Testing & Trading
It’s the start of another week (and the start of another month). I maintain monthly & quarterly plans for my trading business – these are to keep my on the path to my goal of becoming a good trader. For the month of February I will carry on with loads of testing on ForexTester2 as well as carefully monitor, and trade from, the charts of DAX, Oil and Cable. For the first half of the month I will use a risk of £75 per trade. In the second half I might increase this to £100 or £125 depending on how things go in the first half. I have actually not yet “completed” my testing, however I feel confident enough with my trading approach to put on live trades on any of these three instruments. I have got around 65 trades under my belt – I think that is a tiny number, hence I will continue with loads more, but is giving me enough confidence to stick with it and to put on real trades.
The other point that is given me confidence is that in the last few months I have come across more and more traders who are taking money out of the markets on a consistent basis and have been doing so for years – and some of those are taking millions and millions of dollars. I am not saying “if they can do it, then I can I do it” but it does encourage me to see that it is actually possible. I am still in a fortunate position from which I can make it. I have got a sufficient bankroll, I have got the time, I am in a trading office, I am willing to work hard, I am constantly learning and I am investing in myself – in my health, in my psychology, in my family & friends, in a well-balanced life.
The other point that I seem to be coming across is that it seems to be more about the trader (i.e. me) then about the trading strategy. I am learning more and more about the structure of the market, what makes it move, how it works and it is really fascinating to me – I am loving it! But I am finally also starting to learn more about me, the trader – about what makes me tick, what drives me, my strengths, my weaknesses, my demons, my downfalls, my ambitions, my motivations – and I am starting to believe that it is this area which holds the key to success in trading for me.