• : October 3, 2021
  • : B. Krishnakumar
 
I am Stuck, Don’t Know What to Do!
 
I have been in this state, and I am sure most of you would have been in this phase or maybe you are in this phase right now. Unfortunately, if you do not realise that you are stuck, then it is time to do some introspection and find out.

If you are knowledgeable about quite a few concepts or patterns, but still unable to make any progress as a trader then I hope this post will help you address them.

If you are in that phase, ask yourself one simple question: Which is your favourite or the default trading strategy or approach. It could be as simple as an entry on a MAST cloud breakout and exit on MAST Cloud breakout in the other direction. But you must identify and be clear about one single strategy.

If you are unable to clearly write down the answer to the favourite or number 1 strategy then you are most likely in the “stuck” phase.

The simple solution is to just pick one strategy, whatever it may be and just stick to it for the next 100 trades or 6-months whichever happens earlier. Use all your knowledge and skill in building the strategy. Once you are done building the strategy, you should not think about any other thing for the next 6 months or 100-trades. Just implement the strategy.

Of course, do the backtest and ensure that the strategy has a positive expectancy. The most basic issue I can think of is being unsettled or unsure of how to get started with trading. So, let us forget about questions such as what is the best strategy or the best indicator or the best pattern. Pick a strategy and trade it.

This is the only way to get started in trading. Otherwise, this search for something better will clog your mind and you will be stuck at the same place without any meaningful progress.

So identify your time frame, your trading universe and your trading style. Then pick the strategy that suits these parameters and get started. Even if you end up making miniscule returns after a 6-month or 100-trade cut off, it will be worth the effort than randomly doing stuff.