DislikedI like what you do and what is coming next is not a criticism but something for you to think about. How can you be losing 600 pips on 1 trade when your average winner is no more than 40 pips, I don't know your average but I am guestimating. Would love to hear your answer on this, it appears cutting you losses and letting winning trades run further will help your account, you also need to think about risk to reward of your trades. P.S love your journal Best of pips to you.Ignored
Well it would make sense when you see that I wrote I am actually holding underwater trades. I took these trades without following the rules of my strategy. However, I know USDCHF is retracing soon so I held on to it. I was actually going to hold on all the way but decided to cut it off because it was not in line with my strategy. By then, I was easily over 400 pips off.
I have some close friends who have been advising me to perfect my strategy and not have to withstand such underwater trades because my strategy will eventually work as long as I don't tank the underwater trades. So I still have a lot of tweaking and adjustments to do. Most of the strategy relies a lot on my experience with the chart and the indicators.
To give you a good example, USDCAD is way overbought to me. But it continues to push up. These are situations that I will have to tweak my strategy around.
Also, the reason why I don't leave winning trades run further, is because I want to exit the trade without any hassle of looking at the charts. To let the winning trades run, is to predict market movement, which I have no intention of doing, because honestly, no one can predict the market (Yes, not even the "prophets" here). I simply take the trade when it is at a decisive turning point, take profits, and back off. It works especially well when the market decides to continue in the same direction after retracing a little. Even better when it is ranging.
Thanks and good luck to you too.
A 1 pip gain is better than a 1 pip loss.