Jan 5, 2017
In this Q&A episode, I discuss the process of making your trading strategy better and I also do a review of my trading year.
The Trading Year In Review
It is very important for any trader to look back at the year that went by to evaluate things that went well and things that didn't go very well.
Personally, I'm proud of the capital I've been able to collect in 2016 through a few investors. However, I'm not particularly happy with how I handled my July 2016 drawdown.
On the positive side, I see this drawdown as a great learning opportunity.
Making Your Trading Strategy Better
Personally, every strategy I currently trade is composed of 4 parts:
- Market phase
- Support/Resistance areas
- Price action (including but not limited to candlesticks)
- Indicator
All those factors, when combined, create confluence. Making your trading strategy better involves looking at the 4 parts mentioned above and adding criteria to limit yourself to trading higher quality trades.
The advice shared in my Facebook Live Q&As are based on my own experience and the interviews I had with multiple successful traders on the Desire To Trade Podcast.
Questions Answered:
- How can I improve my strategies?
- I trade with the 8 EMA and buy/sell when the price crosses it. What do you think of that?
- What's the best amount of leverage to use?
What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!
DesireToTRADE’s Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist
- One-Page Trading Plan (free template)
- DesireToTRADE Academy
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