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ramonbarros
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Trading has one element not present in other professions (except for those who are professional gamblers): on a trade by trade basis, a total newbie has as much chance as a professional of making money. Experience, knowledge and skill count over the long run but for the next trade.....your guess is as good as mine. This quirk is then hyped up so newbie's believe that a moment's success will be mirrored over a lifetime; once it takes hold, this illusion is hard to shake.
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Hi Ingot54 For me, my plan ecnompasses two similar but distinct ideas: 1) A structure for the price action - what I call the Tubbs model - accumulation - breakup retest, trend (directional moves and corrections) - distribution - breakdown - retest etc. When taking and manageing a trade, I like to assess the phase I am in. And.... 2) The elements for my rules: a) What is the trend of my time frame? Is it likely to continue or change? (The answers provide the strategy) b) Where is my zone? c) What is my trigger, initial stop, core profit target? d) How does the trade's reward:risk compare to the statistical norm? e) Once a trade is underway, how am I going to manage the trade?
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I like using CSI-Data's Perpetual Series. For me it provides the best solution for futures where instruments roll over.