Tired of catching losers and missing winners? Have a checklist.
If you too are fed up of catching so many losers AND missing out winners then here is a suggestion.
I don't give much attention to some setupds that sometimes end up really good, and I insist with setups that catch my eye but are really not that great.
The solution is first of all to pay attention to the markets (and charts) every single day, and second it is to systematically run the setups in a checklist, as objective as possible, checking every point 1 by 1 (can't be lazy). Unless you are highly autistic I think this is necessary (or strongly recommended).
If this is to be a real "job"...
> Be able to justify why you took an investment
> This is not gambling
> As if you were hired and had to explain to investors or a boss
I gave an example with a list of 9 conditions. Not for me to say what they should be or how many there should be but more than 10 seems like too much, it should be more synthetic and we do not want to spend 1 hour every time we want to check something. I think the conditions should have some objective measurement(s) that should take a few seconds to a few minutes to check. If it takes too long it is a bad sign, it might be too complicated or too subjective, too emotional.
Example:
Something such as "support level", to put a score (0-3) one could proceed like this, and that would take 1 minute or less:
For the trend we find some objective way (can be EMA or extension from ATR or BB) to tell if it is:
- Choppy/Ranging = 0
- Weak Trend = 1
- Strong Trend = 2
- Diagonal Trend = 3
And parabolic trends are a separate thing entirely.
I don't give much attention to some setupds that sometimes end up really good, and I insist with setups that catch my eye but are really not that great.
The solution is first of all to pay attention to the markets (and charts) every single day, and second it is to systematically run the setups in a checklist, as objective as possible, checking every point 1 by 1 (can't be lazy). Unless you are highly autistic I think this is necessary (or strongly recommended).
If this is to be a real "job"...
> Be able to justify why you took an investment
> This is not gambling
> As if you were hired and had to explain to investors or a boss
I gave an example with a list of 9 conditions. Not for me to say what they should be or how many there should be but more than 10 seems like too much, it should be more synthetic and we do not want to spend 1 hour every time we want to check something. I think the conditions should have some objective measurement(s) that should take a few seconds to a few minutes to check. If it takes too long it is a bad sign, it might be too complicated or too subjective, too emotional.
Example:
Something such as "support level", to put a score (0-3) one could proceed like this, and that would take 1 minute or less:
For the trend we find some objective way (can be EMA or extension from ATR or BB) to tell if it is:
- Choppy/Ranging = 0
- Weak Trend = 1
- Strong Trend = 2
- Diagonal Trend = 3
And parabolic trends are a separate thing entirely.
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