Hi All,
I so happy that i finally has some results. Just when i was about to give up 4 months ago. I tried so many strategy and it always turn out good for a while and then a few loss trades. I did follow the proper moneey management. I aware that i did revenge trade. I know where it go wrong and its all been said in babypips. So why did i still do it. I dont know why.
My strategy that i am using is long known in the forex world. I trade around
resistance, support and trendline. I am using only 5 minutes timeframe.
What i did is just trade the bounce off those line. Some of you might saw that i am going to be whipsaw to death. Yes, you are right. There will be
whipsaw. But, there is more bounce than whipsaw. I probably got 4 bounce and 1 whipsaw. So, what you think of these edges. I dont trade breakout as there are less breakout compared to bounce those line.
My stoploss is only sometimes 10pips and not more than 20pips. I dont place my stoploss on those higher wick or lower high or higher low. I trading on a $1per pip. So that is a range of $10-$20pips loss. I had a principle of not losing more than $50 per day(1 % of my account). I dont put a fixed percentage on one trade.
If i lose 2 trade. I am out. If lose 1 trade and win 1 trade. I stop. If i win 2 trade. I definetely stop. Sometimes, i also look at the amount. I stop when my first trade give me a profit of $35.
I may not have expressed very well and but i just had to expressed out my
little improvement. I am very astonished at how little a bit by a bit can add up. As for profit taking. I did not have a strict rule. The only rule is when you in big profit. Take what is given and dont let it turn to loss. Dont worry, when it bounce off those line, a 1:1 is pretty standard.
Good luck to those newbie like me. Dont give up. Dont be eager and enuthiastic about achieving results. Just look and see and if it is there. Just trade accordingly. If not, just wait. If you miss the trade. Closed off your pc and walk away…lol