If those trades hadn’t been stopped out, would you have lost even more money or would you have eventually ended up in profit?
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I would have lost more money before I have eventually ended up in profit. On last Friday, after I closed all buying trades (hit SL or cut it manually), the market moved to uptrend after ‘Fed Williams Speech’ event. I have entered the market too early.
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I learned from Tommor that hope is not a strategy. If price has reversed against us, and we’re HOPING that price turns around, that’s a bad strategy and also a stressful state to be in.
I’m glad to hear that you closed your position before risk getting too high. Just imagine if you didn’t close, and price kept going against you. No bueno.
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Yes. you’re right, ‘HOPE’ is not a strategy for successful trader. Since I used to have a biggest lesson about big lost so I don’t want it happens in again.
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Maybe try setting much wider stops, so you’ve still got that safetynet so u don’t lose big, but the market has enough room to go against you for a while without triggering a stop?
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We are often correct more than we think about the short term direction the market will take, but not about how it gets there. It’s often that random walk between buy point and TP that triggers stops if they are not wide enough. I use v wide stops, when I use them, unless there is a really compelling reason not to (i.e about to trigger a margin call etc)
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If you look at historical charts, even if on the longer time frames it looks like the price is going hard in a certain direction, if u zoom in there is still often a large amount of up and down.
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Yes there is always supply and demand at every price point and it is impossible that the imbalance will always be on one of the sides. Our goal is to predict how that imbalance will change.
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Thank you for your advice @Blue2!
If I set the SL is wider, in worse case I think it’s quite a big lost for me. Instead, I think I should find a better entry strategy.
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That’s sensible - you know what losses you can afford. Alternative could be smaller lot-sizes instead
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Yup, small size is good ideal for me at this time, 
Very good point. Random walk between buy point and TP. That’s a great way to put it.
And for me, that random walk often confuses me like crazy! It’s very frustrating.
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Hi,
I update the result for 2 weeks from 24/10/2022 to 04/11/2022
It took me 10 weeks to double my account. My next target will be $1,200.
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Great news! Keep going! I’m glad to see some positive results. Keep doing what you’re doing.
Has your psychology changed at all? Do you think you’ll increase lot size to match your larger account? 1% risk is 1% risk, no matter account size, right?
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Thank you for your encouragement, @dushimes!
Yes, my psychology have changed, I feel more confident when I trade. Recently, there is no big lost and more big win. I think I will increase the lot size to 0.02 or 0.03 for each trade. Yes, risk should be small and I hate the big lost.
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Hello there, Panda Forex. I am very interested in seeing your progress and learning from your experiences. Thanks
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Thank you @Bonzery!
I’m planning to update my result when I reach the next target, $1,200.
Currently, I’m trading according to price action, candlestick with support and resistant zone. One of my experience that I can tell you that always has stop loss for each trade and try to protect your capital. Because after a big lost, you have to spend a lot of time to recover your balance.
Hope it help and best of luck!
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Excellent post!
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I can give me the challenge
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Yeah, let try then you can see what you can do.
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