inconsistent position sizing. your little people must have a party there now
Are u trading 0.10 worst! 0.20 with a 100usd account???
Let me tell you a little secret....
Fresh ur self, study... And then invest minium $1,000usd... MINIUM.... and only keep in mind trading 0.01 and IGNORE THE ADD ONS (only make notes of it) until u have constant profits in ur first trade...
Doing that ur drawdown is going to be small and only 0.01... than trading with a 100usd balance account... That i dont recommend because that affect the "pschology of money management"....
JUST 0.01 and no more...
Remember there are no rush... The Markets are going to be for us FOR EVER!
GBP pairs are swinging big time due to the vote on Tuesday for more Brexit BS.
I was in GBPAUD but it reversed and I’m flat GBP worker trades until next week.
Better probability on EURNZD...
Your trades remind me on what I have to work further. Thanks!
Change your mindset, Markus.
Being right or wrong or correct or not, has NOTHING to do with trading - we are here to MAKE MONEY (not be right, wrong, correct or not)
If it doesn't feel right or if you doubt your trade or decision to trade - JUST GET OUT. Then re-evaluate and if everything is OK, get back in.
This is my statement for last MANY months (since 05/2018). since the day I opened this trading account to practice PASR. This is micro account. I never traded more than 0.01 lots. Still not confident to increase my lot size. I will only increase it when I am confident of my entries and exits.
I am pretty sure Strat would have killed you for that..
Hello Strat, is possible that can u make a post teaching me/us where to put the stoploss at the "Add Ons"? Im getting comfortable trading the BOSS SWING from Support or Resistance of BOSS and BigBoss... When the Worker start to doing his respective pullback, for example:
(The next situation is in my mind, is the reason that i dont post a chart)
BOSS Close Bearish from the top Resistance. And going SWING DOWN.
Worker Sunday, close bearish.
Worker Monday, close bullish (lets imagine a BUEB but there is not a Support zone, then just the trade open waiting for the add on)
Worker Tuesday, close bullish (now with a little tail at the top)
Worker Wednesday, close bearish (showing a BEEB) With Last BOSS Candle close bearish going swing down... I add a position in here.
When i add the position, where i should to put the stoploss? At the top, where is the initial stoploss from my first order? Or i should to put the stop above of the Second Entry above of the BEEB?
Thank you Strat... im tryng for the past weeks to understand the stoploss placement in the add ons.. but i dont understand.. And the only that i have read about the add ons and stoploss is for the M5 PASR TREND... So in my mind is to place above of the BEEB both positions.
Have an excellent weekend Strat and Classmates!
may be you could draw something in Paint and attach with your post. Then It would become easy for Strat to answer..just my thought.
Then my next hurdle was bias. This mean little bastard blinds you to half the market. The opposite of your bias.
I see that you are trading from the USA as well. You are faced with the same challenges as Strat and I with the FIFO rules. I can tell you what I do is about all.
I trade from 3 accounts, sometimes using all three for one currency position. This way I can set stops for each position where I am comfortable having them. The initial boss swing may be on one and add-ons on another. Sometimes taking profit on part of the add on helps for me if it starts to get cumbersome to manage. I think the key is to find something that not only manages the position but also manages the little people. For me multiple accounts has been the ticket.
Just my thoughts on your chart.
Marked Hammer type Doji and Shooting Star like Doji near each other might give me some doubts. And you are trading in to that magenta S/R level in boss chart. So you need to be careful. PRICE might go side ways.
Wicks in that last candles ( see the box) at that green S/R level tells me there are buyers in that area.
So I would be bit careful with that entry.
Put the fibs in monthly chart and see the confluence at 61% and 50% retracement .
Along with learning the Strat Shadow, PASR another part of our progression on the Path is learning how to manage our account with risk. You were probably also over trading. The most I risk on a position is 2%. So on a $100 account my biggest loss will be $2. Managing our account is an important part of trading. Newer traders often get into the mindset that if I risk more I win more. Learning to properly handle risk keeps us in the arena.
I think it is better to scroll out especially on BB chart for a better view of what happen around that price throughout history.
(Excuse me for middle line that I drawn slightly too high since this was taken a week ago)
Once you zoomed out and check the left, you should be able to see the price not only rejected by the Strat Shadow, its wick also rejected in a heavily confluenced area. Combination with November candle that break out from support. It just show a strong downward momentum along with Strat Shadow polarity.
Note that the price in my chart is in Important level & Strat Shadow confluence.
I would say I did not see any "trend" around on weekly unless you are talking about immediate trend. It is just ranging around. Though a big swing in Boss could be a trend in Worker. I think this is the similar issue with BB chart where you have too small of a screen/zoomed in too much that failed to see a bigger picture. (I mean if you really want to say it is in a trend, its probably an uptrend instead as the major swing is making HL and HH)
(With this I would say the up trend could be exhausting with orange line with last HH is exhaustion push, but I generally don't pick this up in my analysis as it kinda confuse me more than helping me right now.)
Also, since the breakout just happen after the smaller ranging between Sept 2017 to Nov 2018, those big boys buyer that enter around 1.883 probably want to push the price back so they can exit without red. Hence, the retest. So around this important price, we will see if the big boys decide to fight each other or sell off with the rest, or just even pushing further up to continue the ranging in a wider area.
The Shooting Star happen. We got 200ema right above, we have Strat Shadow, is in an important level, fib 38.2 confluence.
So I shorted it. Targeting next support around 1.839. (don't mind the SR difference, everyone draw it slightly different, you caught the important level so that's fine) And yes, 2 days ago (of your chart) is another chance for you to entry (or an addon for swing pasr trader(?)).
The rest is just waiting.
PS1 I don't think is a good idea to put a stop out of nowhere, but then if I was to addon on that BEEB, I probably still not hitting my entry yet. So...
PS2 Just curious, regarding to the red current price line, did you leave it there intentionally?
I usually put the stop loss above the most recent swing high on the time frame I'm trading. Occasionally I'll look for a S/R level to put it behind, but usually they line up with swings.
Very good, Suranga. Look what your Equity curve is telling you!
Support and Resistance...ha ha..
Yeah I saw it, and that's also with my stupid trades.I think this turn around started when I switch to H4 time frame.Looks longer term charts suits me more. If I stick to proper money management and A++ trades then this curve would have been much better.
After some practice I will think about proper money management.
Slowly but surely (I feel) I feel I can get there.
Thanks a lot for your guidance.
Have a Good weekend..!
© Forex Factory