- If your strategy uses technical indicators directly or there are indicators that can help you spot entry/exit points exist, write them down and add them to the chart. Avoid adding indicators that are not used by your system.
- Write down and open in your trading platform the timeframes on which your system is tested. Dont try trading on the timeframes that dont work with it.
- Define your entry and exit conditions — whether they depend on indicators or something else, those should be definable conditions. Avoid using something else except your systems guidelines in your trading.
- Before each trade, calculate the position size depending on the risk that is tolerable with your strategy. This will help you with money management and will save you from overtrading or gambling.
- Follow your strategy writing down all your profits and losses. Be honest with yourself. If you avert from your initial strategy, try to record that too.
- Keep to your system without changing it for a significant amount of time. Try to see its weak and strong sides when you have enough statistics on your hands.
11 Sep 2008
Switching to Your Own Forex Trading System
Before you switch to your own Forex trading system or the one that youve bought from someone else, Id suggest you organizing the process in such way that youll be able to keep up with your strategy and track your success honestly. Developing a trading system is a hard process, but keeping to it without falling to emotional trading is even harder. Here is a list of the steps I recommend doing when you find your system:
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- Open Your Eyes
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