DislikedHi all, As i said before i would trade on real from this week, so i started to trade. one problem that i have is that i exit early and i think its not good i have to make confidence to take more pips. Yesterday i made just +20 pips while i could make +100 pips. Dear bobby, any suggestion to make better result? Thank you {image} {image}Ignored
I realise you asked Bobby this question so I hope you don't mind me putting in my 2 cents worth.
From the charts you posted it looks to me like it was a fear of loss that made you exit those trades. I've no idea how long you've been trading but this is something every single one of us goes through and it is a tough one to overcome and especially when you're scalping on M5. If you are new to trading I would suggest you read everything you can on trading psychology and my favourite is without doubt Mark Douglas, he goes in to great detail about the fact that trading is a game of probabilities and once we understand this you will find yourself far more at ease although it does take a long time.
On a practical level it also appears that you are not yet prepared to trust the MTF stoch. The first EU trade you bailed before the MTF even started to turn and I would suggest that's because your pip count started to decline because your trade was breathing, they need room to breathe. The second trade the MTF was still on its way lower than the 20 level but I'd suggest that because the CTF stoch was going North you bailed again because your pip count was declining in what Bobby has mentioned several times was merely a pullback. So, my advice and it's easier said than done, learn to trust the MTF stoch, the stoch's rarely lie.
Most importantly, don't beat yourself up, you've done really well with 3 winning trades out of 4. To be honest the last GU trade may have gone either way and it only went a few pips in your direction anyway so who cares.
As far as pips are concerned, there is nothing wrong with 20 pips a day, I aim for a minimum of 15 each day and if PA is a bit dodgy like it is right now I will leave it there. Don't let anyone try and convince you you need 100's of pips a week/month, it's simply not true. If you're familiar with Excel spreadsheets do one up at 20 pips a day trading 1%-2% of your account per trade. You will be amazed at how your account compounds over a couple of years, just don't get too excited at the numbers, building the spread sheet is far easier than consistently pulling in 20 a day and especially when you get to larger lots and PA is complete crap.
Ardua Ad Astra Per
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