Dislikedquote=clockwork71;1504928]Well, one thing for sure is taking profits way too early. A common example is the following:
You have had two losing trades in a row. They cost you 20 pips each....So far this week you are down 40 pips. Then, as you short the USD/JPY pair, you see it stalling ever so slightly when you are up 10. This is when it gets hard for most of us.
You take your 10 pips, mainly because you want to make SOMETHING this week. You then feel ill as it drops another 50 pips before your very eyes.....sound familiar?
Taking profits too early is a killer. Here is a strategy that Bemac posted, so he gets the credit.
You anticipate a 100 p move and see decent support 30 p below. So you buy 1 with a 30p (previous support) stop loss.
Once (if) the trade has gone 50% of the anticipated move, risk 20% of maximum profit.
The trade moves 50p (50% of anticipated move) in your favor.
Up 50p = risk 10p for 40p profit.
Up 80p = risk 16p for 64p profit .
Up 100p = risk 20p for 80p profit.
Up 135p = risk 27p for 108 profit.
Up 200p = risk 40p for 160p profit.
Although pip risk is increasing;
I am still in the trade beyond my original expectations,
The trade now has room to breathe,
I may have caught a durable trend.
Again Bemac gets the credit for posting this simple, solid strategy first. Thought it would apply here as we are talking in favor of trading longer time frames.
Now, in response to original post;
July+ Have exceeded my goal for July and now trade about a third of my typical lot size for the rest of the month. And will also "cherrypick" my setups for the remainder of month.
IMHO 3 months is not enough time to judge your success or failure. It is merely one quarter out of one year.