Our TP here is to touch the ascending trend line
Risk reward is just only 1R
Our TP here is to touch the ascending trend line
the spread messed up my stop loss,
anyway, it seems that was a bad trade
and i guess i might loss the trade also on the other one
and another loss
I just realized that it was not aimed for the 1R trade,
were it could have been a winner at 0.9075
Oh well , just like what they say,. you cant be right all the time
whats right here is the Risk management being done.
have a good weekend guys,
Let’s see if i can help you a bit here. Now this is just MY own reading using volume but i see there is no sign of weakness to short and lots of strength in the buyers on h1 not to mention daily levels show lots of strength as well if you look left. Your SL may likely get hit here (as there are lots of stops and other short traders trying to enter here) The Smart-Money knows this and will likely target your SL before IF any fall comes. The strength that just appeared the last few hours drop is perfect opportunity for them to run stops to the upside now. Conservatively my target would be 1.92550 area.
Your RR is good but your timing may be off to enter. Then again I could be totally wrong good luck with the trade.
got bored yesterday,
traded excessively and lost 10% of my live acount…
rules werent followed
i think its what blowing my account, boredom and not following rules on my trading set up.
hard lesson to learn
Well, today was the nail of the coffin on my FTMO challenge.
got mentally drained of thinking how to comeback from a loss which will not reach
the TP challenge with the few days left on it.
I dont wanna risk too much just to lose the whole account since it is still above the base account.
so I just decided to ask for restart of my Funded trade and try again.
I think from this, i learned that you need to have 2 or more profitable strategy that are back tested and front tested before doin it since the 30 days is too short if you have only 1 just like me.
I have noticed that i have to trade around 2 or 3 times a week if Im lucky since im busy also with my work and can only look at the market for a few hours.
Well, all i can say is we have to be disciplined as always and stick to our rules
Just saw the call of 1.92550 nailed it pretty close to the top of the move, was worth about 100 pips. Price action followed pretty much to the point of i was said, Smart-Money becomes somewhat predictable and it gives you that extra edge to know the playbook like this to take the trades you want. Just have a look at what happened.
Good luck on the restart, trade well and trade smart.
here are the things ive learned from taking the Funded trading challenge that you need to pass
- Have a profitable and consistent strategy before going for the challenge.
Dont tweak your strategy while doing the challenge.
- Front test it on demo account that you are able to pass it not to waste your money for the test.
back test is good but doin the front test is way better to test the strategy as the indicators are acting different compared to the past ones.
- When doin the demo account, try it for 30days also, like doin the challenge it self.
- Think of the demo account that your doing the funded challenge itself. this is one of the common reasons why new traders fail. they just think of it as demo and they dont mind blowing up and just doin it over and over again.
- Last, keep a journal to learn more of your strategy and be able to analyze it
Hope this helps ,
Im still doing the challege by the way.
heres the thing,
Trading break out i guess is better when the session opens, like London and NYSE
the Asian session is kinda slow, unless there is a big news to cause volatility,
im not fond of trading break out,
most trades i like are the rising wedge, bull flag pattern and S&R on daily
but still we need to control our RISK management
chasing to trade, seems like fomo instead of waiting for the right opportunity, waiting to reach the resistance area
just stay focus and trade with strict discipline , thats all i can say
both Loss on my trades
Few tips, your SL is way too big so your RR could be improved, you really want to hold all the way down there and still want to be long? Also if you look on minimum the hourly you were selling into weakness, if anything that was a short and that would have nailed you the top of the move where price went down for a full 24hours to secure something.
If you are going to trade technical breakouts you will need much more to increase your success rates, especially on the lower time frames like m15 and m30.
Again same thing, you are selling into bullish strength, it was a buy signal and nailed you the bottom of this move. Are you starting to see what you need to add? I hope you are starting to see the pattern of your errors to enter. At best it’s going to go too much in win and losing streaks. No real edge. And you need that edge. Breakouts are not an edge and need much much more to be consistently profitable. These areas are high priority targets for Smart-Money to hit stops and trap traders.
Thanks foe the info, looking forward into that.
no trades for today as im back to work and was pretty busy
like from what others say, we have to seriously focus on our trades and treat it as a business rather than just
trading forex is not an easy rich quick scheme we always saw in you tube.
there are Gurus / or mentors out there selling there online course but would not show their trading history on FX book at all. so be carefull,
like what the others say, those selling course or programs are making money out of the course but not from trading at all.
There are lot of free contents on the internet and youtube to learn from
Babypips is one of them…
the most important thing here is learning on how you trade and your emotions when you are trading.
thats one of the biggest factor or problem i had when i was day trading stocks.
try in demo account first if you could make money before going live. and treat it as a real money.
anyway, ill probably try to trade again next week when im off from work.
I dont wanna trade on friday
i have nothing to write for now in my journal. for now,
we will see the daily candle if i can find a trade set up.
good day everyone