I will explain my love for trading this way, no one motivates me to keep trading, i just love it, I dream about it, I love the terminologies like analysis, candlestick, order flow…I love every bit of it!! Okay let me tell you something.
I have been working on my Trading system for weeks now and it has been revolving as my knowledge of Forex increases. I don’t know about others but I love practicing with a live account! I’m very sorry to disappoint you guys.
The other day, when testing my system with a live account (just a few dollars) it moved from entry and almost hit TP but it didn’t! It started reversing against me. I did not close the trade at that point, but I moved SL to entry point. Reason was because I was testing various movement and checking to see why the trade didn’t hit my calculated TP.
Maybe that was actually a retracement for a long continuation in my direction?
Maybe it was a complete reversal?
What was wrong with my calculated TP point?
How many pips movement from my entry point before hitting the RSI oversold or overbought level?
Did the reversal took place after hitting oversold or overbought, or was it a short retracement for a continuation?
Leaving that trade why it was going against me (decreasing profit) made me discover valid points to look at while setting TP based on my strategy. Why am I saying this? While I’m training my psychological cognition indirectly by trading live, I never put the money in mind on my road to discovering my trading strategy. Even though I try as much as possible to protect the money often times while experimenting on my strategy and indirectly on my psychology, The goal is the strategy