My road to FX

overtrading?

Keep it simple

Close Buy 0,02 gbp/usd 1,6192
+$3,36 / +17 pips
Balance : $677

I close 50% of my position, the rest 0,02 is still in market and set to BE point.

For now is ok, I think.

Greetings

Hard to break this level for the first time, but we will see... If not - I open sell position but only if 1H candle show reversal signal.

#9
Close Buy 0,02 gbp/usd 1,6178
+$0,50 / +1 pips
Balance : $677


***
#10
Sell 0,04 eur/usd 1.4265
***

15m chart look very nice.



Ok , economic data is coming so I close my position and take my money :

#10
Close Sell 0,04 eur/usd 1,4251
+$5,28 / +14 pips
Balance : $683

Try a corection UP move, with short SL 10p. We will see :

#11 - Buy 0,04 / 1,4173 / SL 1,4164

Ok, I close my #11 trade :

#11
Close Buy 0,04 eur/usd 1,4197
+$9,84 / +24 pips
Balance : $692



Now, I go to campfire with my friends and enjoy my last 2 days of my holiday.

Greetings !

edit.
Stats

Bravo!

Have a nice day!

#12

BUY
EUR/USD
1.4387
SL : 1.4367

Box

#12
CLOSE
BUY EUR/USD 0,05, 1.4367, - 9,95 $ / - 20 p

#13
OPEN
BUY EUR/USD 0,05, 1.4387,

CLOSE
BUY EUR/USD 0,05, 1.4340, - 11,00 $ / -22 p

BALANCE : $672

#14
open
buy gbp/usd 0,05, 1.6279,

edit.
SL 1.6280

#14
CLOSE
BUY GBP/USD 0,05, 1.6309, + 15,10 $ / + 30 p

Stats:

Congratulations that your trades are doing well, thats a great start. Regarding your question with risk:reward ratio(RRR), keep in mind that when you aim for higher RRR using the same method, your Win probability may decrease. What can happen to some traders is that when their win probability decreases, then doubts start creeping in and they may lose confidence in their trading method. So as long as you are able to handle a few more losses compared to what you are used to right now, then aiming for higher RRR is a good idea. The key is to remember that trading is long term commitment and you need to be profitable in the long run.

So, to be successful in the long run, the key is to find a balance between increasing your RRR while preserving your win probability.

Every trading method is different. So it would be incorrect to say aim for at least “X” percentage of RRR or “Y” percentage of win probability. You will need to work that out yourself based on your trading method and your psychology.

In my trading method, I aim for RRR of at least 2:1, and my win probability is usually around 50-60%. The win probability is also affected by market conditions, meaning when the market is treding nicely, the win probability is higher and when the market is choppy, the win probability is lower.

When I consistently aim for 2:1 RRR, I only have to be right on my trades only about 33% of the time, to ensure that I at least breakeven. This suits me quite well as in some months when the market is choppy and my win rate might reduce, I still breakeven and protect my account. Other times when the market is trending nicely, my win probability is 50-60% which keeps me profitable in the long run.

Trust you find the above useful. Feel free to visit my thread for more of my trading concepts.

Best Wishes
JMo

Thanks for your good word. I’am happy that someone tracks to my thread. I’am still working on to not close my profitable position to early and let the profit rise. I think that if the price will rise up about 20pips, it will be better to close 50% and the rest set to BE point. But it depends. As you write, if I want higher RR , the % of profit trades will be lower. The kry is to keep balances. This is long run battle as you write. Good luck and be patience and stick to the plan.
Greetings

My today's trades :

July 24 17:28:52 2011 EDT NZD/USD SELL 0,01 0,86326 0,86641 -32 -$3,15 $683,89
July 25 04:00:55 2011 EDT EUR/USD BUY 0,05 1,4366 1,43698 3 $1,90 $685,80
July 25 12:03:58 2011 EDT AUD/CAD BUY 0,05 1,02551 1,02722 17 $9,04 $694,86

I try trade in other markets too.

Down ?

I trade mostly from work with my mobile :

July 26 06:05:49 2011 EDT GBP/USD SELL 0,05 1.63871 1.63773 10 $4,90 $699,73

Close or not Hmm... no, let profit run ! Set SL to BE. Yes, this is good idea, this is long run "game". Or...

GBP/USD BUY 0,05


Position closed +$2,45 - bad shoting star 15m candle (bearish signal), price don't break lvl.

EUR/USD
784934124 July 27 07:57:44 2011 EDT Buy Market 1.44489 5,000 701.98
784935109 July 27 08:03:30 2011 EDT Close Position 1.44536 5,000 +$2.3500 704.33

EUR/USD
785043579 July 27 12:07:50 2011 EDT Sell Market 1.43575 5,000 704.33
785047048 July 27 12:10:04 2011 EDT Close Trade 1.43426 5,000 +$7.4500 711.78



Edit for add stats :

This is my FXbook :

http://www.myfxbook.com/members/Astalla/astalla-investment-ii/119124