Traders - hello!
I’ve been trading a live account for the past 5 months now and whilst the first three months were fairly steady, month four went wildly well and I was sat at +105%.
Today is almost the 5 month mark and I’m down to -50%.
I’m not saying RR/MM is the be all and end all but looking back over my results it is a major factor in my demise.
One of the other big mistakes I make is having too tight a stop which leads to losses and then RR/MM goes to pot.
Therefore as I am now -50% I will be trading the same size on every position with the same risk and I am going to look at how I do over the next four weeks.
From my analysis I also let a lot of profit go by either taking profit too early or holding for longer to try and get a larger gain so I will also be looking to have a fixed TP level. My SL is always hit for the full amount so another area to resolve issues.
Average win vs. average loss is skewed to the losses being bigger - an absolute issue that needs resolving too.
So I suppose I am here to hopefully detail my journey and journal and also potentially pick up some advice from the good folk here on Babypips and also find a nice price action type thread.
I’m going to try and limit my trading while in between work activity and try and just pick a limit order for the day and trade that and use RR/MM so I can see how the results work out as the current method simply isn’t working.
Before I go I suppose I should say a little about how I trade - or try to anyway
I look at price action and TL analysis. I do try and also incorporate a 10 day SMA too. When price breaks a TL and then retraces, I look for the recent high to be broken and then trade in this direction by watching S&R levels and how price reacts around them looking for a buy signal or sell signal if the reverse is showing.
In reality I trade very willy nilly and I do not follow my trade plan especially after a loss. Writing it here is already helping as I can see how erratic I have become.
So - I hope that helps in telling a little about me. Chirp in where you can and hopefully we will see my development evolve from within.