Hello. I’am really happy to join this great community here. I want to share with you my short story first. A long and winding road behind me. I started over 10 years ago. Finally i ends a few months in a row with profit. Of course then i had to screw up this. Lack of discipline and looseness ends with ONE 10x bigger than always trade, of course with loss because i belived it will go up. The whole profit of 6 months went to the sand - only 1 trade.
Now it’s time to start again with hard discipline especially:
money management, risk max 2% per trade
risk reward, it depends of situation on the market but 1,5 RR is the minimum (i need to trade only setups with potential RR 1,5 or more)
trend is your friend, looking for setups with main trend only (I will not try to catch falling knives)
daily candles setups (maybe sometimes 4h but occasionally)
Best of luck to you, it can happen to many others and has done! Stay strict and I’ve been caught out trying to get the reversals when trading against the trend and as you say falling knives. Big lesson but you sound humbled by it and still determined to continue on, great traits to have and own.
Enjoy the journey and wish you all the best!
Hi @Gopixus87. I am sorry for your story… I would suggest to take a read (if you have not already done) at Dr. Elder- Trading for a living. He has this vision: Everyday a new day and a day that I will grab some pips. He says that if you repeat your moto everyday before starting you will be more motivated and disciplined. Hope it helps
I have some thoughts about my strategy. The above was tested a few times, though not fully, but it was. I noticed that I recorded the most profit and progression when I played differently. These were often intuitive movements at smaller intervals (15M, 30M, 1H) which were either profitable or quite quickly and consistently closed when they brought a loss. But one of the biggest disadvantage of this strategy is that you must observe the market during all day. In my current job, it is not always possible.
I will probably change strategy after that current trade. This other strategy is difficult to determine but effective.
Look at this chart, based on this strategy and the last trade (briefly described in my 1st post).
No. I stay with this current strategy. If i want to do it with more professional level i need more stability. The chart below show my current strategy by trade and % of return.
I deposited more money to my account and simultaneously increase standard position size. Still max SL per 1 trade is 2%.
Position size rule is:
1 microlot for ~ 260$ (1000 in my national currency)
hello @Gopixus87… nice tat you decided to have a journal within the community here, usually that helps if one sticks with it… hope to see you around for a long while buddy and good luck with your trading.
My favorite pair trading is like rollercoaster ride because of Brexit. I still above 0 but for now the most important is that I don’t risk too much - I am calm. Below the current chart of my trading:
After weekend undoubtedly we will see some gap on chart.
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