DislikedHi guys,
got a quick question for ya...
I have now been trading live for 4 weeks and ended the month on 7% gain. My max drawdown was 5% (1st week) and max up was 18%. I have learnt alot and seen that it is when I trade without thinking about it that I make my mistakes...
I sometimes think "maybe a quick scalp for 10 pips, double my normal trade size and make a quick profit" which turns bad 75% of the time. When I trade using s/r i make good trades and profits...
So guess the question is whether I am on track or whether I should be concentrating...Ignored
Consistency is the key. Get a trading plan and stick to the plan. Don't try to get rich quick, it won't happen. 7% per month is very good. Think of it this way. If you start with $300 and get 10% gain per month, in 85 months you will have made $1,000,000. How many jobs can you do that with. The more you learn the better you will get. The better you get, the better you will be able to recognize good trades, but do not ever overstretch the MM. Once you have good trades just ride the winners longer.
C.