Hello,
I have been trading demo for over 7 months now purely on price action (only on Daliy and Weekly timeframes) and I have averaged 3.5% a month on my account risking no more than 2% a trade so far. I would say my win rate is between 60-65%.
The problem that I seem to have is that I very rarely take profits over 1:1 risk reward. I take my profits at next the next again support or ressistance zones which I tend to fine are around 80-100 pips and as I trade from the higher time frames I have to risk between 80-100 pips. I would say out of 10 trades I trade I only tend to catch a couple that make a ton of pips but a majority of the time my next again zone holds and If i had moved to BE I would have alot more BE if you get me.
I have tried to trail stops on lower time frames 1hr/30mins/15mins once in trades but I find that doesnt give them enough room and you end up making not alot.
Now before everyone saids take entry from a lower time frame, I just dont have the time to sit and look at a chart all day. Thats why I like the Daily so much. I can just check them once a day for 15-20 mins.
Any ideas?
Thanks,
Jack
I have been trading demo for over 7 months now purely on price action (only on Daliy and Weekly timeframes) and I have averaged 3.5% a month on my account risking no more than 2% a trade so far. I would say my win rate is between 60-65%.
The problem that I seem to have is that I very rarely take profits over 1:1 risk reward. I take my profits at next the next again support or ressistance zones which I tend to fine are around 80-100 pips and as I trade from the higher time frames I have to risk between 80-100 pips. I would say out of 10 trades I trade I only tend to catch a couple that make a ton of pips but a majority of the time my next again zone holds and If i had moved to BE I would have alot more BE if you get me.
I have tried to trail stops on lower time frames 1hr/30mins/15mins once in trades but I find that doesnt give them enough room and you end up making not alot.
Now before everyone saids take entry from a lower time frame, I just dont have the time to sit and look at a chart all day. Thats why I like the Daily so much. I can just check them once a day for 15-20 mins.
Any ideas?
Thanks,
Jack