Some thoughts related to Pivots (Part #8):
Today's marking 6 month how I started to trade Davits pivots. Just wanted to share my side of it for those who recently started or struggle to understand how it's all works.
First 4 months were greatest of all times me being in trading. Never seen better results. I was averaging 500 pips per trade and it was heaven for me. All until I raised the bar. January I started to loose. And really nothing changed but my behavior. What seems to be normal DD becomes problem for me and I panicked. Niece twice tree times and so on till I lost 62% of my account. Terrible. I had to scale down back to 0.01 and started over. My personal advice to you all who might have similar situations, DO NOT OVERLEVERAGE UNTIL YOU COMFORTABLE WITH YOUR LOSSES. I thought I was.
Pivot trading works great. I don't even use any indicators anymore, just keeping them for sake of strategy. Do your research before beginning of the week, wait until pivots reached and if you entered DO NOT TOUCH IT even if it goes against you. Just wait and see. Similar to EA, I spotted it on Sunday night but Waited till Monday night to watch PA, today's pullback I used to enter more positions. Great set up and I have feelings it might go lower then 57.
Good practice is to Re Read first page of the thread and MD book Trading in the zone.
I only increased my position size gradually and even then took me 2yrs.Even now with 50k account technically I can trade 5 full lots but I won't because that's not the right way. from my charts everyone can see that I don't risk a lot however still hit over 10% a month usually.
Your experience is typical don't get discouraged Continue doing weekly calendar events and stay in the flow of the market.
Today's marking 6 month how I started to trade Davits pivots. Just wanted to share my side of it for those who recently started or struggle to understand how it's all works.
First 4 months were greatest of all times me being in trading. Never seen better results. I was averaging 500 pips per trade and it was heaven for me. All until I raised the bar. January I started to loose. And really nothing changed but my behavior. What seems to be normal DD becomes problem for me and I panicked. Niece twice tree times and so on till I lost 62% of my account. Terrible. I had to scale down back to 0.01 and started over. My personal advice to you all who might have similar situations, DO NOT OVERLEVERAGE UNTIL YOU COMFORTABLE WITH YOUR LOSSES. I thought I was.
Pivot trading works great. I don't even use any indicators anymore, just keeping them for sake of strategy. Do your research before beginning of the week, wait until pivots reached and if you entered DO NOT TOUCH IT even if it goes against you. Just wait and see. Similar to EA, I spotted it on Sunday night but Waited till Monday night to watch PA, today's pullback I used to enter more positions. Great set up and I have feelings it might go lower then 57.
Good practice is to Re Read first page of the thread and MD book Trading in the zone.
I only increased my position size gradually and even then took me 2yrs.Even now with 50k account technically I can trade 5 full lots but I won't because that's not the right way. from my charts everyone can see that I don't risk a lot however still hit over 10% a month usually.
Your experience is typical don't get discouraged Continue doing weekly calendar events and stay in the flow of the market.
There is a method to the madness.