I appreciate the words of encouragement Dave but obviously I wouldn't be working things out at all without the help of this website, so thanks to you.
I wanted to pose a few more questions related to stops and profit targets if I may.
In an ideal world I would have a strategy whereby I can analyse charts for an hour or two, place a number of trades when the right signals are on, then walk away and "forget" about them feeling fairly confident that I will get a 40-50% success rate. Sounds too good to be true I know.
Partly this would be so I could use my time for other things and partly so that I would be shielded from emotional decisions which could ruin my profits when it comes to trading real money. So far I have found this to be my biggest downfall.
Do you think it is realistic to ever be able to do this or should I concentrate on following my trades? I am currently testing by letting all my demo trades run their course and blindly trusting my initial analysis once I am in the trade. It is very hard not to pull out if I see the trade not going my way and to limit my losses as much as I can, but this is something I would have to be able to do in order to reach my goal. I mean, the stop loss should be strategically placed to allow the leeway for a successful outcome anyway, at the same time as automatically limiting your losses, right? Or....does the stop loss become irrelevant and meaningless after a certain point? It sounds weird but I try to embrace my wins AND losses as a vital part of a winning strategy and get some satisfaction out of the fact that they are under control. Maybe I'm nuts and should be cutting my losses as soon as I see the trade going against me.
Also, do I trust my profit targets in the same way? My current thinking is that if I place them comfortably before where the estimated target is, I can trust they will usually be hit if the trade goes my way. Without a fairly large degree of trust it seems like the risk/reward calculation made before a trade seems almost meaningless.
Sorry for the waffle and multitude of questions! I tend to get carried away which is one of the reasons I want as emotionless a trading system as possible.
thanks in anticipation of any thoughts you or anyone else has on this.