I will limit myself to 2 trades this week, to hopefully make myself be even more selective on trades I take.
Thats my week over. Not trading tomorrow due to travelling and various financials news events that I want to stay away from.
Good week though it took four days to become good.
I intended to take two trades…but took 14. And to prove my original point, a lot of the trades were in the same pairs and same direction i.e. GBPCAD. Less trades would have had the same if not better result, and less for the broker. I need more discipline in obeying my own set rules.
I traded AUDNZD, GBPCAD, CADJPY, AUDCAD, NZDCAD.
I lost 2 trades. One trade was AUDNZD which I let drawdown 126 pips. It was a 0.02 lot and cost me -£12.80. I also lost 19 pips to a 0.02 lots with GBPCAD at at cost of £2.26.
However, my remaining 12 trades were all in profit. £51.87.
Largest win was GBPCAD buy at 0.01 lots. Gained over 250 pips and gave me £18.74 profit.
Gain since start: £117.86
I’m tempted to up the lots, but I know thats where people become unstuck, so I will keep on as I am for the moment. Its small profit, but its profit.
What strategy are you using?
Trade on market not just about buy and sell, not just profit and loss, not just technical and fundamental. Its very complex and difficult.
You have to know about pair correlation, about hedging, option, futures, forward, swap etc.
Ppl using RSI but they dont know how to calculate, how the rsi made, what the core of rsi, what the creator of rsi want to tell, why the rsi made etc…what about moving? What about BB, what about oscillator, what the meaning divergence and concergence exactly…
Then they thought they know TA.
Why if indirect pair going up then we get a small profit/point? How to calculate? Etc
Why eurusd up but gbpusd down? They both direct pair, it should be have the same direction? But why the direction inverse?
What is option? What the part of option? How to pay premium, how to calculate premium etc…
Etc etc etc
After that your lovely enemy is your self.
The last one you make the own system base on your experient, exploration, character, etc etc…
All depend on you how hard you learn.
Then you will say…trade just like this…just easy…
Yeah after years you was bleeding and TnT blast on you head
@Rickster99 Nothing exotic or special. Just looking for support and resistance zones and price action.
I have tried to use volume, but Im not in tune with it enough for it to give much meaning to me.
I try to think of support as a zone rather than a line. Both in horizontal and trend line. Zones rather than black and white line. Placing trade once I see a candle signal in the directiion I predict. Using monthly, weekly, daily charts. Zooming to 4h for entry. Even the 4h is too small I think, and I should stick to daily.
I use small lots and BIG stop losses. 200 or more pips. Sometimes 300. Im also happy to stop a trade before it hits stop loss, though most of these would have turned to profit. I guess the loss is sweetened by a new stronger entry.
Im no king at this, and its early days, but my stategy appears to be working, in that I have demo accounted it and now live accounted it.
Next week is week 4. I will continue, but try and incorporate some of my lessons learned.
I am also trying to grow the account, so no withdrawing allowed.
Current stats are winning 80% of trades profit. My risk is that my losses will be bigger. So far the maths work to my advantage.
Todays trades (all closed):
USDCAD sell 0.01lots 80 pips £1.28
GBPJPY sell 0.01lots 33 pips £2.61
AUDJPY sell 0.02lots -8 pips -£1.17
GBPJPY buy 0.03lots 43 pips £5.36
Total for day: £8.18p
Total so far: £126.04
Got lucky today as I had both buy and sell on GBPJPY and both fell to profit. That wasn’t skill. That was luck, nothing more.
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Im currently in drawdown on my Sells in AUDJPY. The trade still looks valid to me, so rather than closing or even adding, Im doing what I should do more often, and sit on my hands.
Lets see what time will deliver.
on the weekly it is coming off a triple top. Could go to 19500 then 19250, 19000 and 18500.
I would stay with it.
Scratch that. I must have been looking at it squint. More like 50 on the Fib.
best of luck.
Still on draw down. Currently contemplating closing and re entering with better entrance or rolling with it.
what happened? u gave up?
Hi @1odi. I have just been trawling through my emails over the Christmas break, and found this one from you. Very sorry for the very late reply. I must have missed your comment somehow.
Yea, big lack of activity from me. Basically, I had to withdraw a large chunk (£5000), and then a month later a similar amount (£4500). I am studying as well as working, and life got in the way. I was in profit, but small beans to the account size. About £90 up. I have left £500 in there, with the idea that I will add some more in the future and resume account.
Im still looking at the charts most days, but currently not trading real or demo. Its under my skin now though, so I know I won’t be walking away.
Have a great New Year.