DislikedI took the weekly BUOB for EURUSD targeting 1.2700, 1.2900 and a trail for the rest if it breaks 1.3.
Your profit target looks nice. I'd like it to hit 1.27 today for 1/3 off the table and the rest moved to B/E.
Gosh I hope I'm not over trading, it doesn't feel right having so many trades going on with the rarity of really good set ups.Ignored
Fine tune your system entry signals to a "Yes, this is a trade" and a "No, this isn't a trade"
The best part about doing this is that you eliminate discretion from your trading, discretion of marking a particular setup as A+ and another as B+ and maybe some other with say 2 set of confluences rather than 4 as C+.
If you already have been trading for a few months at least dig through your trades history and sniff out the patterns and trade setups that you seem to spot the most easily and are profitable for you, do the same with setups and patterns that have not been great for you. Bring things down to a yes or a no.
By doing this you don't end up sitting and wondering whether to pull the trigger or not, the setup is either yours or it's not - the result of that particular trade is obviously totally irrelevant to your long term progress, what is relevant is your own trading system, and it makes a world of difference when this trading system isn't based on "Oh, well, I'll see what the setup looks like then and there" but rather on "I need X and Y and Z for a trade to qualify, I get that I am in else I am out". Of course in time you can learn to bend the rules a bit in certain situations but let experience develop your mind first.
Another huge plus of applying this dichotomy is that you end up passing a lot more setups because a lot of them are found to be "slightly deficient" and hence the coin lands on the side which says "No trade" instead of you pulling the trigger and thinking..."I'll kill this trade at the FTA" or "I'll watch it like a hawk" or "I'll go with half the normal risk I use for my trades"
Just my 2cents regarding that feeling of over trading you've got.
g.
I believe . . .