I put on 4 trades per week by default – although the results will likely be correlated!
- Add NZD and CAD into the mix of currencies that I am looking at – this would increase the number of trading opportunities.