Sell EURAUD @1.2708, SL 23, TP 107
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DislikedHey jwp,
I stumbled on your journal, and love the trading approach. I'm a huge advocate of Trading in the Zone and tell people to read it all the time. I read it for the first time about 7 years ago and it completely changed the way I thought as a trader.
Keep up the good work and discipline, I'm rootin' for ya!Ignored
DislikedThanks Geppy, I have read your thread many times, especially as I have made some trades on GBPJPY. Sometimes I have been wrong on my picks, but overall that pair has produced my best returns as of right now.
There are a lot of things in Mark Douglas' writings that can be applied to life in general, and business in general, not just trading. Certainly as it pertains to trading his stuff is tremendous. The one thing that was always tough for me, as I read Trading in the Zone several years ago but was unable to achieve consistent profitability...Ignored
DislikedThanks, I intend to. Also, many thanks for the vouch, I am humbled and honored to gain the respect of someone like you who has been a great contributor here for a long time.Ignored
DislikedNo problem, dude. I like what you're doing and I think you've got the right idea.
The only thing I'd examine (in terms of your strategy) is the early exits. You do a great job setting your targets and SLs, but you tend to exit early nearly every time. Consider what this does from a risk/reward perspective. You aren't actually risking 20 pips for a chance to make 100 if you exit early nearly every time. You're really risking the 20 pips for whatever you manually exited for.
Doing this really erodes your risk/reward ratio and might get you...Ignored
DislikedI appreciate that, and I do reexamine things from time to time and will keep that in mind. But the exits aren't arbitrary or because I want to get out early, there is a specific set of circumstances that trigger these exits for me. All of the exits have been per my system except some of them on Fridays as I have mentioned. There was one other exit in the trade list but before I started this journal that was exited before I was supposed to do so, and it would have gained about 30 more pips if I had stayed with it.
The way I am doing things...Ignored
DislikedAhh gotcha... it seemed like they were arbitrary exits. But if you're exiting based on a set of rules, that's great.Ignored
DislikedI went back and checked, I would have lost around 400 pips if I had held the trades until the TP target compared to my exits. Of course sometimes the trades would have hit the target, but on several others they would have lost and/or prevented other profitable entries due to holding the first trade.Ignored