If one knows its weaknesses, its the first big step in eliminating them.
I openly admit that I am very green new to manual FX trading, just started journey in January with some 6 months background in learning the ropes. Read some good thoughts from mentors in FF, built my knowledge on technical analysis. Usually aiming only 3-4 deals per week, for 2:1 reward risk ratio, or more. Account growth has been 10% in 3 weeks so far with few SL-s hit, quite a few BE-s hit and some profits as well.
Laid down some ground rules for myself:
1) Develop right mindset and build analytical competence. It is not possible to eliminate emotions from trading as we are not robots, but its far more easier to reduce anxiety with good money management. I do not risk more than up to 2.5% of my account on a single trade.
2) My trading plan is max 1-2 entries per day aiming for 40pips at a time, mainly on GU but also on GJ, GA and UC.
3) FOMO is account killer. There will be always another opportunities to take a trade.
4) I do not overtrade or revenge trade.
5) Kill bad trades yourself before market proves you wrong.
6) Try to extract as much as possible from winning trades.
7) Be done by the end of the day or end of the week.
I don't have time to sit at screen all day, hence I will usually try to pick good entries after LO. Asian sessions PA is confusing and Frankfurt often throws in false moves.
I will take accountability from my trades and do not rely on too many indicators or complex rule based systems, which in my mind lures people into false sense of security and reduces individual accountability. I use long/short trend, some Fibos, PA, patterns, volume and get familiar with the pairs characteristics.
Trade size is individual but I believe it needs to be large enough to commit one into good money management. Its easy to develop bad MM habits with microlot trading, which lures you placing large SL-s (50+ pips is large in my view).
Trading is not a sprint, its a very long marathon.
Take care,
I
I openly admit that I am very green new to manual FX trading, just started journey in January with some 6 months background in learning the ropes. Read some good thoughts from mentors in FF, built my knowledge on technical analysis. Usually aiming only 3-4 deals per week, for 2:1 reward risk ratio, or more. Account growth has been 10% in 3 weeks so far with few SL-s hit, quite a few BE-s hit and some profits as well.
Laid down some ground rules for myself:
1) Develop right mindset and build analytical competence. It is not possible to eliminate emotions from trading as we are not robots, but its far more easier to reduce anxiety with good money management. I do not risk more than up to 2.5% of my account on a single trade.
2) My trading plan is max 1-2 entries per day aiming for 40pips at a time, mainly on GU but also on GJ, GA and UC.
3) FOMO is account killer. There will be always another opportunities to take a trade.
4) I do not overtrade or revenge trade.
5) Kill bad trades yourself before market proves you wrong.
6) Try to extract as much as possible from winning trades.
7) Be done by the end of the day or end of the week.
I don't have time to sit at screen all day, hence I will usually try to pick good entries after LO. Asian sessions PA is confusing and Frankfurt often throws in false moves.
I will take accountability from my trades and do not rely on too many indicators or complex rule based systems, which in my mind lures people into false sense of security and reduces individual accountability. I use long/short trend, some Fibos, PA, patterns, volume and get familiar with the pairs characteristics.
Trade size is individual but I believe it needs to be large enough to commit one into good money management. Its easy to develop bad MM habits with microlot trading, which lures you placing large SL-s (50+ pips is large in my view).
Trading is not a sprint, its a very long marathon.
Take care,
I
Disliked{quote} This is my Achilles heel, because the right move is to go out and wait for some break down with approval, I am always afraid to miss the move so I will stay. In any case the pound will not exceed 1.37580, perhaps in a small way for a false break {image}Ignored
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