I hope i can get help and give help to friends on babypips.
I would like to share and discuss how important is psychology to trading and usefulness of strategy you created is greater than using strategy others succeeded with. This is because you can trust and know exactly what your strategy is doing at every part of the trade. You just need time and effort.
Say 5 people given the same strategy of 50% win rate (told that they do not have to execute all trades that triggers the system). Now can u imagine because of different experience, knowledge and taste for risk, they produce 5 different result? That’s why other’s strategy can only be used as reference. Even if you can see what they see, you will not be able to think(100%) like they think. Have you ever seen someone presents to you a strategy, then when you apply the strategy and loses that same person then told you “This is why you shouldn’t take this entry, that is why we do not take this entry”? Either he uses precognition ability during back-testing or he is so much more experience than you that certain “No-Go” is already for granted. Trading is a long journey and as we grow as a trader a lot of experience are hard coded into us and therefore no one shoe fits all.
Consistency(Doesn’t matter Win or Lose) and a healthy mind is more important than any strategy. Would like to share more as times goes by.
Hope that we can be friends.
Lastly, thank you for reading and good luck raiding the market.
Such open trading journals are exactly what you need to control your strategy and share your unique observations! Besides, it seems to me that it is a certain motivation to stick to some strict strategies and show stable results.
Oh, I would like to see your subsequent results, it is always interesting for me to observe such things in general.
Because it allows me to find some new milestones and reach certain heights in general. And I am always in favor of development!
I notice you are currently down 7% in 9 days. This is not good especially by professional standards. Where is your trade plan? You need to have more components to your risk management. Such as % loss allowed before stopping/continuing again. Max risk for the week/month/quarter/year. Otherwise you are risking 3% a day, 15% a week. I teach all my clients/students not lose more than 10% a month if you are planning to building a solid record.
Are you placing stops when you open trades?
Looks like you don’t, you’re hanging onto losing trades way longer than winning trades and its hurting your account.
There’s nothing wrong with trading one pair for now, its how you trade it that matters.
looked again at your fxbook…also you are not taking enough on your wins, either your risk reward ratio needs fixing or you need to refine your trade ideas to increase your success rate. Trading optimization is a very tricky thing to balance success rate and risk-reward ratios.