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Yesterday I hit my winner on my 4th trade and my 5th trade consecutively.
I was down about 1% over the course of 24 hours and made it all back plus a small profit.
No, I don't have huge losing streaks. Usually I win within 1-5 trades. I have been winning ever since I started this experiment.
Yes the casino has terrible odds. Unless it's poker, then you can create your own odds to an extent.
Update:
Last night I nailed down 7 winners out of 10.
I entered EUR/USD mid trend for some small scalps. GBP/JPY was my second long bet, which paid off nicely.
?
Do you have set SL & TP or it changes from trade to trade?
Do you have set SL & TP or it changes from trade to trade?
The stop loss is a reversal, which can change from trade to trade.
The take profit target is loosely set on each trade based on pivots/S&R. Also, if I've lost more than a few trades in a row, my goal is to hit breakeven, PLUS a small profit (5-20pip past B/E point), then I close the position at a net gain. This stops the losing streak dead in it's tracks. Lately I have not exceeded more than 4 losing trades in a row.
I need to work on my exit if there is anything needing to be tweaked. But so far it seems to work.
The stop loss is a reversal, which can change from trade to trade.
The take profit target is loosely set on each trade based on pivots/S&R. Also, if I've lost more than a few trades in a row, my goal is to hit breakeven, PLUS a small profit (5-20pip past B/E point), then I close the position at a net gain. This stops the losing streak dead in it's tracks. Lately I have not exceeded more than 4 losing trades in a row.
I need to work on my exit if there is anything needing to be tweaked. But so far it seems to work.For exit I use trendline that is parallel to the previous slope
For exit I use trendline that is parallel to the previous slope
What if you entered a trade which ended up going flat, aka no trend? Where do you exit?
...
What if you entered a trade which ended up going flat, aka no trend? Where do you exit?
SL takes care of the sucker...it's either or....
Quick Update:
I have only traded a few hours this week and I'm already +.005% (Half a percent of account).
October 5th-November 5th my return was 6%. I think I can surpass this return. I'm going to attempt to double it up to 10-12%.
Nay Sayers step down!! Haha.
My big trade last night was GBP/USD. Not sure what fueled the MASSIVE short, but it was some kind of technical break I hear, as there was no GBP news or USD news at the time of the break.
Pava: Did you nail that short too? Hope so
I will post my chart.
Quick Update:
Took too many trades this week. Account bounced from +.005% to -1% and I kept making errors, like falling asleep at the controls and missing my take profit points. . . .
I can now say one of my worst weeks is behind me, which resulted in NO loss. Completely flat after all the trades I took, except had I not missed the 134 TP on eur/jpy short into thursday morning, I would be UP about .005%.
Oh well, I'm flat. And it's due to human failure, not my system or rules. A person must sleep at times too...
Update:
This week's gain: +1.29%
I plan on scaling up my leverage to a starting size of 1$/pip. Yes, risky, but I have an added extra backup "safety valve." It's a complex decision making flow-chart which will enable me to cut loss FAST while also taking the signals and letting profits run. I can't say much more about it, because this is most certainly the missing puzzle piece I needed. Same system, same signals, but now I have a way to use stops, partial take-profit, and allowing profit to run.
In addition, this flowchart will simplify exit criteria, since before I only had a very LOOSE exit strategy. It worked, but it didn't maximize profit.
I like the idea of controlling my trading decisions so that they are stress free, cut and dry. It should enhance my system of trading.