I started yesterday morning by posting an idea with the phrase below.
'Lets start the morning with everyone's favourite! Gold'
Well I'm kinda doing the same again this morning but this time it so we can all have some more food for thought at the breakfast table instead!
Now here me out, I have drawn the two graphs in this mornings idea on the same gold H1 strategy chart I shared yesterdays idea from.
The comment section was a good mix of feedback, some miffed at the stop out possibly and others very realistic in the reality that stop losses occur in trading.
For this strategy yesterdays stop loss means we now have 5 losses in a row. But I wont be hopping off to another method or style either.
90% of traders get spooked at the first sign of a losing run and jump to the next strategy.
Why will I stick with this strategy for gold on H1? Because of probability being factored in from the back tested data available.
Hand on heart how many people out there actually back test a strategy?
You can't plan for probability in your risk management if you have no data for your strategy.
Transparency when sharing ideas has always been key for me and strategy test data is always included in my ideas just as the H1 gold data is at the bottom of this idea.
This leads me back on to the graph drawings in this idea.
The one on the left is the last two weeks of data for this strategy the one on the right is the last two years! Growing capital takes time.
Losing runs are part of trading the growing capital part comes from trading a strategy with a proven edge.
If you have a proven system why hop on to another one?
I'll end this idea with a great quote from Steve Burns.
'10% of successful trading is creating a system with an edge. The other 90% is following it'
Enjoy your day traders.
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Also, see my 'related ideas' below to see more just like this.
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