Should you copy my trades?

The answer is NO!

For starters I am not a trading guru. My knowledge of technical indicators only extends to moving averages, average true range and candlestick patterns.

Your psychological make up is most likely totally different to mine. Can you handle seeing huge variations in your open profit each day? Could you resist exiting a position if it is showing a substantial profit? Are you likely to think that losing trades will eventually turn to winners? Being successful at trading requires that you do not become emotionally involved with your open positions. The most common emotions when trading is fear and greed. Both are fatal to traders.

The only time trades should be exited is when your predetermined price points are hit. No ifs, no buts. If you blindly follow all my entries and exits we will never have identical results even if we do have the same psychological approach.

Why? Because my predetermined exits are based on the price I pay for my entry. It is highly unlikely that we would pay the same price for an instrument (cfds in my case) so obviously our exit points would therefore be different. This can make a huge difference because your stop may get hit forcing an exit, while my trade may be allowed to continue ultimately returning me a substantial profit, while the exact same instrument may return you a small loss.

The trading plan I use is available to members of The Sandpit. If you are interested in trading a similar system to me, or if you want to modify my system to better suit your own psychology and goals you are more than welcome to do that.

The only reason I am putting my trading diary online is to prove that if I can generate an income stream doing trading then any one can do it!