Split the week between fine tuning what I learned from my errors last week using a sim account and following through with trying it on the real account.
A sim account is ideal for testing specific details of system methods without getting sidetracked/distracted by profit/loss. Actually, they are now pretty much identical to real accounts so those interested in testing the trading waters should definitely begin on a sim for risk free trade experimentation.
As I was working out my methods this week, it occurred to me how similar my techniques are today compared to what I was doing in the past when I was earlier on in this journey. I didn’t realize how close I was to locking down accuracy, but unfortunately, “close” wasn’t good enough. There were a few techniques I was using that I wasn’t applying it the proper way, and the outcome was mixed results. Sometimes the methods would work, and other times, not- and that inconsistency led me to move on to trying other things….not realizing how close I was to getting it right. The nuances of determining how to place a trendline can be so subtle but also make or break. Interpreting the meaning of price reactions at trendlines falls into the same category as well.
On the other hand, although I had several “separate” methods close to figured out, I was no where near knowing how to put them all together in a unifying theory. That had to come with time, trial and error and some serendipity thrown in.
This is why it’s important to take good notes of one’s progress and market system updates. It’s critical for keeping track of what you are doing and the effectiveness of one’s current methods. That makes it easier to experiment and make changes, but also be able to fall back if you wind up too far off course and need to back track.
One full trading week left for February, and I plan on making the most of it.