Fuck Forex Factory.Wake up people.
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DislikedHi, I've been trading for 2 months now but I've yet to find my drift. I also have a journal up and running, it can be found in my signature. I show my trades there as a way to keep myself focused and for me to look back at my past ideas to show myself where I went wrong.
I have revised my charts before I set up the journal and I thought it would do me good but apparently my trades aren't working out so good. I see that you've actually doubled your account in the short amount of time. Would you say that leverage is a key factor to your success...Ignored
DislikedI busted the account...its okay...i have learned many things...i will resume to trade on the demo account and will get back here once i figure most of the things outIgnored
DislikedUpdate: I have restructured my system. I found that my mm needs to be fixed. I will risk 3.3% per trade. The account should not have big drawdowns as i have a fixed stop in place. If i lose i will lose 3.3% of the account and if i win my account increase by 3.3% per trade. There will be several trades per day(depending on market condition).Ignored
DislikedDo not want to beat down on you while you are already down.
But, you have learned lessons:
1.Trading live is a whole new ball game.
2.Any new system needs refinement.
3.Extra pressure is non-sense.
You will soon learn:
4.Over trading is useless.
5.You have nothing to prove to others, yet… or ever...
6.Do not, I repeat, do not put in more money yet, or start with a very, very small capital next time.
7.Find key entries and exits with your system. Work with that.
You do seem to have talent, build on that.
Remember to always...Ignored
DislikedChicky: Why 3.3%? Actually i want to make it 5% but it seems too much..I can have like 5 losing trades in a row..but i am following the trend and only trading when the market is active(london session only) with a stop loss. Thus statistically i should not lose more than 5 times consecutively. Hmmm...probably i should lower the risk? I will have about average of 3 entries per day.
Ramy: Yes i understand that and i am trying my very best to make an ultra profitable system. But this time i will start with small money and build on it. Your point...Ignored
DislikedExcellent points!
Every trader must know this.
Supertrader ---Dont give up.
Now that you know what went wrong earlier , you have learnt one more way that was wrong . Just adjust those points in your next trading plan.
Having small and fixed risk is correct way to go.
Manage your risk depending on your trading systems probability of consecutive wins and losses.
All the best ..Ignored
DislikedDo you think its okay to risk 5% if my system have statistically never had more than 5 losers in a row? Let me know your thoughtsIgnored
DislikedDo you think its okay to risk 5% if my system have statistically never had more than 5 losers in a row? Let me know your thoughtsIgnored
DislikedChicky: Hmmm...yes i think i would need to discipline myself and trade smaller size. Will think deeply about it. Probably 1% per trade would be okay? I think i am too greedy
Dr.scalpall: Thank you doc! I believe what you have just said is very true because in hindsight it was always too easyIgnored