Change to my T4L Approach

• Previously, my trading could be characterized by "being there regardless" wherever there is an underlying trend. Trade entry location was ranked much lesser in importance than being on board. This has to change. I can no longer afford sub-optimal trade entries that are smack in the middle of an underlying trend that has gone on for some time (because then stop loss levels are less clear).
• Going forward, trade initiation here will based on weekly charts and only allowed for either 1. completion of a fresh trend reversal, followed by a breakout pattern (SHS, double tops, etc); or 2. breakout from a trend consolidation pattern (eg triangle). In short, only get in at the beginning, or only after breaking out of a consolidation in the middle, or not at all. This should help me cut down over-trading.
• Effectively means that I will be spending a lot more time scanning charts and stalking markets than on actual trading. (Blog posts on trades will correspondingly be a lot fewer too). T4L will be a game of patience above all. 80% watching, 20% doing.
• I will no longer initiate any trades based on daily charts. Daily charts will only be used to micro-manage risk ie either reduction of risk when trend is short term over-stretched or pyramiding on desirable chart pattern formation.
• Still not topped up Saxo account yet. When I do re-start, it will be back to first principles (see fatal flaw #3) ie objective is to NOT LOSE MONEY, whatever equity level (% of risk equity) I top it back up to. If I can achieve that, making money will naturally follow in due course.