Disliked{quote} Well, that's a counter trend play. So the probability of failure is more than a setup in the direction of the trend. But if it is done right it can be profitable. I know you are an experienced trader, but I am gonna review some basic stuff for our newbies. I am not talking about this trade in particular but in general. For each trade setup, you need to define three things in advance: 1) your SL (which also defines your % risk and the position size) 2) your TP (then you use your SL and TP to calculate the RRR) 3) the probability of that trade...Ignored
What people often fail to see at first is, indeed, a fact that trading is a probability game and you get results over series of trades, not one or ten.
I´m not newbie, but a still a greenhorn. When I opened my first live account I had to go to brokers office and fill papers, literally, and they took copy of my passport, we signed agreement. MT4 was a new revolutionary platform.
I have managed to live off of trading for some years but it went very wrong at some point. So I have been away from serious trading for 10+ years. And markets have changed a lot, computer trading all over. Can´t trade stocks at open anymore, millions or billions orders there, HFT-s.
EU this week range is like it was a normal daily range back when I started. NFP used to throw JPY pairs hundreds of pips and JPY followed DOW, now NFP is is 20-40 pips and correlations work only on extremes (vaccine news). I´m learning and adapting again.
Very important thing to get your posts true meaning is a journal - if you do not keep one, at least as a newbie, you will be f*cked. I screenshot my trades. Not when I take them, but some time after exit, so I can see how much DD I had on that trade, were my SL and TP adequate or emotion driven, did I started to micromanage (and was it good or bad) etc.
If you do not collect and analyze data on your trades, you can't build up your vision about outcome on longer term.
Win or lose, everybody gets what they deserve out of the market
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