DislikedSorry to say this , but if you find that after you set SL and price hits and turns around...then something is wrong with your entry strategy.
SL is must...you will regret it later if you trade SL free.
Just my opinion, i am not claiming or making any statement here that SL is a must.
if you are ok to take huge loss, that's fine, as long as you know you are taking them.Ignored
I've been doing this strategy with pretty much the results you describe and have blown my account twice. The third time around I lost and went down below $1000. I decided to do some serious assessment. There were some things I was doing right. I could generally find the tops of the PA for a short (on down trend markets, all I do is short) but soon discovered my risk level was too high so the gains I made would be wiped out on a margin call. I reduced my risk to 1% and whatever my position, I can endure up to a 150 pip run against me. Getting close to margin is now a rare occurrence. On average, I have increased my account by 50% per month for the last three months. I almost do exclusively cost averaging positioning. Depending on the action of the market, I do anywhere between 3 -6 positions for a trade.
I view myself as now an extremely conservative risk taker. I leave a lot on the table. Usually, if I get 2% on a trade I find an exit strategy often to my detriment. Of course there are some days I can't get in because the market's flat but the overall average should be 2%. If you can't get at least 1% per day, why trade? It's not worth the risk.
My targets:
Daily 2% - Most of the time I get that.
Weekly 10% - Some weeks are short but are made up on the following week.
Monthly 50% - Oct 54% Nov 88% Dec 14% so far.
I'm still tweaking my system but I feel confident in it and has worked for me anyway.
Taigen Profit This Month:
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