from ur win rate i d say most of the times ur reading the charts right, so hats off to u for that. u just have to work on cutting the ego when price isn t doing what u thought it will and cut the losses, cos i know beeing right most of the time can really mess with ur head. another thing u could do is set a max risk on a trade (for example 2%) and average down untill u reach that 2% risk. that might give u a better entry most of the times and help u stay on track. ofc a place where trade is no longer valid should be used as a SL even if ur averging down. as long as u know ur max risk for that trade u can split that into multiple positions. anyways, besides that i think ur doing better then most of us outhere and u just need to learn to cut ur losses which is very diff to do as i found out on my own.
cheers
Another week without taking a large loss, thankfully. The streak continues. But I need to work on cutting losses small, so this streak doesn’t become just a streak but a consistent pattern of profits. $11K this month so far.
Getting back on my feet after a long while. Repeated a pattern of making good profits then taking one or a few very large losses. Hope to break it this year.
Have done $800 so far this week. Might take things with a more chill attitude to end the month. Difficult to trade what with the coronavirus scare and all these other issues going on.
Set some limit orders to short DAX at the red line, that might be prior support turned resistance.
This is an issue with me. I’m trading live but with much lower amounts. Still the head game is daunting.
KC
Would be great to know more about you method?
Trading intraday ranges using 1H to find the ranges, using 15m for entries (go long at the bottom of the range, short at the top), but enter only in the direction of the daily trend. Use tranche entries and exits. Stay updated always on twitter (Livesquawk, Ransquawk, Global Times, forexlive, forexflow, Trump, etc) and investing. com economic calendar, watch Bloomberg TV during the first one hour of London and NY open, and Bloomberg Radio at other times. Most importantly, have conservative targets, no regrets if after I took profits the markets went even more in my direction. Study and trade 6-14 hours a day, so not affected much if I miss a trade. Know what intraday reversal or continuation classical chart patterns and candlestick patterns look like. Getting out when the market is not moving the way it should.
Went to sleep at 2 am with everything closed for $600 for the day yesterday. Remember the DAX chart I posted above? Well, since I was going to bed I did not reenter anymore. Look at it now!
Hope at least some of you guys were able to make some money
What a month so far. I am speechless. My hope that I will become a consistently profitable trader soon has returned. After so many heartaches and heartbreaks, sleepless nights, thousands of hours studying and sitting in front of the computer trading and charting.
Made $13,400+ for the month on $9600 capital. About 139%. But since I lost $3K+ in Dec, I’m net up “just” $9760, a bit over 100%
Here’s my total PNL since I opened this account in April 2019.
To be honest, have lost more money from Feb 2017 when I started, around $15K by my reckoning. Here’s hoping I make that back in the next few months.
Have hope everyone, our hard work and sacrifices will pay off someday!
Good first day of the month, made $1033, about 10.3%. Capital changed to $10K to make it easier to compute percentages. Shorted DAX, NQ, went long Brent, GBPUSD, and Gold.
you dead mate ?
Nerves of steel.