Trading Plans

It is good to hear that you have found the time frame that works best for you. Many traders under estimate the importance of correct time frame selection (note to myself to get on my soapbox on this).

More important is that you ONLY have 4 WEEKS of this under your belt. This is not the time to bet the farm (as they say here). Baba G responded with seeing where you are after 3 months. For me, it's much longer than that, 1 year at least. You need to go through a full cycle of market tribulations and see how you live through that. If you look at a REAL trader's equity curve (NOT those published by scammers trying to sell stuff), you will see that it is not a straight line and suffers drawdowns (often when you least expect it). You need to feel the pain of that - and how you react to it. Just because you have a high success ratio NOW, does not mean that you can project it into the future.

You will have so much success with your trading that you will feel like "you can walk on water" - this is the MOST dangerous time. Remember the last guy that thought he could walk on water - he got hung on a cross! I've done it a few times and can still see the scars in my hands!

So, just keep doing what you're doing and PROVE to yourself (nobody else), that you can do it CONSISTENTLY over the long haul.

It is disappointing that you do not trade your plan, after doing the hard work of planning the trade, BUT it is good that you are HONEST and own up and realise your limitations. So many wannabe traders LIE and fool themselves with so many things about themselves and don't realise that until they resolve their personality and character traits, they will never be really successful.

Before you go any further Dan, you have not said WHY you do not trade your plan. Step back and ask yourself WHY? Your answers should reveal a great deal about YOU and YOUR plan. Keep asking until you get to the bottom of it and can put your finger on it and truly say "here's the reason why." I could tell you the questions to ask yourself but keep asking WHY? and they will come.

Having found the time frame which is comfortable for you, you now need to FIND what type of trader you want to be, or more important, comfortable, in being.

WHAT is your GOAL? WHEN do you want to achieve it? HOW do you want to achieve it. HOW do you want to spend your day, your life? WHAT makes you happy/sad? WHERE do I want to go in life? HOW do I get there? WHY? Ask all these questions RELATIVE to your trading and you will find your INNER trading self.

When you ask yourself these questions, go and stand in front of the mirror and STARE at yourself in the eyes. You are looking at the Holy Grail. Ask him all these questions; he may try to lie to you to make you go away, but YOU will know when he is lying so keep asking until he gives YOU the TRUTH. You may feel different after your conservations with the Holy Grail - I know I do.

It is always important to make a profit, no matter how or no matter how small - it is our REWARD and makes us feel good about ourselves and is very important for our psychological growth (not to mention the trading account).

When you get down to serious trading, profit doesn't figure anymore, we always make a profit. What is then important is ROI expressed in percentage terms.

After you have asked yourself these questions, you should have a clearer picture about what type of trader you are evolving into.

You may end up being a scalper on the Daily time frame being happy with 50 pips or so per trade but knowing that you are trading 100 GBP/pip contracts or larger.

You may not have the finances or the psychological make up to do this and may instead want to trade smaller contracts on longer trends. Or, you may be sufficiently skilfull to do both.

I'm sure you have already read them, but read those pages again with the posts of the conversation between Jim and Jacko. Keep reading them until you picture yourself as either Jim or Jacko for they both have contrasting styles.

While you are tormenting yourself with this and searching for the answers, you may want to trade 2 contracts (reduce GBP/pip if necessary). Take your profits on the 1st as you are already doing and then trail prices on the second one. Stop placement is key to this but until you find out from the Holy Grail the reasons for not trading your plan, no-one, NO-ONE, can help you.

I'm sorry for being long winded on this, Dan, and that this is not the answer you were hoping for but the true answer is very deep and we need to keep digging to get there