Phew. Last week was a close call. I started out with a two big losses due to my aggressivenes but managed to recover those losses and then some due to an even more aggressive trade. I was basically saved by having good reward-to-risk ratios on my trade. In retrospect, they weren't exactly aggressive, but they were counter-trends.
Since the first week of of May, I've been almoost exclusively trading EUR/USD and GBP/USD on a certain trading framework. Even though the start was rough, I believe that I have gotten the hang of it as my account balance has gone off its lows. I went as low as -9%, now it hovers around -7.5% to -8.5%. I knonw it isn't much but I feel it has definitely improved.
I don't really have much to talk about in this blog post, so I guess I'll mention some things that I have learned.
1.) I have to apply it every single time. This means that when a signal presents itself, do not hesitate and just hit
2.) 50 pip stops are ideal (I used to only put 20-pip stops. I was very greedy)
3.) Only add to a position if the move is fast, I'm confident on the setup, and I can babysit the trade. In my end of day reviews, I may see a lot of 10:1 or more trades, but when actually trading, these moves are very hard to catch.
That's it! I hope I can catch some good setups and end the month with at least a 1% gain.
On Wednesday December 21st, 2011 at 05:16AM by PipTiamat - Like - 0 People
I'm glad to see you still at it.
Keep working on keeping those pips, I wish you the best and have a happy holiday. :)
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