1 Year Compound it Journal

Compounding my account sticking to this plan

Daily Goal: 40pips
Pair: GBPUSD
Max# of trades per day: 2
Timeframe: 15M, H1 & H4
Strategy: Price Action +S&R Zones
Trading Days: Mon - Thurs 6:00am to 4:00pm EST

What if the market doesn’t give you a signal 3 days in a row?

What if your strategy is to trade highly volatile breakouts/pullbacks and the market is in a low volatility range pending major event risk?

What if your strategy gives you 7 signals a day? How do you decide when to stop, which trades to take and which trades not to take?

What if there are no signals mon - thurs and on friday there are 4?

1 Like

Hi,

  1. It’s hardly likely that I will not get a setup 3 days in a row, but if that happens then we wait for day 4. What’s the point if there is No Trade.

  2. We’ll just have to see how well the strategy handles such periods…correct?

  3. It doesn’t matter what the market it does. The size of my slice for the day measures 40 pips. If I can’t do it in one or two clicks I simply move on to the next day. Over trading kills.

  4. Not much different from your first question, however I have never experienced this. And again, if, for some reason, such a situation occurs, we wait for the next week. Friday is NO NO day. Most times the moves on Fridays are erratic. So it may be great for others, but these are my limits.

1 Like

I like that you have a trading plan. Its clear and concise. However you have a daily pip goal; this wont work. I’m not being negative or trying to challenge you but this is a common mistake with and I hate to say this but with beginners. I’m not sure you are a beginner as you’re looking to trade PA and SAndR so the fact that you have a daily goal is even more worrying.

The points already been made above. 40 pips is a solid move, it’s not like 10 pips which is what people normally go for. You said if you dont get 40 then you move on. But if you move on then why have a daily goal? If you dont hit that goal every day then why have it in the plan. The flipside is if you close at 40 pips what if you couldve got 100 pips Monday but only 20 tuesday. It just doesnt make sense and this is not a good way to trade.

I understand different people trade differently so if it makes sense to you then I wish you the best of luck. However I wouldnt want you to come back in a month and think why didnt anyone speak up. :+1:

Hi tradeforex077,

I appreciate your concern, to some extent, but it is always good to have goals. You must have an aim, something you are reaching for, regardless of what you are working for, while keeping in mind the realities of the context in which you are working. So it makes sense…aim…you may hit your target, exceed it, or come up a little short. Regardless, it keeps you on a path toward a bigger goal.

Thanks again!

Yeah, daily pip goals don’t work unless you mean an average of 40 pips per day over time. You will have losing days and if you start chasing losses when you fall behind you will end up making bad decisions. Better to have a goal like. Good luck though…

That’s it…an average.

1 Like

This is a trading plan so having goals still doesnt sit right with me but I’ll leave you to it. Good luck! :pray:

Thank you!

Exactly what I was getting at with by posting my questions above to the OP. Most people new to trading think "ok, if I can make x pips, or x %, or x $ per day, and there are 5 days of trading, and 4 weeks per month- and if I trade for 12 months I can turn $150 into $15,000.

It’s all wasted energy and resources (focus primarily) being spent putting the cart before the horse.
The process is paramount, not the results.
Focus on the process, and the results will come.

Your goals shouldn’t be “x trades per day, x max per week” — “x pips per week, etc etc”.
They should be- I will meditate for 15 min each day before and after I start / stop trading.
I will review my journal 3x / day.
I will not be tempted to trade around high volatility event risk situations.
I will not over-leverage myself or chase losses.
I will adhere to my trading plan, allowing a stop to be triggered and not getting greedy with pulling limits.

Etc…

1 Like

This is where you have lost me…because one’s goals SHOULD be determined by THEM. What you see fit for you SHOULD NOT be fit for everyone else. Respectfully, I appreciate your thoughts and opinions…but again… This is my plan.

1 Like

Bought GBPUSD. Signs of bullish strength on H1 support. Will see how price reacts to target 1.

Goodluck! For how long have you been trading?

might i suggest u wait for a fake break of any support or resist and a close back within? it will increase ur odds as that ussually means they are taking out stops and breakout traders short to flip the book(atleast imo). do u have an entry candle or pattern or something or u just buy at support on green candle and same at resist?
cheers

1 Like

Stopped -19pips

1 Like

Yes Todi! I took that trade too early and should have waited for a bit more confirmation. Also had my stop a little lower at 1.2300 and moved it tighter.

I just wait for a bullish or bearish pattern at support/resistance

1 Like

cos it might look like a buy right now if this 15m candle confirms and u can go 1 bar stop plus spread ofcm or just below the low, the logic on fake breaks is that u can have ur SL tight since the fake already occured, so it shouldn t get back there again, if it does it s a bust.

Yes 1odi, I am looking to buy on this bar close or at H1 close. Will see.

19 pips SL is that % based risk of ur account or u just have set lots?