DislikedDear OTM, Thank you for posting your trading setups and talking us through the logic. It's both informative and insightful. I look forward to following your journal. I have a quick question if you would be so kind. what is your philosophy with regard to multiple trades in a day? will you only take a second if your first is a loser etc? Kind regards, RussiaIgnored
A warm welcome to the thread to you.
A good question and one I have not addressed as yet. My ambition - not that I will ever achieve even close to it - is to make at least a net 1:1 R:R each day. That is not possible but it is my guide for daily trading.
So, if I have an opening winner I generally call it quits and switch to demo and practice mode for the rest of the day. If it's a loser I'll carry on to try to make it back. If I get back flat then I may quit or carry on for a second attempt for a net winner, depending on how I am feeling. If I go multiple net losers down then I'm really just looking to get back to flat or a net loss of just the odd loser for the day as that is easily recoverable tomorrow.
I don't think it's actually that logical; rationally I should just trade a full session each day and take all valid trades, as what counts is the net result over time, not the day-to-day record. But, as I said in an earlier post, we're all human and I find myself more hesitant to trade once I'm ahead on the day and that is not a good mindset. Try as I might, I have never really overcome this feeling so I've learned to adapt and live with it best I can, hence my approach. I do have the luxury of possible morning & afternoon sessions, so I can take a break after a morning's trading and count the afternoon as a new day, so to speak. A ridiculous mental trick, I know, but it keeps me happy enough!
You really don't need to do too much net right over a month to be quite OK in profit terms but you have got to keep a lid on your bad patches, one way or the other. Again, it's a very personal thing so you have to work out a game plan that suits you.
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