Hi, I’ve been working on my strategy for 2 and a half years, 5 days a week live trading, then using my recorded days to work some nights. I’m not completely happy with it, but feel like its nearly complete.
I’ve attached my trading for today USD/EUR. I would like some feedback if possible.
I am self taught, and have worked hard enough in the past at previous biz to be able to work solely on FX.
I am NOT selling anything.
Yes I know there is one bad trade (I went to the toilet and missed the exit signal)
(had this post in welcome section, then realised only 9 people were there - apologies for double post)
Trying to scalp and leaving your station to “use the toilet” without an active stop/limit order is reckless and above all else, dangerous. For someone who has been actively trading for “2 years”, I’d think that you’d want to protect your gains and employ more professional tactics.
What I’m getting @- freak market events do occur, and a position could move against you very quickly. How can you be “scalping” and not glued to your screen to protect your account?
“FOREXunlimited” - You seem reasonably intelligent. Under what circumstance would a trader walk away from a trade when his strategy relies on manual exits and doesn’t need SLs? If you can’t answer that simple riddle, then FX is beyond you.
SLs are extremely important I agree, but only to traders who don’t know when to exit or just as likely: if they entered a trade without full conviction in the trade.
I’ve cut a paste my trade for the last hour or so for you to pick a hole in something you couldn’t do in 4000 years
Stop loss are not meant to exit a trade, but to limit your losses in case something unusual happens. EVERY trade should have a stop loss. Make it as wide or as narrow as your trade requires, but make sure every trade has one. If you ever have a complete internet failure, you’ll be thankful you had a stop loss. Eventually it will happen.
